Net lease REITs, Q1 2025

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LXP combined every 5 shares into 1 on November 10, 2025. Per-share values before that date are as LXP reported them at the time. Multiply by 5 to compare them with later quarters.

Portfolio
Properties2,4227643312,1381,221323671,0451411,1191071183,64169515,6271051341,738147597931,698
ABR$649m$401m$484m$244m$62.1m$524m$199m$306m$282m$874m$169m$5.05bn$77.4m$47.1m$645m$1.4bn
Occupancy99.2%99.1%99%99.7%99.4%96.3%95%98.4%99.7%96.7%93.3%97.7%99.9%98.5%98.5%98.6%99.8%95.9%100%98.3%
WALT (years)810147.37.46.31013.55.39.99.79.14.9949140.412.3
Same-store growth1.5%6.6%5.2%1.3%2.6%3.9%4.5%
Top 10 tenants36.3%21.9%64.2%17.3%22.6%26%64.8%74.7%31.6%31.1%24.2%62%10.1%19.2%
Investment grade68.3%20.1%54.7%33.2%33.3%46.5%54.7%34.3%50%16.4%
Expiring in 12 months0.9%1%0%0.4%0.5%1.6%5.6%2.5%0.5%0%3.4%2.5%0.1%2.5%2.3%1%9.4%1.3%
Earnings and dividend
AFFO/share$1.06$0.36$1.21$0.45$0.44$0.30$0.96$0.29$0.59$1.94$0.87$0.32$1.06$0.48$0.44$0.32$0.58$1.17
FFO/share$0.96$0.37$1.20$0.48$0.41$0.23$0.83$0.14$0.34$0.56$1.83$0.16$0.85$0.29$1.05$0.44$0.44$0.28$0.615$0.51$0.99
Core FFO/share$1.04$0.38$1.19$0.48$0.15$0.34$1.84$0.16$0.86$0.30$1.05$0.61
AFFO growth (YoY)3%0%8%7%2.3%4.3%-12.1%3.5%-12.2%3.6%3.2%2.9%0%4.8%28%4.3%2.6%
Dividend/share$0.759$0.29$0.865$0.295$0.355$0.215$0.76$0.275$0.30$0.47$1.90$0.135$0.58$0.21$0.796$0.45$0.285$0.243$0.177$0.37$0.433$0.89
Payout ratio (AFFO)72%80.6%71%65.6%81.4%71.7%79.2%94.8%79.7%98%66%66%75.1%93.8%64.8%75.8%74.6%76.1%
Debt
Net debt/EBITDA4.9x5.1x5.3x4.3x5.6x5.7x6.7x5.2x5.9x5.5x6.0x5.4x7.9x5.2x5.3x5.8x
Debt interest rate4.01%3.81%4.37%4.1%3.98%5.62%5.06%4.4%5.28%4.5%5.5%3.96%4.1%4.57%3.9%4.8%4.51%4.41%4.18%4.13%4.41%3.1%
Fixed-rate share of debt89.2%98.5%96.2%100%95%64.1%86.6%92%99.2%100%97%97.4%88%93.9%98.9%70%92%83.2%98.6%94%
Debt maturity (years)4.43.193.93.96.33.23.35.41.25.311.64.15.56.32.9194.46.14.9
Rent escalators
Escalators: any97.5%98.6%97.9%86%99%98.3%82%100%99.6%
Escalators: fixed85.4%96.9%95.8%61.8%91.6%98.3%46.5%
Escalators: CPI12.1%1.7%2.1%18.7%7.5%83%49.8%
Escalators: other0%0%5.2%0%3.3%
Escalators: none2.5%1.4%2.1%14.3%0.9%18%0%0.4%
Escalators: avg rate2%1.7%1.4%1.5%1.8%2.8%
Acquisitions
Acquisition volume$359m$59m$14.3m$265m$56.5m$49.2m$0$0$73.7m$10m$7.75m$0$77.5m$1.03bn$88.3m$39.7m$15.8m$0$43.3m$0$268m
Capital deployed$377m$88.3m$37.7m$308m$56.5m$49.2m$0$73.7m$11.1m$232m$90.7m$1.37bn$88.3m$79.2m$15.8m$20m$385m$275m
Properties acquired4661472317006510821850433603065
Acquisition cap rate (cash)7.2%7.8%6.7%7.93%8.39%7.8%7.4%7.7%7%8.6%7.6%6.8%
Acquisition cap rate (GAAP)7.3%8.3%9.4%8.3%7%
Acquisition WALT (years)13.413.617.517.41210.818.495.614.33.216
Acquisition investment grade68.7%29%38.6%23%
Dispositions
Disposition proceeds$2.5m$7.81m$70.8m$24.3m$0$2.05m$1.09bn$0$500k$0$35m$15.8m$40.3m$92.6m$3.65m$11.7m$800k$67m$0$130m
Properties sold13141101750201101655231109
Disposition cap rate9.2%7.4%6.9%6.9%8.4%3.8%4.9%7.3%7.6%9.1%4.9%

Company

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GNLGlobal Net Lease, Inc.
Portfolio
Properties1,045
ABR$524m
Occupancy95%
WALT (years)6.3
Same-store growth
Top 10 tenants26%
Investment grade33.3%
Expiring in 12 months5.6%
Earnings and dividend
AFFO/share$0.29
FFO/share$0.14
Core FFO/share$0.15
AFFO growth (YoY)-12.1%
Dividend/share$0.275
Payout ratio (AFFO)94.8%
Debt
Net debt/EBITDA6.7x
Debt interest rate4.4%
Fixed-rate share of debt92%
Debt maturity (years)3.2
Rent escalators
Escalators: any86%
Escalators: fixed61.8%
Escalators: CPI18.7%
Escalators: other5.2%
Escalators: none14.3%
Escalators: avg rate1.5%
Acquisitions
Acquisition volume$0
Capital deployed$0
Properties acquired0
Acquisition cap rate (cash)
Acquisition cap rate (GAAP)
Acquisition WALT (years)
Acquisition investment grade
Dispositions
Disposition proceeds$1.09bn
Properties sold75
Disposition cap rate8.4%

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