This REIT Stock Rose 16% in a Year, but a Major Holder Still Fully Exited a $35 Million Position
Key Points
Conversant Capital sold 3,803,654 shares of Global Net Lease in the first quarter; the estimated transaction value was $35.80 million (based on quarterly average prices).
The quarter-end position value declined by $32.71 million, reflecting both share sale and price movement.
The change represented 4.81% of Conversant Capital’s 13F reportable assets under management.
The fund now holds zero shares of Global Net Lease.
Global Net Lease was previously 6.2% of the fund’s AUM in the prior quarter.
On May 15, 2026, Conversant Capital disclosed in an SEC filing that it sold out of Global Net Lease (NYSE:GNL), unloading 3,803,654 shares in an estimated $35.80 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated May 15, 2026, Conversant Capital sold its entire stake of 3,803,654 shares in Global Net Lease. The estimated transaction value was $35.80 million, calculated using the average closing price for the first quarter of 2026. The net position change, reflecting share sales and stock price movement, totaled $32.71 million for the quarter.
What else to know
- Top holdings after the filing:
- NYSE:SNDA: $471.04 million (63.3% of AUM)
- NYSE:INVH: $31.06 million (4.2% of AUM)
- NYSE:JAN: $28.52 million (3.8% of AUM)
- NYSE:CCI: $27.16 million (3.6% of AUM)
- NYSE:SMA: $25.97 million (3.5% of AUM)
- As of May 14, 2026, shares of Global Net Lease were priced at $9.20, up 16% over the past year, compared to a 25% gain for the S&P 500.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $495.3 million |
| Net income (TTM) | ($225.5 million) |
| Dividend yield | 8% |
| Price (as of market close May 14, 2026) | $9.20 |
Company snapshot
- Global Net Lease owns and manages a diversified global portfolio of commercial properties, with a focus on single-tenant, mission-critical, net-leased assets.
- The firm operates as a real estate investment trust (REIT), generating revenue primarily through long-term lease agreements and sale-leaseback transactions.
- It serves corporate tenants in the United States and Western and Northern Europe, targeting businesses seeking stable, income-producing properties.
Global Net Lease is a publicly traded REIT specializing in the acquisition and management of net-leased commercial real estate assets. The company leverages sale-leaseback structures and long-term leases to provide predictable income streams. Its international portfolio and focus on mission-critical properties offer diversification and resilience within the commercial real estate sector.
What this transaction means for investors
What’s interesting here is that in the same quarter that Conversant exited Global Net Lease, it massively expanded its position in senior living REIT SNDA, which now makes up more than 63% of assets under management. That suggests the firm may be rotating away from office-heavy commercial exposure and toward demographic-driven housing demand.
To be fair, Global Net Lease has been making progress. The company reduced net debt by $1.3 billion year over year, boosted liquidity to $911 million, and continued selling office properties to reposition the portfolio toward industrial and retail assets. Management also announced a $535 million all-stock deal to acquire Modiv Industrial, which it says should immediately boost AFFO per share by 4%.
Still, first-quarter revenue fell to $109.3 million from $132.4 million a year earlier, primarily due to the impact of asset dispositions, the company said, while AFFO per share dropped to $0.21 from $0.29. For long-term investors, the key question is whether management’s industrial pivot can offset lingering concerns around office real estate before refinancing pressures intensify.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Crown Castle and Invitation Homes. The Motley Fool has a disclosure policy.