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Global Net Lease vs American Assets Trust: GNL and AAT compared
Global Net Lease is the larger company: $113M of revenue in its latest quarter (Q3 2026) against $111M for American Assets Trust (Q1 2026). American Assets Trust is growing faster (+2% against -7% a year earlier). American Assets Trust is more profitable, with an operating margin of 23.4% against -22.3%.
Where the money goes: GNL and AAT
Global Net Lease (GNL) · Q3 2026
Global Net Lease, Q3 2026: revenue $113M (-7% year over year), operating margin -22.3%, net loss $56.9M, operating cash flow $48.3M. The chart follows the revenue to costs, profit and cash.
American Assets Trust (AAT) · Q1 2026
American Assets Trust, Q1 2026: revenue $111M (+2% year over year), operating margin 23.4%, net earnings $5.1M, operating cash flow $38.6M. The chart follows the revenue to costs, profit and cash.
| Global Net Lease (GNL) | American Assets Trust (AAT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 2026 |
| Revenue | $113M | $111M |
| Revenue growth, Y/Y | -7% | +2% |
| Gross margin | — | 60.5% |
| Operating margin | -22.3% | 23.4% |
| Net earnings | −$56.9M | $5.1M |
| Net margin | -50.4% | 4.6% |
| Operating cash flow | $48.3M | $38.6M |
| Free cash flow | $46.0M | $18.2M |
Where the revenue comes from
Global Net Lease
- Industrial & Distribution: $53.8M (48%)
- Retail: $30.0M (27%)
- Office: $29.0M (26%)
American Assets Trust
- Office: $52.4M (47%)
- Retail: $23.3M (21%)
- Multifamily: $18.2M (16%)
- Mixed-use: $16.7M (15%)
Questions
Which is bigger, Global Net Lease or American Assets Trust?
Global Net Lease is the larger company: $113M of revenue in its latest quarter (Q3 2026) against $111M for American Assets Trust (Q1 2026).
Is Global Net Lease or American Assets Trust growing faster?
American Assets Trust is growing faster (+2% against -7% a year earlier).
Which is more profitable, Global Net Lease or American Assets Trust?
American Assets Trust is more profitable, with an operating margin of 23.4% against -22.3%.
More: Global Net Lease earnings · how Global Net Lease makes money · American Assets Trust earnings · how American Assets Trust makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed May 1, 2026). Fiscal quarters can end on different dates. Not investment advice.