Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 27, 2025

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland

001-37390

45-2771978

(State or other jurisdiction
of incorporation)

(Commission File Number)

(I.R.S. Employer
Identification No.)

650 Fifth Avenue, 30th Floor

New York, New York 10019

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(Address, including zip code, of Principal Executive Offices)

Registrant’s telephone number, including area code: (332) 265-2020

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, $0.01 par value per share

GNL

New York Stock Exchange

7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

GNL PR A

New York Stock Exchange

6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL PR B

New York Stock Exchange

7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL PR D

New York Stock Exchange

7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL PR E

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 27, 2025, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2024, and supplemental financial information for the quarter and year ended December 31, 2024, attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 7.01. Regulation FD Disclosure.

Press Release and Supplemental Information

As disclosed in Item 2.02 above, on February 27, 2025, the Company issued a press release announcing its results of operations for the quarter and year ended December 31, 2024, and supplemental financial information for the quarter and year ended December 31, 2024, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar

expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with any potential future acquisition or disposition (including the proposed sale of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures About Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description
99.1						Press release dated February 27, 2025

99.2						Quarterly supplemental information for the quarter and year ended December 31, 2024

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Global Net Lease, Inc.

Date: February 27, 2025

By:

/s/ Edward M. Weil, Jr.

Name:

Edward M. Weil, Jr.

Title:

Chief Executive Officer and President

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

GLOBAL NET LEASE REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS

–Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance

–Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x

–Company Meets and Exceeds its Full-Year 2024 Earnings Guidance

–Recently Announced $1.8 Billion Multi-Tenant Portfolio Sale Would Significantly Reduce Leverage and Improve Liquidity Position

–Proposed Transaction Would Create Pure-Play, Single-Tenant Net Lease Company with Enhanced Portfolio Metrics

–Company Initiates Opportunistic $300 Million Share Repurchase Program

New York, February 27, 2025 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter and year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

•Revenue was $199.1 million in fourth quarter 2024 compared to $206.7 million in fourth quarter 2023, primarily as a result of $835 million of dispositions closed throughout the year

•Net loss attributable to common stockholders was $17.5 million in fourth quarter 2024, compared to $59.5 million in fourth quarter 2023

•Core Funds From Operations (“Core FFO”) was $68.5 million, or $0.30 per share, in fourth quarter 2024, compared to $48.3 million, or $0.21 per share, in fourth quarter 2023

•Adjusted Funds From Operations (“AFFO”)1 was $78.3 million2, or $0.34 per share, in fourth quarter 2024, compared to $71.7 million, or $0.31 per share, in fourth quarter 2023; full-year 2024 AFFO was $303.8 million, or $1.32 per share

•Closed $835 million of dispositions in 2024 at a cash cap rate of 7.1% with a weighted average lease term of 4.9 years

•Reduced net debt by $734 million in 2024, improving Net Debt to Adjusted EBITDA from 8.4x to 7.6x2

•Exceeded projected cost synergies, reaching $85.0 million versus the expected $75.0 million, highlighting the Company’s successful integration efforts and ability to drive value through strategic initiatives

•Increased portfolio occupancy from 93% as of the end of first quarter 2024 to 97% as of the end of the fourth quarter of 2024

•Leased 1.2 million square feet across the portfolio, resulting in nearly $17.0 million of new straight-line rent

•Renewal leasing spread of 6.8% with a weighted average lease term of 9.7 years; new leases completed in the quarter had a weighted average lease term of 6.5 years

•Weighted average annual rent increase of 1.3% provides organic rental growth, excluding 14.8% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increase

•Sector-leading 61% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

Multi-Tenant Portfolio Sale

•Entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties for approximately $1.8 billion

•This strategic transaction would accelerate GNL’s disposition initiative and position the Company for sustained growth and value creation as a pure-play, single-tenant net lease company

“We are incredibly proud of our achievements at GNL in 2024 and even more excited about what lies ahead,” stated Michael Weil, CEO of GNL. “The sale of our multi-tenant portfolio would mark a pivotal moment, reinforcing the strong momentum we have built. This transaction would reshape GNL into a pure-play, single-tenant net lease company, eliminating the operational complexities, G&A expenses and capital expenditures tied to multi-tenant retail properties. More importantly, it would accelerate our deleveraging strategy and fortify our balance sheet. This strategic transformation, including the recently announced share repurchase program, underscores our long-term vision, reinforcing our commitment to prudent management, sustainable growth and driving meaningful shareholder value.”

Full Year 2025 Guidance and Dividend Update4

The Company is establishing initial 2025 guidance, which is contingent on the sale of our multi-tenant portfolio with respect to AFFO and Net Debt to Adjusted EBITDA.

•AFFO per share range of $0.90 to $0.96

•Net Debt to Adjusted EBITDA range of 6.5x to 7.1x

•Reduced annual dividend to $0.190 per share of common stock beginning with the dividend expected to be declared in April 2025 which would generate $78 million in incremental annual cash flow

Summary Fourth Quarter 2024 Results


	Three Months Ended December 31,
(In thousands, except per share data)	2024		2023
Revenue from tenants	$	199,115	$	206,726

Net loss attributable to common stockholders	$	(17,458)	$	(59,514)
Net loss per diluted common share	$	(0.08)	$	(0.26)

NAREIT defined FFO attributable to common stockholders	$	64,334	$	43,165
NAREIT defined FFO per diluted common share	$	0.28	$	0.19

Core FFO attributable to common stockholders	$	68,538	$	48,331
Core FFO per diluted common share	$	0.30	$	0.21

AFFO attributable to common stockholders	$	78,297	$	71,656
AFFO per diluted common share	$	0.34	$	0.31

Property Portfolio

At December 31, 2024, the Company’s portfolio consisted of 1,121 net leased properties located in ten countries and territories and comprised of 60.7 million rentable square feet. The Company operates in four reportable segments: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office. The real estate portfolio metrics include:

•97% leased with a remaining weighted-average lease term of 6.2 years5

•81% of the portfolio contains contractual rent increases based on annualized straight-line rent

•61% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants

•80% U.S. and Canada, 20% Europe (based on annualized straight-line rent)

•34% Industrial & Distribution, 28% Multi-Tenant Retail, 21% Single-Tenant Retail and 17% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources6

As of December 31, 2024, the Company had liquidity of $492.2 million and $460.0 million of capacity under the Company's revolving credit facility. The Company had net debt of $4.6 billion7, including $2.3 billion of mortgage debt.

As of December 31, 2024, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%, compared to approximately 80% as of December 31, 2023. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.5 times8. Weighted average debt maturity was 3.0 years as of December 31, 2024 as compared to 3.2 years as of December 31, 2023.

Footnotes/Definitions

1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity. AFFO for the fourth quarter 2024 also contains a number of adjustments for items that the Company believes were non-recurring, one-time items including adjustments for items that were settled in cash such as merger and proxy related expenses.

2 Includes the collection of $4.5 million in past-due funds from Children of America and approximately $3.0 million in termination fees.

3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of December 31, 2024. Comprised of 31.4% leased to tenants with an actual investment grade rating and 29.1% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of December 31, 2024.

4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.

5 Weighted-average remaining lease term in years is based on square feet as of December 31, 2024.

6 During the year ended December 31, 2024, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock under its "at-the-market" programs.

7 Comprised of the principal amount of GNL's outstanding debt totaling $4.7 billion less cash and cash equivalents totaling $159.7 million, as of December 31, 2024.

8 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that interest coverage ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

Conference Call

GNL will host a webcast and conference call on February 28, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

Dial-in instructions for the conference call and the replay are outlined below.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792

International Dial-In: 1-201-689-8263

Conference Replay

For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.

Or dial-in below:

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13746750

*Available from 2:00 p.m. ET on February 28, 2025 through May 28, 2025.

Supplemental Schedules

The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Forward-Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the multi-tenant portfolio sale) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:

Investors and Media:

Email: investorrelations@globalnetlease.com

Phone: (332) 265-2020

Global Net Lease, Inc.

Consolidated Balance Sheets

(In thousands)


	December 31,
	2024		2023
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	1,172,146	$	1,430,607
Buildings, fixtures and improvements	5,293,468		5,842,314
Construction in progress	4,350		23,242
Acquired intangible lease assets	1,057,967		1,359,981
Total real estate investments, at cost	7,527,931		8,656,144
Less: accumulated depreciation and amortization	(1,164,629)		(1,083,824)
Total real estate investments, net	6,363,302		7,572,320
Assets held for sale	17,406		3,188
Cash and cash equivalents	159,698		121,566
Restricted cash	64,510		40,833
Derivative assets, at fair value	2,471		10,615
Unbilled straight-line rent	99,501		84,254
Operating lease right-of-use asset	74,270		77,008
Prepaid expenses and other assets	108,562		121,997
Deferred tax assets	4,866		4,808
Goodwill	51,370		46,976
Deferred financing costs, net	9,808		15,412
Total Assets	$	6,955,764	$	8,098,977

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,221,706	$	2,517,868
Revolving credit facility	1,390,292		1,744,182
Senior notes, net	906,101		886,045
Acquired intangible lease liabilities, net	76,800		95,810
Derivative liabilities, at fair value	3,719		5,145
Accounts payable and accrued expenses	75,735		99,014
Operating lease liability	48,333		48,369
Prepaid rent	28,734		46,213
Deferred tax liability	5,477		6,009

Dividends payable	11,909		11,173
Total Liabilities	4,768,806		5,459,828
Commitments and contingencies	—		—
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock	68		68
6.875% Series B cumulative redeemable perpetual preferred stock	47		47
7.50% Series D cumulative redeemable perpetual preferred stock	79		79
7.375% Series E cumulative redeemable perpetual preferred stock	46		46
Common stock	3,640		3,639
Additional paid-in capital	4,359,264		4,350,112
Accumulated other comprehensive loss	(25,844)		(14,096)
Accumulated deficit	(2,150,342)		(1,702,143)
Total Stockholders' Equity	2,186,958		2,637,752
Non-controlling interest	—		1,397
Total Equity	2,186,958		2,639,149
Total Liabilities and Equity	$	6,955,764	$	8,098,977

Global Net Lease, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)


	Three Months Ended				Year Ended
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
	(Unaudited)		(Unaudited)		(Unaudited)
Revenue from tenants	$	199,115	$	206,726	$	805,010	$	515,070

Expenses:
Property operating	35,619		37,037		142,497		67,839
Operating fees to related parties	—		(580)		—		28,283
Impairment charges	20,098		2,978		90,410		68,684
Merger, transaction and other costs	1,792		4,349		6,026		54,492
Settlement costs	—		—		—		29,727
General and administrative	13,763		16,867		57,734		40,187
Equity-based compensation	2,309		1,058		8,931		17,297
Depreciation and amortization	83,020		98,713		349,943		222,271
Total expenses	156,601		160,422		655,541		528,780
Operating income (loss) before gain on dispositions of real estate investments	42,514		46,304		149,469		(13,710)
Gain (loss) on dispositions of real estate investments	21,326		(988)		57,015		(1,672)
Operating income (loss)	63,840		45,316		206,484		(15,382)
Other income (expense):
Interest expense	(77,234)		(83,575)		(326,932)		(179,411)
Loss on extinguishment and modification of debt	(2,412)		(817)		(15,877)		(1,221)
Gain (loss) on derivative instruments	6,853		(4,478)		4,229		(3,691)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	1,917		—		3,249		—
Other income	1,476		435		1,720		2,270
Total other expense, net	(69,400)		(88,435)		(333,611)		(182,053)
Net loss before income tax	(5,560)		(43,119)		(127,127)		(197,435)
Income tax expense	(962)		(5,459)		(4,445)		(14,475)
Net loss	(6,522)		(48,578)		(131,572)		(211,910)

Preferred stock dividends	(10,936)		(10,936)		(43,744)		(27,438)
Net loss attributable to common stockholders	$	(17,458)	$	(59,514)	$	(175,316)	$	(239,348)

Basic and Diluted Loss Per Share:

Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.08)	$	(0.26)	$	(0.76)	$	(1.71)
Weighted Average Shares Outstanding:

Basic and Diluted	230,596		230,320		230,440		142,584

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)


	Three Months Ended								Year Ended
	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		December 31, 2024
Adjusted EBITDA
Net loss	$	(23,751)	$	(35,664)	$	(65,635)	$	(6,522)	$	(131,572)
Depreciation and amortization	92,000		89,493		85,430		83,020		349,943
Interest expense	82,753		89,815		77,130		77,234		326,932
Income tax expense	2,388		(250)		1,345		962		4,445
EBITDA	153,390		143,394		98,270		154,694		549,748
Impairment charges	4,327		27,402		38,583		20,098		90,410
Equity-based compensation	1,973		2,340		2,309		2,309		8,931
Merger, transaction and other costs [1]	761		1,572		1,901		1,792		6,026
(Gain) loss on dispositions of real estate investments	(5,867)		(34,102)		4,280		(21,326)		(57,015)
(Gain) loss on derivative instruments	(1,588)		(530)		4,742		(6,853)		(4,229)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		(300)		—		(1,917)		(3,249)
Loss on extinguishment and modification of debt	58		13,090		317		2,412		15,877
Other expense (income)	16		(309)		49		(1,476)		(1,720)
Expenses attributable to European tax restructuring [2]	469		16		—		—		485
Transition costs related to the Merger and Internalization [3]	2,826		995		138		527		4,486
Adjusted EBITDA	155,333		153,568		150,589		150,260		609,750
General and administrative	16,177		15,196		12,598		13,763		57,734
Expenses attributable to European tax restructuring [2]	(469)		(16)		—		—		(485)
Transition costs related to the Merger and Internalization [3]	(2,826)		(995)		(138)		(527)		(4,486)
NOI	168,215		167,753		163,049		163,496		662,513
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	2,225		1,901		1,805		1,572		7,503
Straight-line rent	(4,562)		(5,349)		(5,343)		(3,896)		(19,150)
Cash NOI	$	165,878	$	164,305	$	159,511	$	161,172	$	650,866

Cash Paid for Interest:
Interest Expense	$	82,753	$	89,815	$	77,130	$	77,234	$	326,932
Non-cash portion of interest expense	(2,394)		(2,580)		(2,496)		(2,510)		(9,980)
Amortization of discounts on mortgages and senior notes	(15,338)		(24,080)		(14,156)		(15,017)		(68,591)
Total cash paid for interest	$	65,021	$	63,155	$	60,478	$	59,707	$	248,361

___________

[1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization

[2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

[3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands, except per share data)


	Three Months Ended								Year Ended
	March 31, 2024		June 30, 2024		September 30, 2024		December 31, 2024		December 31, 2024
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with GAAP)	$	(34,687)	$	(46,600)	$	(76,571)	$	(17,458)	$	(175,316)
Impairment charges	4,327		27,402		38,583		20,098		90,410
Depreciation and amortization	92,000		89,493		85,430		83,020		349,943
(Gain) loss on dispositions of real estate investments	(5,867)		(34,102)		4,280		(21,326)		(57,015)
FFO (defined by NAREIT)	55,773		36,193		51,722		64,334		208,022
Merger, transaction and other costs [1]	761		1,572		1,901		1,792		6,026
Loss on extinguishment and modification of debt	58		13,090		317		2,412		15,877
Core FFO attributable to common stockholders	56,592		50,855		53,940		68,538		229,925
Non-cash equity-based compensation	1,973		2,340		2,309		2,309		8,931
Non-cash portion of interest expense	2,394		2,580		2,496		2,510		9,980
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	2,225		1,901		1,805		1,572		7,503
Straight-line rent	(4,562)		(5,349)		(5,343)		(3,896)		(19,150)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		(300)		—		(1,917)		(3,249)
Eliminate unrealized (gains) losses on foreign currency transactions [2]	(1,259)		(230)		4,360		(6,289)		(3,418)
Amortization of discounts on mortgages and senior notes	15,338		24,080		14,156		15,017		68,591
Expenses attributable to European tax restructuring [3]	469		16		—		—		485
Transition costs related to the Merger and Internalization [4]	2,826		995		138		527		4,486
Forfeited disposition deposit [5]	—		(196)		(5)		(74)		(275)
Adjusted funds from operations (AFFO) attributable to common stockholders	$	74,964	$	76,692	$	73,856	$	78,297	$	303,809


Weighted average common shares outstanding - Basic and Diluted	230,320		230,381		230,463		230,596		230,440
Net loss per share attributable to common shareholders — Basic and Diluted	$	(0.15)	$	(0.20)	$	(0.33)	$	(0.08)	$	(0.76)
FFO per diluted common share	$	0.24	$	0.16	$	0.22	$	0.28	$	0.90
Core FFO per diluted common share	$	0.25	$	0.22	$	0.23	$	0.30	$	1.00
AFFO per diluted common share	$	0.33	$	0.33	$	0.32	$	0.34	$	1.32
Dividends declared to common stockholders	$	81,923	$	63,754	$	63,722	$	63,484	$	272,883

____________

[1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.

[2] For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the year ended December 31, 2024, the gain on derivative instruments was $4.2 million, which consisted of unrealized gains of $3.4 million and realized gains of $0.8 million.

[3] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[4] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[5] Represents a forfeited deposit from a potential buyer of one of our properties, which is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.

The following table provides operating financial information for the Company’s four reportable segments:


	Three Months Ended December 31,				Year Ended December 31,
(In thousands)	2024		2023 (1)		2024		2023 (1)
Industrial & Distribution:
Revenue from tenants	$	54,561	$	62,223	$	237,645	$	220,102
Property operating expense	6,694		5,407		21,820		15,457
Net operating income	$	47,867	$	56,816	$	215,825	$	204,645

Multi-Tenant Retail:
Revenue from tenants	$	63,131	$	66,412	$	259,280	$	79,799
Property operating expense	20,387		22,494		86,025		26,951
Net operating income	$	42,744	$	43,918	$	173,255	$	52,848

Single-Tenant Retail:
Revenue from tenants	$	42,648	$	41,288	$	164,514	$	65,478
Property operating expense	4,012		4,286		15,787		6,045
Net operating income	$	38,636	$	37,002	$	148,727	$	59,433

Office:
Revenue from tenants	$	38,775	$	36,803	$	143,571	$	149,691
Property operating expense	4,526		4,850		18,865		19,386
Net operating income	$	34,249	$	31,953	$	124,706	$	130,305

_________

(1) Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.

Caution on Use of Non-GAAP Measures

Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and cash paid for interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2024 (unaudited)


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)


Table of Contents

Item						Page
Non-GAAP Definitions						3
Key Metrics						6
Consolidated Balance Sheets						7
Consolidated Statements of Operations						8
Non-GAAP Measures						9
Debt Overview						11
Future Minimum Lease Rents						12
Top Twenty Tenants						13
Diversification by Property Type						14
Diversification by Tenant Industry						15
Diversification by Geography						16
Lease Expirations						17

Please note that totals may not add due to rounding.

Forward-looking Statements:

The statements in this supplemental package of Global Net Lease, Inc. (the “Company”) that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed sale of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in it’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Non-GAAP Financial Measures

This section discusses non-GAAP financial measures we use to evaluate our performance, including Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid For Interest. While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI as defined herein, does not reflect an adjustment for straight-line rent but AFFO does include this adjustment. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

Caution on Use of Non-GAAP Measures

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI and Cash Paid For Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and, when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities,


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Key Metrics

As of and for the three months ended December 31, 2024

Amounts in thousands, except per share data, ratios and percentages


Financial Results
Revenue from tenants	$	199,115
Net loss attributable to common stockholders	$	(17,458)
Basic and diluted net loss per share attributable to common stockholders [1]	$	(0.08)
Cash NOI [2]	$	161,172
Adjusted EBITDA [2]	$	150,260
AFFO attributable to common stockholders [2]	$	78,297
Dividends paid per share - fourth quarter [3]	$	0.275
Dividend yield - annualized, based on quarter end share price	15.1		%

Balance Sheet and Capitalization
Gross asset value [4]	$	8,120,393
Net debt [5] [6]	4,554,215
Total consolidated debt [6]	4,713,913
Total assets	6,955,764
Liquidity [7]	492,201

Common shares outstanding as of December 31, 2024 (thousands)	231,051

Net debt to gross asset value	56.1		%
Net debt to annualized adjusted EBITDA [8]	7.6		x

Weighted-average interest rate cost [9]	4.8		%
Weighted-average debt maturity (years) [10]	3.0
Interest Coverage Ratio [11]	2.5		x

Real Estate Portfolio
Square footage (millions)	60.7
Leased	97		%
Weighted-average remaining lease term (years) [12]	6.2

Footnotes:

[1] Adjusted for net loss attributable to common stockholders for common share equivalents.

[2] This Non-GAAP metric is reconciled below.

[3] Represents quarterly dividend per share based off the annualized dividend rate of $1.10.

[4] Defined as total assets plus accumulated depreciation and amortization as of December 31, 2024.

[5] Represents total debt outstanding of $4.7 billion less cash and cash equivalents of $159.7 million.

[6] Excludes the effect of discounts and deferred financing costs.

[7] Liquidity includes $332.5 million of availability under the credit facility and $159.7 million of cash and cash equivalents as of December 31, 2024.

[8] Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended December 31, 2024 multiplied by four.

[9] The weighted average interest rate cost is based on the outstanding principal balance of the debt.

[10] The weighted average debt maturity is based on the outstanding principal balance of the debt.

[11] The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (interest expense less non cash portion of interest expense and amortization of mortgage (discount) premium, net). Adjusted EBITDA and cash paid for interest are are Non-GAAP metrics and are reconciled below.

[12] The weighted-average remaining lease term (years) is based on square feet.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024

Consolidated Balance Sheets

Amounts in thousands


	December 31,
	2024		2023
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	1,172,146	$	1,430,607
Buildings, fixtures and improvements	5,293,468		5,842,314
Construction in progress	4,350		23,242
Acquired intangible lease assets	1,057,967		1,359,981
Total real estate investments, at cost	7,527,931		8,656,144
Less accumulated depreciation and amortization	(1,164,629)		(1,083,824)
Total real estate investments, net	6,363,302		7,572,320
Assets held for sale	17,406		3,188
Cash and cash equivalents	159,698		121,566
Restricted cash	64,510		40,833
Derivative assets, at fair value	2,471		10,615
Unbilled straight-line rent	99,501		84,254
Operating lease right-of-use asset	74,270		77,008
Prepaid expenses and other assets	108,562		121,997
Deferred tax assets	4,866		4,808
Goodwill	51,370		46,976
Deferred financing costs, net	9,808		15,412
Total Assets	$	6,955,764	$	8,098,977

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,221,706	$	2,517,868
Revolving credit facility	1,390,292		1,744,182
Senior notes, net	906,101		886,045
Acquired intangible lease liabilities, net	76,800		95,810
Derivative liabilities, at fair value	3,719		5,145
Accounts payable and accrued expenses	75,735		99,014
Operating lease liability	48,333		48,369
Prepaid rent	28,734		46,213
Deferred tax liability	5,477		6,009

Dividends payable	11,909		11,173
Total Liabilities	4,768,806		5,459,828
Commitments and contingencies	—		—
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock	68		68
6.875% Series B cumulative redeemable perpetual preferred stock	47		47
7.50% Series D cumulative redeemable perpetual preferred stock	79		79
7.375% Series E cumulative redeemable perpetual preferred stock	46		46
Common stock	3,640		3,639
Additional paid-in capital	4,359,264		4,350,112
Accumulated other comprehensive loss	(25,844)		(14,096)
Accumulated deficit	(2,150,342)		(1,702,143)
Total Stockholders' Equity	2,186,958		2,637,752
Non-controlling interest	—		1,397
Total Equity	2,186,958		2,639,149
Total Liabilities and Equity	$	6,955,764	$	8,098,977


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except per share data


	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Revenue from tenants	$	199,115	$	196,564	$	203,286	$	206,045

Expenses:
Property operating	35,619		33,515		35,533		37,830
Impairment charges	20,098		38,583		27,402		4,327
Merger, transaction and other costs	1,792		1,901		1,572		761
General and administrative	13,763		12,598		15,196		16,177
Equity-based compensation	2,309		2,309		2,340		1,973
Depreciation and amortization	83,020		85,430		89,493		92,000
Total expenses	156,601		174,336		171,536		153,068
Operating income before gain (loss) on dispositions of real estate investments	42,514		22,228		31,750		52,977
Gain (loss) on dispositions of real estate investments	21,326		(4,280)		34,102		5,867
Operating income	63,840		17,948		65,852		58,844
Other income (expense):
Interest expense	(77,234)		(77,130)		(89,815)		(82,753)
Loss on extinguishment and modification of debt	(2,412)		(317)		(13,090)		(58)
Gain (loss) on derivative instruments	6,853		(4,742)		530		1,588
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	1,917		—		300		1,032
Other income (expense)	1,476		(49)		309		(16)
Total other expense, net	(69,400)		(82,238)		(101,766)		(80,207)
Net loss before income tax	(5,560)		(64,290)		(35,914)		(21,363)
Income tax (expense) benefit	(962)		(1,345)		250		(2,388)
Net loss	(6,522)		(65,635)		(35,664)		(23,751)
Preferred stock dividends	(10,936)		(10,936)		(10,936)		(10,936)
Net loss attributable to common stockholders	$	(17,458)	$	(76,571)	$	(46,600)	$	(34,687)

Basic and Diluted Earnings Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.08)	$	(0.33)	$	(0.20)	$	(0.15)


Weighted average shares outstanding — Basic and Diluted	230,596		230,463		230,381		230,320


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Non-GAAP Measures - Amounts in thousands


	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
EBITDA:
Net loss	$	(6,522)	$	(65,635)	$	(35,664)	$	(23,751)
Depreciation and amortization	83,020		85,430		89,493		92,000
Interest expense	77,234		77,130		89,815		82,753
Income tax expense	962		1,345		(250)		2,388
EBITDA	154,694		98,270		143,394		153,390
Impairment charges	20,098		38,583		27,402		4,327
Equity-based compensation	2,309		2,309		2,340		1,973
Merger, transaction and other costs [1]	1,792		1,901		1,572		761
(Gain) loss on dispositions of real estate investments	(21,326)		4,280		(34,102)		(5,867)
(Gain) loss on derivative instruments	(6,853)		4,742		(530)		(1,588)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	(1,917)		—		(300)		(1,032)
Loss on extinguishment and modification of debt	2,412		317		13,090		58
Other (income) expense	(1,476)		49		(309)		16
Expenses attributable to European tax restructuring [2]	—		—		16		469
Transition costs related to the Merger and Internalization [3]	527		138		995		2,826
Adjusted EBITDA	150,260		150,589		153,568		155,333
General and administrative	13,763		12,598		15,196		16,177
Expenses attributable to European tax restructuring [2]	—		—		(16)		(469)
Transition costs related to the Merger and Internalization [3]	(527)		(138)		(995)		(2,826)
NOI	163,496		163,049		167,753		168,215
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	1,572		1,805		1,901		2,225
Straight-line rent	(3,896)		(5,343)		(5,349)		(4,562)
Cash NOI	$	161,172	$	159,511	$	164,305	$	165,878

Cash Paid for Interest:
Interest expense	$	77,234	$	77,130	$	89,815	$	82,753
Non-cash portion of interest expense	(2,510)		(2,496)		(2,580)		(2,394)
Amortization of discounts on mortgages and senior notes	(15,017)		(14,156)		(24,080)		(15,338)
Total cash paid for interest	$	59,707	$	60,478	$	63,155	$	65,021

_________

[1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.

[3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor; and (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data


	Three Months Ended
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with GAAP)	$	(17,458)	$	(76,571)	$	(46,600)	$	(34,687)
Impairment charges	20,098		38,583		27,402		4,327
Depreciation and amortization	83,020		85,430		89,493		92,000
(Gain) loss on dispositions of real estate investments	(21,326)		4,280		(34,102)		(5,867)
FFO (as defined by NAREIT) attributable to common stockholders	64,334		51,722		36,193		55,773
Merger, transaction and other costs [1]	1,792		1,901		1,572		761
Loss on extinguishment and modification of debt	2,412		317		13,090		58
Core FFO attributable to common stockholders	68,538		53,940		50,855		56,592
Non-cash equity-based compensation	2,309		2,309		2,340		1,973
Non-cash portion of interest expense	2,510		2,496		2,580		2,394
Amortization related to above and below-market lease intangibles and right-of-use assets, net	1,572		1,805		1,901		2,225
Straight-line rent	(3,896)		(5,343)		(5,349)		(4,562)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	(1,917)		—		(300)		(1,032)
Eliminate unrealized (gains) losses on foreign currency transactions [2]	(6,289)		4,360		(230)		(1,259)
Amortization of discounts on mortgages and senior notes	15,017		14,156		24,080		15,338
Expenses attributable to European tax restructuring [3]	—		—		16		469
Transition costs related to the Merger and Internalization [4]	527		138		995		2,826
Forfeited disposition deposit [5]	(74)		(5)		(196)		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	78,297	$	73,856	$	76,692	$	74,964


Weighted average common shares outstanding — Basic and Diluted	230,596		230,463		230,381		230,320
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.08)	$	(0.33)	$	(0.20)	$	(0.15)
FFO per common share	$	0.28	$	0.22	$	0.16	$	0.24
Core FFO per common share	$	0.30	$	0.23	$	0.22	$	0.25
AFFO per common share	$	0.34	$	0.32	$	0.33	$	0.33
Dividends declared to common stockholders	$	63,484	$	63,722	$	63,754	$	81,923

__________

[1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.

[2] For AFFO purposes, we add back unrealized (gains) losses. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million.

[3] Amount relates to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for this amount.

[4] Amount includes costs related to (i) compensation incurred for our former Co-Chief Executive Officer, who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor; and (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for this amount.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Debt Overview

As of December 31, 2024


Year of Maturity	Number of Encumbered Properties [1]	Weighted-Average Debt Maturity (Years)	Weighted-Average Interest Rate [2]		Total Outstanding Balance [3] (In thousands)			Percent
Non-Recourse Debt
2025	290	0.6	3.8	%	$	464,526
2026	70	1.4	3.7	%	105,925
2027	10	2.9	4.4	%	163,191
2028	137	3.4	4.1	%	529,620
2029	126	4.4	5.0	%	660,102
Thereafter	116	7.9	5.4	%	400,257
Total Non-Recourse Debt	749	3.7	4.5	%	2,323,621			49	%

Recourse Debt
2026 - Revolving Credit Facility		1.5	5.7	%	1,390,292
2027 - 3.75% Senior Notes		3.0	3.8	%	500,000
2028 - 4.50% Senior Notes		3.8	4.5	%	500,000
Total Recourse Debt		2.3	5.0	%	2,390,292			51	%

Total Debt		3.0	4.8	%	$	4,713,913		100	%

Total Debt by Currency					Percent
USD					79		%
EUR					11		%
GBP					9		%
CAD					1		%
Total					100		%

__________

[1] For non-recourse debt, amounts are shown within the year that the loan fully matures.

[2] As of December 31, 2024, the Company’s total combined debt was 91.0% fixed rate or swapped to a fixed rate and 9.0% floating rate.

[3] Excludes the effect of discounts and deferred financing costs. Current balances as of December 31, 2024 are shown in the year the loan matures.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Future Minimum Lease Rents

As of December 31, 2024

Amounts in thousands


	Future Base Rent Payments [1]
2025	$	613,629
2026	583,387
2027	525,984
2028	469,136
2029	388,650
Thereafter	1,760,390
Total	$	4,341,176

_________

[1] Base rent assumes exchange rates of £1.00 to $1.25 for GBP, €1.00 to $1.04 for EUR and C$1.00 to $0.70 as of December 31, 2024 for illustrative purposes, as applicable.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Diversification by Property Type

As of December 31, 2024

Amounts in thousands, except percentages

Based on Annualized Straight-Line Rent:


	Total Portfolio							Unencumbered Portfolio [2]
Property Type	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
Industrial & Distribution	$	221,066	34	%	31,938	53	%	$	123,625	35	%	17,677	53	%
Multi-Tenant Retail	181,798		28	%	14,785	24	%	108,623		31	%	9,246	27	%
Single-Tenant Retail	135,767		21	%	7,261	12	%	31,814		9	%	2,156	6	%
Office	117,845		17	%	6,715	11	%	86,244		25	%	4,645	14	%
Total	$	656,476	100	%	60,699	100	%	$	350,306	100	%	33,724	100	%

________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.25 for GBP, €1.00 to $1.04 for EUR and $1.00 CAD to $0.70 as of December 31, 2024 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.

Based on Annualized Base Rent:


	Total Portfolio							Unencumbered Portfolio [2]
Property Type	Annualized Base Rent [1]		Base Rent Percent		Square Feet	Sq. ft. Percent		Annualized Base Rent [1]		Base Rent Percent		Square Feet	Sq. ft. Percent
Industrial & Distribution	$	216,038	34	%	31,938	53	%	$	119,342	34	%	17,677	53	%
Multi-Tenant Retail	181,676		28	%	14,785	24	%	109,371		32	%	9,246	27	%
Single-Tenant Retail	126,059		20	%	7,261	12	%	31,144		9	%	2,156	6	%
Office	120,110		18	%	6,715	11	%	87,050		25	%	4,645	14	%
Total	$	643,883	100	%	60,699	100	%	$	346,907	100	%	33,724	100	%

[1] Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.25 for GBP, €1.00 to $1.04 for EUR and $1.00 CAD to $0.70 as of December 31, 2024 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Diversification by Tenant Industry

As of December 31, 2024

Amounts in thousands, except percentages


	Total Portfolio							Unencumbered Portfolio [3]
Industry Type	Annualized SL Rent [1]		SL Rent Percent		Leased Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Leased Square Feet	Sq. ft. Percent
Financial Services	$	45,392	7	%	3,159	5	%	$	43,850	13	%	2,938	9	%
Auto Manufacturing	42,173		6	%	4,237	7	%	24,767		7	%	1,736	5	%
Discount Retail	36,111		6	%	3,686	6	%	12,362		4	%	1,220	4	%
Specialty Retail	30,787		5	%	2,670	5	%	17,151		5	%	1,594	5	%
Healthcare	30,614		5	%	1,359	2	%	9,774		3	%	488	2	%
Gas/Convenience	28,672		4	%	655	1	%	3,597		1	%	79	—	%
Freight	25,675		4	%	2,766	5	%	9,534		3	%	875	3	%
Consumer Goods	21,933		3	%	4,705	8	%	20,349		6	%	4,036	13	%
Apparel Retail	16,967		3	%	1,223	2	%	9,334		3	%	677	2	%
Other [2]	378,152		57	%	34,211	59	%	199,588		55	%	18,562	57	%
Total	$	656,476	100	%	58,671	100	%	$	350,306	100	%	32,205	100	%

_________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.25 for GBP, €1.00 to $1.04 for EUR and C$1.00 to $0.70 as of December 31, 2024 for illustrative purposes, as applicable.

[2] Other includes 81 industry types as of December 31, 2024.

[3] Includes properties on the credit facility borrowing base.


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Top Twenty Tenants

As of December 31, 2024

Amounts in thousands, except percentages


Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent [1]		SL Rent Percent
FedEx	Industrial & Distribution	Freight	$	22,698	3.5	%
Imperial Reliance, LLC	Single Tenant Retail	Gas/Convenience	22,296		3.4	%
McLaren	Industrial & Distribution	Auto Manufacturing	19,263		2.9	%
Whirlpool	Industrial & Distribution	Consumer Goods	14,688		2.2	%
Government Services Administration (GSA)	Office	Government	11,595		1.8	%
FCA USA	Industrial & Distribution	Auto Manufacturing	10,147		1.5	%
ING Bank	Office	Financial Services	10,053		1.5	%
Dollar General	Single Tenant Retail	Discount Retail	9,750		1.5	%
Broadridge Financial Solutions	Industrial & Distribution	Financial Services	9,332		1.4	%
Truist Bank	Single Tenant Retail	Retail Banking	9,270		1.4	%
PetSmart	Multi Tenant Retail	Pet Supplies	9,060		1.4	%
Home Depot	Industrial & Distribution/Multi-Tenant Retail	Home Improvement	8,591		1.3	%
The Kroger Co. of Michigan	Industrial & Distribution	Logistics	8,500		1.3	%
Fresenius	Single Tenant Retail	Healthcare	7,936		1.2	%
Dick's Sporting Goods	Multi Tenant Retail	Sporting Goods	7,845		1.2	%
Contractors Steel	Industrial & Distribution	Metal Processing	7,761		1.2	%
Finnair	Industrial & Distribution	Aerospace	7,474		1.1	%
Kohl's Corporation	Multi Tenant Retail	Department Store	7,022		1.1	%
Boots UK Limited	Single Tenant Retail	Pharmacy	6,446		1.0	%
Harper Collins	Industrial & Distribution	Publishing	6,433		1.0	%
Subtotal			216,160		32.9	%

Remaining portfolio			440,316		67.1	%

Total Portfolio			$	656,476	100	%

_________


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Diversification by Geography — As of December 31, 2024 (Amounts in thousands, except percentages)


	Total Portfolio							Unencumbered Portfolio [2]
Region	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
United States	$	525,491	80.1	%	49,562	81.9	%	$	232,148	66.2	%	24,044	71.3	%
Michigan	60,443		9.2	%	6,457	10.6	%	22,003		6.3	%	2,432	7.2	%
Ohio	40,649		6.2	%	5,787	9.5	%	23,854		6.8	%	3,893	11.5	%
Texas	40,241		6.1	%	2,919	4.8	%	15,610		4.5	%	1,358	4.0	%
North Carolina	32,006		4.9	%	3,699	6.1	%	14,788		4.2	%	2,184	6.5	%
Georgia	27,822		4.2	%	2,176	3.6	%	1,769		0.5	%	161	0.5	%
Illinois	27,131		4.1	%	2,767	4.6	%	16,987		4.8	%	1,900	5.6	%
Florida	23,725		3.6	%	1,607	2.6	%	12,910		3.7	%	934	2.8	%
Alabama	22,468		3.4	%	1,967	3.2	%	8,842		2.5	%	927	2.7	%
South Carolina	19,606		3.0	%	2,194	3.6	%	4,091		1.2	%	415	1.2	%
Kentucky	17,932		2.7	%	1,465	2.4	%	8,574		2.4	%	755	2.2	%
Indiana	16,767		2.6	%	2,416	4.0	%	10,506		3.0	%	1,359	4.0	%
Pennsylvania	16,682		2.5	%	1,248	2.1	%	8,042		2.3	%	590	1.7	%
Oklahoma	15,118		2.3	%	1,185	2.0	%	6,824		1.9	%	564	1.7	%
Missouri	14,845		2.3	%	1,214	2.0	%	7,532		2.2	%	605	1.8	%
Tennessee	11,123		1.7	%	1,295	2.1	%	6,668		1.9	%	670	2.0	%
Massachusetts	10,999		1.7	%	1,007	1.7	%	10,270		2.9	%	969	2.9	%
Louisiana	10,514		1.6	%	638	1.1	%	2,511		0.7	%	161	0.5	%
New Jersey	9,684		1.5	%	421	0.7	%	—		—	%	—	—	%
New York	9,004		1.4	%	1,073	1.8	%	3,588		1.0	%	288	0.9	%
Wisconsin	8,807		1.3	%	664	1.1	%	4,870		1.4	%	298	0.9	%
Kansas	8,109		1.2	%	692	1.1	%	3,220		0.9	%	293	0.9	%
Nevada	7,907		1.2	%	408	0.7	%	—		—	%	—	—	%
Arkansas	7,759		1.2	%	475	0.8	%	5,619		1.6	%	398	1.2	%
California	7,699		1.2	%	1,002	1.7	%	6,410		1.8	%	731	2.2	%
Mississippi	7,167		1.1	%	597	1.0	%	283		0.1	%	14	—	%
New Mexico	5,348		0.8	%	415	0.7	%	3,532		1.0	%	301	0.9	%
Maryland	5,155		0.8	%	419	0.7	%	2,176		0.6	%	170	0.5	%
Connecticut	4,598		0.7	%	402	0.7	%	2,742		0.8	%	305	0.9	%
Iowa	3,844		0.6	%	402	0.7	%	2,365		0.7	%	269	0.8	%
Virginia	3,799		0.6	%	308	0.5	%	2,405		0.7	%	228	0.7	%
Minnesota	3,152		0.5	%	333	0.5	%	1,123		0.3	%	208	0.6	%
West Virginia	3,134		0.5	%	345	0.6	%	354		0.1	%	47	0.1	%
Colorado	3,101		0.5	%	120	0.2	%	2,694		0.8	%	87	0.3	%
New Hampshire	2,779		0.4	%	339	0.6	%	2,380		0.7	%	256	0.8	%
Rhode Island	2,207		0.3	%	107	0.2	%	772		0.2	%	21	0.1	%
Maine	2,021		0.3	%	64	0.1	%	2,021		0.6	%	64	0.2	%
North Dakota	1,848		0.3	%	193	0.3	%	925		0.3	%	47	0.1	%
Nebraska	1,761		0.3	%	113	0.2	%	794		0.2	%	39	0.1	%
South Dakota	1,489		0.2	%	101	0.2	%	1,125		0.3	%	54	0.2	%
Utah	1,357		0.2	%	50	0.1	%	329		0.1	%	12	—	%
Wyoming	1,350		0.2	%	89	0.1	%	—		—	%	—	—	%
Vermont	1,338		0.2	%	235	0.4	%	102		—	%	22	0.1	%
Montana	893		0.1	%	74	0.1	%	—		—	%	—	—	%
Idaho	731		0.1	%	35	0.1	%	198		0.1	%	5	—	%
Alaska	424		0.1	%	9	—	%	—		—	%	—	—	%
Arizona	366		0.1	%	22	—	%	—		—	%	—	—	%
Delaware	340		0.1	%	10	—	%	340		0.1	%	10	—	%
Washington, DC	249		—	%	4	—	%	—		—	%	—	—	%
United Kingdom	68,451		10.4	%	4,836	8.0	%	68,449		19.5	%	4,835	14.3	%
Netherlands	16,128		2.5	%	1,007	1.7	%	16,128		4.6	%	1,007	3.0	%
Finland	12,826		2.0	%	1,457	2.4	%	—		—	%	—	—	%
Germany	9,939		1.5	%	1,584	2.6	%	9,939		2.8	%	1,584	4.7	%
France	7,325		1.1	%	1,416	2.3	%	7,325		2.1	%	1,416	4.2	%
Channel Islands	5,646		0.9	%	114	0.2	%	5,646		1.6	%	114	0.3	%
Luxembourg	5,544		0.8	%	156	0.3	%	5,544		1.6	%	156	0.5	%
Canada	2,888		0.4	%	372	0.6	%	2,888		0.8	%	372	1.1	%
Italy	2,238		0.3	%	195	0.3	%	2,239		0.5	%	196	0.6	%
Total	$	656,476	100	%	60,699	100	%	$	350,306	100	%	33,724	100	%

____________


Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2024 (Unaudited)

Lease Expirations

As of December 31, 2024


Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Square Feet	Percent of Leased Square Feet Expiring
		(In thousands)
2025	176	$	47,465	7.2	%	4,157	7.0	%
2026	202	53,966		8.2	%	3,880	7.0	%
2027	249	56,870		8.7	%	5,330	9.0	%
2028	306	84,365		12.9	%	8,894	15.0	%
2029	285	86,013		13.1	%	8,335	14.0	%
2030	179	61,823		9.4	%	4,854	8.0	%
2031	84	34,722		5.3	%	5,366	9.0	%
2032	96	35,629		5.4	%	2,973	5.0	%
2033	79	36,160		5.5	%	2,821	5.0	%
2034	86	26,643		4.1	%	1,995	3.0	%
2035	48	19,690		3.0	%	1,749	3.0	%
2036	51	12,062		1.8	%	1,118	2.0	%
2037	24	3,760		0.6	%	235	—	%
2038	138	30,875		4.7	%	1,839	3.0	%
2039	34	14,389		2.2	%	1,693	3.0	%
2040	44	7,551		1.2	%	288	1.0	%
Thereafter (>2040)	116	44,493		6.8	%	3,144	6.0	%
Total	2,197	$	656,476	100	%	58,671	100	%

__________

[1] Annualized rental income converted from local currency into USD as of December 31, 2024 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

Cover Page Document	Feb. 27, 2025
Class of Stock [Line Items]
Document Type	8-K
Document Period End Date	Feb. 27, 2025
Entity Registrant Name	Global Net Lease, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-37390
Entity Tax Identification Number	45-2771978
Entity Address, Address Line One	650 Fifth Avenue, 30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	332
Local Phone Number	265-2020
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001526113
Amendment Flag	false
Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GNL
Security Exchange Name	NYSE
Series A Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR A
Security Exchange Name	NYSE
Series B Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR B
Security Exchange Name	NYSE
Series D Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR D
Security Exchange Name	NYSE
Series E Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR E
Security Exchange Name	NYSE

Global Net Lease (NYSE:GNL-E)
Historical Stock Chart
From Feb 2025 to Mar 2025

Click Here for more Global Net Lease Charts.

Global Net Lease (NYSE:GNL-E)
Historical Stock Chart
From Mar 2024 to Mar 2025

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

GNL-E Global Net Lease Inc

Global Net Lease Inc News

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

GNL-E Global Net Lease Inc

Global Net Lease Inc News

Your Recent History

Company

Business

Popular

Get The App

Go Ad-Free