Global Net Lease Cuts Net Debt by $2.2B and Tops 2025 AFFO Guidance
Global Net Lease delivered 2025 AFFO of $221 million, or $0.99 per share, surpassing its $0.95–$0.97 guidance range. The company cut net debt by $2.2 billion (to 6.7x net debt/EBITDA), repurchased $135.9 million of shares, sold McLaren Campus for £250 million and earned an investment-grade credit rating.
1. 2025 Financial Performance
Global Net Lease reported full-year 2025 AFFO of $221.0 million, or $0.99 per share, above its revised guidance of $0.95 to $0.97. Fourth-quarter AFFO was $48.5 million ($0.22 per share) and net income rose to $37.2 million from a prior-year loss, driven by gains on asset sales.
2. Balance Sheet and Credit
The company reduced net debt by $2.2 billion in 2025, lowering its net debt to Adjusted EBITDA ratio from 7.6x to 6.7x and cutting the weighted average interest rate to 4.2%. A $1.8 billion refinancing extended debt maturities, improved spreads by 35 basis points, boosted liquidity to $961.9 million, and secured BBB- ratings from Fitch and S&P.
3. Share Repurchases and Asset Dispositions
Since February 2025, 17.2 million shares have been repurchased for $135.9 million at a weighted average price of $7.88, including $37.3 million in Q4. Strategic dispositions generated approximately $3.4 billion since 2024, highlighted by a £250 million McLaren Campus sale at a 7.4% cash cap rate, realizing an £80 million gain.
4. 2026 Guidance and Strategic Focus
Initial 2026 AFFO guidance is set at $0.80 to $0.84 per share, reflecting a continued emphasis on reducing office exposure. The company plans to redeploy capital into accretive single-tenant industrial and retail investments to enhance earnings durability and portfolio quality.