Global Net Lease, Inc. (GNL) Balance Sheet
GNL balance sheet, 2025
December 31, 2025 · U.S. dollars$4.35B assets = $2.68B liabilities + $1.66B equity
Both columns are drawn to the same scale: what GNL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
GNL financial health
Descriptive bands, not a rating. Fiscal 2025.
GNL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.89B2016 | $4.35B2025 | +4.6%/yr | |
| Total liabilities | $1.54B2016 | $2.68B2025 | +6.4%/yr | |
| Shareholders’ equity | $1.36B2016 | $1.66B2025 | +2.3%/yr | |
| Cash & short-term investments | $69.8M2016 | $180.1M2025 | +11.1%/yr | |
| Total debt | $1.49B2016 | $2.58B2025 | +6.3%/yr | |
| Net cash (debt) | −$1.42B2016 | −$2.40B2025 | −$975.4M | |
| Working capital | −$611.6M2016 | −$64.0M2025 | +$547.6M | |
| Book value per share | $23.912016 | $7.452025 | −12.1%/yr | |
| Current ratio | 0.162016 | 0.842025 | +0.69 | |
| Debt / equity | 1.102016 | 1.552025 | +0.45 | |
| Shares outstanding | 56.7M2016 | 223.3M2025 | +16.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GNL assets
GNL liabilities and equity
GNL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
GNL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $180.1M | $159.7M | $121.6M | $103.3M | $89.7M | $124.2M | $270.9M | $100.3M | $102.4M | $69.8M |
| Cash & equivalents | $180.1M | $159.7M | $121.6M | $103.3M | $89.7M | $124.2M | $270.3M | $100.3M | $102.4M | $69.8M |
| Short-term investments | — | — | $9.1M | $30.8M | $1.2M | — | $594,000 | $3.3M | $2.1M | $2.90B |
| Receivables | $100.9M | $99.5M | $84.3M | $73.5M | $74.2M | $61.0M | $51.8M | $47.2M | $42.8M | $35.6M |
| Inventory | $0 | $0 | $165.6M | −$30.8M | −$1.2M | $127.5M | −$594,000 | −$3.3M | −$22.6M | −$17.6M |
| Other current assets | $64.0M | $81.9M | $0 | $31.9M | $4.9M | $0 | $45.9M | $141.8M | $27.9M | $25.1M |
| Total current assets | $344.9M | $341.1M | $249.8M | $177.9M | $167.5M | $231.5M | $368.0M | $286.0M | $150.5M | $112.9M |
| Property, plant & equipment (net) | $63.4M | $74.3M | $77.0M | $49.2M | $52.9M | $3.31B | $2.89B | $2.53B | $2.37B | $2.23B |
| Goodwill & intangible assets | $569.3M | $1.11B | $938.0M | $710.6M | $770.4M | $438.8M | $445.2M | $697.7M | $652.4M | $601.0M |
| Long-term investments | $0 | $0 | $0 | $37.3M | $4.3M | $525,000 | $4.2M | $8.7M | $2.2M | $28.7M |
| Other non-current assets | $3.37B | $5.43B | $6.83B | $2.99B | $3.19B | $0 | $0 | $0 | $0 | $0 |
| Total assets | $4.35B | $6.96B | $8.10B | $3.96B | $4.18B | $3.97B | $3.70B | $3.31B | $3.04B | $2.89B |
| Liabilities | ||||||||||
| Accounts payable | $43.8M | $75.7M | $99.0M | $22.9M | $25.9M | $28.3M | $22.9M | $31.5M | $23.2M | $22.9M |
| Short-term debt | $324.2M | $1.39B | $1.74B | $670.0M | $67.1M | $15.4M | $6.7M | $363.9M | $298.9M | $672.0M |
| Deferred revenue | $28.3M | $28.7M | $46.2M | $28.5M | $32.8M | $21.5M | $17.2M | $16.2M | $18.5M | $18.4M |
| Total current liabilities | $408.9M | $1.51B | $1.90B | $727.7M | $99.3M | $53.4M | $35.5M | $417.3M | $346.5M | $724.5M |
| Long-term debt | $2.52B | $4.52B | $5.15B | $2.40B | $2.21B | $2.17B | $1.68B | $1.41B | $1.23B | $818.2M |
| Lease obligations | $58.9M | $125.1M | $144.2M | $21.9M | $22.8M | $25.4M | $24.0M | $35.8M | $31.4M | $33.0M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $60.4M | $185.1M | $278.6M | $51.0M | $47.2M | $0 |
| Total liabilities | $2.68B | $4.77B | $5.46B | $2.51B | $2.56B | $2.41B | $1.99B | $1.88B | $1.62B | $1.54B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.5M | $3.6M | $3.6M | $2.4M | $2.4M | $2.2M | $2.2M | $2.1M | $1.86B | $1.71B |
| Retained earnings (deficit) | −$2.61B | −$2.15B | −$1.70B | −$1.25B | −$1.07B | −$896.5M | −$733.2M | −$615.4M | −$468.4M | −$346.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $22.2M | −$25.8M | −$14.1M | $1.1M | $15.5M | $8.1M | $20.2M | $6.8M | $19.4M | −$16.7M |
| Minority interest | — | $0 | $1.4M | $14.9M | $5.9M | $21.8M | $12.3M | $3.3M | $1.1M | $8.2M |
| Total shareholders' equity | $1.66B | $2.19B | $2.64B | $1.45B | $1.62B | $1.53B | $1.70B | $1.43B | $1.41B | $1.36B |
| Key figures | ||||||||||
| Total debt | $2.58B | $4.64B | $5.29B | $3.07B | $2.48B | $2.31B | $1.90B | $1.78B | $1.53B | $1.49B |
| Net cash (debt) | −$2.40B | −$4.48B | −$5.17B | −$2.96B | −$2.39B | −$2.18B | −$1.63B | −$1.68B | −$1.43B | −$1.42B |
| Working capital | −$64.0M | −$1.17B | −$1.65B | −$549.7M | $68.2M | $178.1M | $332.5M | −$131.3M | −$196.0M | −$611.6M |
| Tangible book value | $1.09B | $1.08B | $1.70B | $743.3M | $850.3M | $1.09B | $1.25B | $731.0M | $761.8M | $755.0M |
| Book value per share | $7.45 | $9.49 | $18.50 | $14.02 | $16.49 | $17.13 | $19.66 | $20.51 | $21.15 | $23.91 |
| Shares outstanding | 223.3M | 230.4M | 142.6M | 103.7M | 98.3M | 89.5M | 86.3M | 69.7M | 66.9M | 56.7M |
| Current ratio | 0.84 | 0.23 | 0.13 | 0.24 | 1.69 | 4.33 | 10.38 | 0.69 | 0.43 | 0.16 |
| Quick ratio | 0.69 | 0.17 | 0.11 | 0.24 | 1.65 | 3.47 | 9.10 | 0.35 | 0.42 | 0.15 |
| Debt / equity | 1.55 | 2.12 | 2.01 | 2.11 | 1.53 | 1.50 | 1.12 | 1.24 | 1.08 | 1.10 |
| Equity / assets | 38.3% | 31.4% | 32.6% | 36.7% | 38.7% | 38.6% | 45.9% | 43.2% | 46.5% | 46.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $168.0M | $137.5M | $180.1M | $165.1M | $144.8M | $147.0M | $159.7M | $127.2M | $122.2M | $131.9M | $121.6M | $133.4M |
| Cash & equivalents | $168.0M | $137.5M | $180.1M | $165.1M | $144.8M | $147.0M | $159.7M | $127.2M | $122.2M | $131.9M | $121.6M | $133.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $8.36B | $10.8M | $9.1M | $2.33B |
| Receivables | $2.5M | $22.0M | $100.9M | $139.0M | $178.6M | $201.5M | $99.5M | $98.9M | $92.4M | $87.0M | $84.3M | $76.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $176.7M | $197.7M | $165.6M | $224.7M |
| Other current assets | $0 | $0 | $64.0M | $72.8M | $77.2M | $901.3M | $81.9M | $62.9M | $0 | $0 | $0 | $0 |
| Total current assets | $156.1M | $137.5M | $344.9M | $376.9M | $400.6M | $1.25B | $341.1M | $289.1M | $269.2M | $284.7M | $249.8M | $256.0M |
| Property, plant & equipment (net) | $101.0M | $61.9M | $63.4M | $69.9M | $70.8M | $67.5M | $74.3M | $78.3M | $76.7M | $75.5M | $77.0M | $75.7M |
| Goodwill & intangible assets | $537.8M | $91.3M | $569.3M | $619.6M | $679.7M | $693.2M | $1.11B | $1.18B | $1.27B | $1.30B | $938.0M | $1.42B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.27B | $3.86B | $3.37B | $3.70B | $3.83B | $3.78B | $5.43B | $5.79B | $6.00B | $6.31B | $6.83B | $6.44B |
| Total assets | $4.07B | $4.15B | $4.35B | $4.77B | $4.98B | $5.79B | $6.96B | $7.34B | $7.61B | $7.97B | $8.10B | $8.18B |
| Liabilities | ||||||||||||
| Accounts payable | $42.8M | $29.2M | $43.8M | $44.4M | $45.9M | $47.8M | $75.7M | $90.7M | $85.8M | $101.0M | $99.0M | $118.0M |
| Short-term debt | $472.9M | $94.5M | $324.2M | $663.8M | $740.7M | $547.4M | $1.39B | $1.58B | $1.74B | $1.76B | $1.74B | $1.61B |
| Deferred revenue | $27.0M | $26.7M | $28.3M | $38.9M | $36.6M | $14.4M | $28.7M | $44.8M | $45.7M | $47.5M | $46.2M | $47.1M |
| Total current liabilities | $555.1M | $94.5M | $408.9M | $762.3M | $843.0M | $1.12B | $1.51B | $1.73B | $1.88B | $1.92B | $1.90B | $1.79B |
| Long-term debt | $1.93B | $2.16B | $2.52B | $2.89B | $2.97B | $3.23B | $4.52B | $4.76B | $3.16B | $3.37B | $3.40B | $5.06B |
| Lease obligations | $55.8M | $57.3M | $58.9M | $60.2M | $62.1M | $61.1M | $125.1M | $130.3M | $139.0M | $140.5M | $144.2M | $146.2M |
| Other long-term liabilities | $630.1M | $340.2M | $0 | $0 | $0 | $0 | $0 | $0 | $146.2M | $149.9M | $155.3M | $0 |
| Total liabilities | $2.56B | $2.59B | $2.68B | $3.06B | $3.15B | $3.87B | $4.77B | $5.06B | $5.19B | $5.44B | $5.46B | $5.39B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.4M | $3.5M | $3.5M | $3.5M | $3.5M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M |
| Retained earnings (deficit) | −$2.72B | −$2.67B | −$2.61B | −$2.61B | −$2.49B | −$2.41B | −$2.15B | −$2.07B | −$1.93B | −$1.82B | −$1.70B | −$1.56B |
| Accumulated other comprehensive income | $16.5M | $13.0M | $22.2M | $19.5M | $33.5M | −$15.8M | −$25.8M | −$16.8M | −$6.8M | −$11.8M | −$14.1M | −$602,000 |
| Total shareholders' equity | $1.51B | $1.56B | $1.66B | $1.70B | $1.83B | $1.92B | $2.19B | $2.27B | $2.42B | $2.52B | $2.64B | $2.79B |
| Key figures | ||||||||||||
| Total debt | $2.46B | $2.50B | $2.58B | $2.95B | $3.03B | $3.29B | $4.64B | $4.89B | $5.04B | $5.27B | $5.29B | $6.67B |
| Net cash (debt) | −$2.29B | −$2.37B | −$2.40B | −$2.79B | −$2.89B | −$3.15B | −$4.48B | −$4.76B | −$4.92B | −$5.14B | −$5.17B | −$6.54B |
| Working capital | −$399.0M | $42.9M | −$64.0M | −$385.4M | −$442.4M | $131.4M | −$1.17B | −$1.44B | −$1.61B | −$1.64B | −$1.65B | −$1.53B |
| Tangible book value | $971.3M | $1.47B | $1.09B | $1.08B | $1.15B | $1.22B | $1.08B | $1.09B | $1.16B | $1.23B | $1.70B | $1.37B |
| Book value per share | $7.14 | $7.29 | $7.59 | $7.70 | $8.22 | $8.32 | $9.49 | $9.86 | $10.51 | $10.96 | $11.45 | $21.34 |
| Shares outstanding | 211.3M | 214.0M | 219.1M | 220.9M | 223.0M | 230.3M | 230.4M | 230.5M | 230.4M | 230.3M | 230.3M | 130.8M |
| Current ratio | 0.28 | 1.45 | 0.84 | 0.49 | 0.48 | 1.12 | 0.23 | 0.17 | 0.14 | 0.15 | 0.13 | 0.14 |
| Quick ratio | 0.31 | 1.69 | 0.69 | 0.40 | 0.38 | 0.31 | 0.17 | 0.13 | 0.11 | 0.11 | 0.11 | 0.12 |
| Debt / equity | 1.63 | 1.60 | 1.55 | 1.74 | 1.65 | 1.72 | 2.12 | 2.15 | 2.08 | 2.09 | 2.01 | 2.39 |
| Equity / assets | 37.1% | 37.6% | 38.3% | 35.7% | 36.8% | 33.1% | 31.4% | 31.0% | 31.8% | 31.7% | 32.6% | 34.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
GNL financial position
At the end of fiscal 2025 (December 31, 2025), Global Net Lease had total assets of $4.3 billion (down 37.5% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $1.7 billion. It held $180.1 million in cash and short-term investments against $2.6 billion of debt, net debt of $2.4 billion. Its current ratio was 0.84. In the latest quarter (ended June 30, 2026) total assets were $4.1 billion and equity $1.5 billion.
Related: GNL income statement, GNL cash flow statement, GNL key metrics. See the GNL stock overview for the latest quote and news.
GNL balance sheet FAQ
What are Global Net Lease's total assets?
Global Net Lease reported total assets of $4.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $7.0 billion a year earlier.
How much debt does Global Net Lease have?
Global Net Lease had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.55.
How much cash does Global Net Lease have?
Global Net Lease held $180.1 million in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net debt of $2.4 billion.
What is Global Net Lease's book value?
Global Net Lease's shareholders' equity (book value) was $1.7 billion at the end of fiscal 2025, or $7.45 per share.
What is Global Net Lease's current ratio?
Global Net Lease had current assets of $344.9 million and current liabilities of $408.9 million, a current ratio of 0.84 (current liabilities exceed current assets).
How much goodwill does Global Net Lease have?
Global Net Lease carried $569.3 million of goodwill and intangible assets, 13.1% of total assets, at the end of fiscal 2025.