The business behind the dividend
| Measure | GNL | Median | Formula |
|---|---|---|---|
| Return on equity | -13.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-67.65m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $189.40m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 22.4% | 14.3% | Operating income ÷ revenue |
| Net margin | -45.5% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.56x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.57x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -10.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -13.6% | -6.0% | -8.0% | 0.8% | 0.7% | 0.7% | 2.7% | 0.8% | 1.7% | 3.5% | 0.7% |
| Return on capital employed | 4.3% | 6.1% | -0.4% | 5.2% | 5.3% | 4.9% | 3.9% | 2.7% | 3.6% | 5.2% | 4.3% |
| Operating margin | 22.4% | 33.0% | -3.4% | 26.5% | 28.6% | 30.1% | 37.5% | 24.1% | 33.6% | 34.4% | 28.6% |
| Net margin | -45.5% | -23.1% | -47.5% | 3.2% | 2.9% | 3.3% | 15.2% | 3.9% | 9.1% | 22.0% | 3.2% |
| Debt to equity | 0.56x | 0.41x | 0.34x | 0.34x | 0.30x | 0.32x | 0.75x | 0.79x | 0.70x | 0.04x | 0.34x |
| Cash conversion | — | — | — | 15.12x | 16.94x | 16.41x | 3.14x | 13.27x | 5.55x | 2.43x | 13.27x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Global Net Lease pays out less than 8 of them. The median for that group is 112.8%, against this company’s 101.4%.
Closest on free cash flow
- Terreno Realty (TRNO) 97.8%
- Manhattan Bridge Capital (LOAN) 106.8%
- Blackstone Real Estate Income Trust (BSTT) 107.1%
- Procaccianti Hotel Reit (PRXA) 112.8%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →