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Real Estate Investments, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Allocation of Assets Acquired and Liabilities Assumed
The following table presents the fair value of the consideration transferred to affect the acquisition:
Fair Value Calculation
Shares or Units
Price Used to Calculate Fair Value
Fair Value of Consideration Transferred (In thousands)
Consideration Type
Fair value of Common Stock issued to holders of RTL Class A Common Stock (1)
93,432,946 $11.11 (2)$1,038,040 Common Stock
Fair value of Common Stock issued upon vesting of certain RTL Restricted Shares209,906 $11.11 (2)2,332 Common Stock
Fair value of Common Stock issued to AR Global for the Internalization Merger 29,614,825 (3)$11.11 (2)329,021 Common Stock
Fair value of Class A Units issued by the OP to holder of RTL Class A Units115,857 $11.11 (2)1,287 Class A Units
Fair value of GNL Series D Preferred Stock issued to holders of RTL Series A Preferred Stock (6)
7,933,711 (4)$19.61 (4)155,580 Series D Preferred Stock
Fair value of GNL Series E Preferred Stock to be issued to holders of RTL Series C Preferred Stock (6)
4,595,175 (5)$19.75 (5)90,755 Series E Preferred Stock
Total equity consideration1,617,015 
Cash consideration paid to AR Global 50,000 Cash
Cash used to repay RTL’s credit facility at closing of the REIT Merger
466,000 Cash
Total consideration transferred$2,133,015 
___________
(1)Includes RTL LTIP Units earned and converted to RTL Class A Common Stock and certain vested shares of RTL Restricted Shares, both of which occurred prior to the Acquisition Date (see Note 15 — Equity-Based Compensation).
(2) Represents the closing price of GNL’s Common Stock on the Acquisition Date.
(3) The considered value of Common Stock to be issued to AR Global was $325.0 million for the Internalization Merger, and the number of shares issued was valued based on the Company’s 5-day volume-weighted average price as of market close on May 11, 2023. The price used to calculate fair value represents the closing price of GNL’s Common Stock on the Acquisition Date.
(3)Each share of the RTL Series A Preferred Stock was exchanged for one new share of Series D Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series A Preferred Stock on the Acquisition Date.
(5) Each share of the RTL Series C Preferred Stock was exchanged for one new share of Series E Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series C Preferred Stock on the Acquisition Date.
The following table presents the allocation of the assets acquired and liabilities assumed during the year ended December 31, 2023, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. With the exception of the Mergers, which was treated as a business combination (see Note 4 — The Mergers), all other acquisitions were considered asset acquisitions for accounting purposes. There were no acquisitions during the years ended December 31, 2025 or 2024.
Year Ended December 31,
(Dollar amounts in thousands)2023
Business CombinationAsset AcquisitionsTotal
Real estate investments, at cost:
Land$955,582 $9,541 $965,123 
Buildings, fixtures and improvements2,527,159 73,150 2,600,309 
Total tangible assets3,482,741 82,691 3,565,432 
Acquired intangible lease assets:
In-place leases581,430 9,231 590,661 
Above-market lease assets67,768 40,964 108,732 
Below-market lease liabilities— — — 
Total intangible assets and liabilities649,198 50,195 699,393 
Cash64,616 — 64,616 
Right-of-use asset26,417 1,426 27,843 
Prepaid expenses and other assets59,160 — 59,160 
Goodwill30,457 — 30,457 
    Total assets acquired4,312,589 134,312 4,446,901 
Liabilities Assumed:
Mortgage note payable1,587,455 — 1,587,455 
Senior notes, net386,250 — 386,250 
Acquired intangible lease liabilities76,685 211 76,896 
Accounts payable and accrued expenses84,368 — 84,368 
Operating lease liabilities26,377 — 26,377 
Prepaid rent18,439 — 18,439 
    Total liabilities assumed2,179,574 211 2,179,785 
Equity issued in acquisitions1,617,015 — 1,617,015 
Cash paid for acquired real estate investments$516,000 $134,101 $650,101 
Number of properties purchased989 9 998 
Schedule Acquisition by Property Type
The cash flows related to the Multi-Tenant Retail Portfolio have not been segregated and are included in the consolidated statements of cash flows. The following table presents certain cash flow information for the Multi-Tenant Retail Portfolio:
Year Ended December 31,
(In thousands)202520242023
Depreciation$9,701 $38,708 $11,182 
Amortization of intangibles20,061 94,415 31,738 
Amortization of discounts on mortgages 2,376 5,312 1,782 
Amortization of below-market lease liabilities(1,679)(7,184)(2,035)
Amortization of above-market lease assets1,922 8,803 2,656 
Unbilled straight-line rent2,496 7,394 2,297 
Loss from embedded derivative feature of multi-tenant disposition receivable17,473 — — 
Loss on extinguishment of debt15,098 — — 
Cash proceeds - multi-tenant disposition receivable81,196 — — 
Net proceeds from the Multi-Tenant Retail Disposition1,093,432 — — 
The following table summarizes the acquisition by property type, listed by reportable segment, during the year ended December 31, 2023:
Property Type
Number of Properties
Square Feet (unaudited)
Properties Acquired in 2023:
Industrial & Distribution31 4,085,826 
Multi-Tenant Retail109 16,375,661 
Single-Tenant Retail851 7,140,274 
Office7 305,912 
998 27,907,673 
Schedule of Real Estate Properties Held for Sale
The following table details the major classes of the assets associated with the properties that the Company determined to be classified as held for sale as of December 31, 2025 and 2024:
December 31,
(In thousands)20252024
Real estate investments held for sale, at cost:
Land$32,016 $4,574 
Buildings, fixtures and improvements21,694 11,658 
 Acquired intangible lease assets1,290 1,627 
Real estate assets held for sale, at cost55,000 17,859 
Less: accumulated depreciation and amortization(5,346)(453)
Real estate assets held for sale, net$49,654 $17,406 
Below-market leases$72 $— 
Less: accumulated amortization(12)— 
Real estate liabilities held for sale, net$60 0$— 
Schedule of Acquired Intangible Lease Assets and Lease Liabilities
Acquired intangible lease assets and lease liabilities consist of the following:
 December 31, 2025December 31, 2024
(In thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying amountGross Carrying AmountAccumulated AmortizationNet Carrying amount
Intangible assets: 
In-place leases$458,620 $244,896 $213,724 $614,959 $294,858 $320,101 
Above-market leases64,786 20,936 43,850 80,638 23,066 57,572 
Total acquired intangible lease assets$523,406 $265,832 $257,574 $695,597 $317,924 $377,673 
Intangible liabilities:  
Below-market leases$36,593 $19,092 $17,501 $46,949 $22,596 $24,353 
Total acquired intangible lease liabilities$36,593 $19,092 $17,501 $46,949 $22,596 $24,353 
Schedule of Intangible Asset Weighted-Average Amortization Periods and Expense
The following table provides the weighted-average amortization periods as of December 31, 2025 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years:
(In thousands) Weighted-Average Amortization
Years		20262027202820292030
In-place leases6.6$42,671 $34,484 $28,693 $22,020 $15,308 
Total to be included as an increase to depreciation and amortization
$42,671 $34,484 $28,693 $22,020 $15,308 
Above-market lease assets
7.8$5,920 $5,759 $5,647 $5,454 $4,760 
Below-market lease liabilities9.5(2,372)(2,126)(2,001)(1,619)(995)
Total to be included as an increase (decrease) to revenue from tenants $3,548 $3,633 $3,646 $3,835 $3,765 
Schedule of Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas
The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31, 2025, represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2025, 2024 and 2023. Michigan is included in the United States concentration amounts.
December 31,
Country / U.S. State202520242023
United States73.0%80.1%79.7%
Michigan12.5%9.2%8.4%
United Kingdom10.0%10.4%11.1%