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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $117.0M, roughly 1.2× Global Net Lease, Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs -31.4%, a 72.6% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (0.4% vs -15.1%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (0.0% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
GNL vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $143.3M |
| Net Profit | $48.2M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | 94.7% | — |
| Net Margin | 41.2% | -31.4% |
| Revenue YoY | -15.1% | 0.4% |
| Net Profit YoY | 838.7% | -27.9% |
| EPS (diluted) | $0.14 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $117.0M | $142.9M | ||
| Q3 25 | $121.0M | $139.2M | ||
| Q2 25 | $124.9M | $140.3M | ||
| Q1 25 | $132.4M | $142.7M | ||
| Q4 24 | $137.8M | $143.2M | ||
| Q3 24 | $138.7M | $139.3M | ||
| Q2 24 | $145.5M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $48.2M | $-43.2M | ||
| Q3 25 | $-60.1M | $-13.5M | ||
| Q2 25 | $-24.1M | $-16.8M | ||
| Q1 25 | $-189.4M | $-10.1M | ||
| Q4 24 | $-6.5M | $-30.0M | ||
| Q3 24 | $-65.6M | $-11.5M | ||
| Q2 24 | $-35.7M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | 94.7% | — | ||
| Q3 25 | -11.7% | — | ||
| Q2 25 | 33.9% | — | ||
| Q1 25 | -21.1% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 9.3% | — | ||
| Q2 24 | 42.6% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 41.2% | -30.3% | ||
| Q3 25 | -49.7% | -9.7% | ||
| Q2 25 | -19.3% | -12.0% | ||
| Q1 25 | -143.0% | -7.1% | ||
| Q4 24 | -4.7% | -20.9% | ||
| Q3 24 | -47.3% | -8.3% | ||
| Q2 24 | -24.5% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $0.14 | $-0.34 | ||
| Q3 25 | $-0.32 | $-0.11 | ||
| Q2 25 | $-0.16 | $-0.14 | ||
| Q1 25 | $-0.87 | $-0.08 | ||
| Q4 24 | $-0.08 | $-0.25 | ||
| Q3 24 | $-0.33 | $-0.09 | ||
| Q2 24 | $-0.20 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $180.1M | $2.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.7B | $1.5B |
| Total Assets | $4.3B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $180.1M | $731.0K | ||
| Q3 25 | $165.1M | $3.0M | ||
| Q2 25 | $144.8M | $3.3M | ||
| Q1 25 | $147.0M | $2.9M | ||
| Q4 24 | $159.7M | $109.6M | ||
| Q3 24 | $127.2M | $133.6M | ||
| Q2 24 | $122.2M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $2.2B | $1.6B | ||
| Q3 24 | $2.3B | $1.6B | ||
| Q2 24 | $2.4B | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $4.3B | $4.0B | ||
| Q3 25 | $4.8B | $4.0B | ||
| Q2 25 | $5.0B | $4.0B | ||
| Q1 25 | $5.8B | $4.0B | ||
| Q4 24 | $7.0B | $4.1B | ||
| Q3 24 | $7.3B | $4.1B | ||
| Q2 24 | $7.6B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $222.8M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 110.3% |
| Cash ConversionOCF / Net Profit | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $222.8M | $140.6M | ||
| Q3 25 | $56.0M | $35.8M | ||
| Q2 25 | $52.0M | $50.1M | ||
| Q1 25 | $59.2M | $3.7M | ||
| Q4 24 | $299.5M | $198.1M | ||
| Q3 24 | $62.1M | $42.9M | ||
| Q2 24 | $70.4M | $66.8M |
| Q1 26 | — | 110.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.62× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
PDM
Segment breakdown not available.
