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): May 7, 2024

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in its 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 of Principal Executive Offices) (Zip Code)

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

Former name or former address, if changed since last report: Not Applicable

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 May 7, 2024, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2024, and supplemental financial information for the quarter ended March 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 May 7, 2024, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2024, and supplemental financial information for the quarter ended March 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 is 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 realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability 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 May 7, 2024

99.2						Quarterly supplemental information for the quarter ended March 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: May 7, 2024	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 FIRST QUARTER 2024 RESULTS

–AFFO Per Share Increased 6% Compared to Fourth Quarter 2023

–On Target to Reach High End of Disposition Guidance of $600 Million; Currently 7.2% Cash Cap Rate on Occupied Dispositions

–Company Reaffirms 2024 Guidance

New York, May 7, 2024 - 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 ended March 31, 2024.

First Quarter 2024 Highlights

•Revenue was $206.0 million compared to $206.7 million in fourth quarter

•Net loss attributable to common stockholders was $34.7 million, compared to net loss of $59.5 million in fourth quarter 2023

•Core Funds from Operations (“Core FFO”) increased 17% to $56.6 million, from $48.3 million in fourth quarter 2023

•Adjusted Funds from Operations (“AFFO”) increased 5% to $75.0 million, from $71.7 million in fourth quarter 2023

•AFFO per diluted share grew 6% to $0.33 in first quarter 2024 from $0.31 in fourth quarter 20231

•Closed plus disposition pipeline totals $554 million2 with a cash cap rate of 7.2% on occupied assets and a weighted average remaining lease term of 3.9 years

•Only 2.9% of outstanding debt is scheduled to mature during the remainder of 2024; remaining balance to be addressed through dispositions or corporate credit facility

•Improved percentage of debt that is fixed-rate to 84%, an increase from 81% in the fourth quarter of 2023

•Subsequent to first quarter 2024, reduced annualized interest expense by $3.5 million with the completion of an interest-only $237 million CMBS re-financing at a fixed interest rate of 5.74%

•Reduced tax expense to $2.4 million from $5.5 million in the prior quarter, through a successful European tax restructure

•1.4 million square feet of leasing activity across the portfolio, resulting in over $17 million of new straight-line rent

•Renewal leasing spread of 6.1% across the entire portfolio with a weighted average lease term of 5.8 years; new leases completed in the quarter had a weighted average lease term of 10.2 years

•Portfolio occupancy experienced a short-term decline caused by one tenant, which represented only 0.55% of total SLR and is under contract to be sold3

•Weighted average annual rent increase of 1.3% provides organic rental growth

•Sector-leading 58% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants4

"We are reaffirming our full-year 2024 guidance and are pleased with our performance in the first quarter that included 6% AFFO per share growth, strong leasing momentum, efficient balance sheet execution and continued progress on our disposition initiative,” stated Michael Weil, CEO of GNL. “The 7.2% cash cap rate we are achieving on the announced occupied assets represents a significant premium compared to the implied value of this portfolio based on the current trading price. We are committed to increasing shareholder value and continuing our disposition initiative until we close the gap between the value of our real estate and our stock price. Our achievements this quarter reflect our commitment to creating shareholder value over the long-term by enhancing our balance sheet, reducing leverage and positioning GNL for sustainable growth in the future.”

Full Year 2024 Guidance Update5

•GNL reaffirms its 2024 AFFO per share guidance range of $1.30 to $1.40 and a net debt to Adjusted EBITDA range of 7.4x to 7.8x.

Summary of Results


	Three Months Ended March 31,		Three Months Ended December 31,
(In thousands, except per share data)	2024		2023
Revenue from tenants	$	206,045	$	206,726

Net loss attributable to common stockholders	$	(34,687)	$	(59,514)
Net loss per diluted common share	$	(0.15)	$	(0.26)

NAREIT defined FFO attributable to common stockholders	$	55,773	$	43,165
NAREIT defined FFO per diluted common share	$	0.24	$	0.19

Core FFO attributable to common stockholders	$	56,592	$	48,331
Core FFO per diluted common share	$	0.25	$	0.21

AFFO attributable to common stockholders	$	74,964	$	71,656
AFFO per diluted common share	$	0.33	$	0.31

Property Portfolio

As of March 31, 2024, the Company’s portfolio of 1,277 net lease properties is located in eleven countries and territories, and is comprised of 66.9 million rentable square feet. The Company operates in four reportable segments, consistent with its current management internal financial reporting purposes: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office. The real estate portfolio metrics include:

•93% leased with a remaining weighted-average lease term of 6.5 years6

•78% of the portfolio contains contractual rent increases based on annualized straight-line rent

•58% 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)

•32% Industrial & Distribution, 28% Multi-Tenant Retail, 21% Single-Tenant Retail and 19% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources7

As of March 31, 2024, the Company had liquidity of $175.4 million and $190 million of capacity under the Company’s revolving credit facility. The Company had net debt of $5.2 billion8, including $2.6 billion of mortgage debt.

As of March 31, 2024, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 84% compared to 67% as of March 31, 2023. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.4 times9. Weighted-average debt maturity was 3.3 years as of March 31, 2024 as compared to 3.7 years as of March 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 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 Closed plus disposition pipeline of $554 million as of May 1, 2024. Includes $422 million of closed plus pipeline occupied dispositions at a cash cap rate of 7.2% and $132 million of closed plus pipeline vacant dispositions that is expected to reduce annualized operating expenses by $3 million. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.

3 Portfolio occupancy experienced a short-term impact due to the vacancy of Klaussner, a furniture manufacturing tenant that originally occupied five properties at only $2.13 of rent per square foot. We were able to re-lease two of the properties at the same rental rate with no downtime. The three remaining vacant properties previously represented only 0.55% of GNL’s total SLR but caused a 2.5% short-term decline in overall occupancy given that it occupied 1.7 million square feet. Two of the properties are already under contract to sell and are expected to close in the second quarter. The last property is also on the market and we are actively engaged with potential buyers.

4 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 March 31, 2024. Comprised of 34.5% leased to tenants with an actual investment grade rating and 23.7% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2024.

5 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.

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

7 During the three months ended March 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 "at-the-market" programs.

8 Comprised of the principal amount of GNL's outstanding debt totaling $5.4 billion less cash and cash equivalents totaling $131.9 million, as of March 31, 2024.

9 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 May 8, 2024 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: 13745186

*Available from 2:00 p.m. ET on May 8, 2024 through August 8, 2024.

Supplemental Schedules

The Company will furnish 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. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, 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 associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability 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” 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)


	March 31, 2024		December 31, 2023
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	1,416,109	$	1,430,607
Buildings, fixtures and improvements	5,819,563		5,842,314
Construction in progress	1,887		23,242
Acquired intangible lease assets	1,248,937		1,359,981
Total real estate investments, at cost	8,486,496		8,656,144
Less accumulated depreciation and amortization	(1,068,106)		(1,083,824)
Total real estate investments, net	7,418,390		7,572,320
Assets held for sale	14,047		3,188
Cash and cash equivalents	131,880		121,566
Restricted cash	51,817		40,833
Derivative assets, at fair value	12,144		10,615
Unbilled straight-line rent	86,995		84,254
Operating lease right-of-use asset	75,475		77,008
Prepaid expenses and other assets	110,706		121,997
Deferred tax assets	4,791		4,808
Goodwill	48,540		46,976
Deferred financing costs, net	14,011		15,412
Total Assets	$	7,968,796	$	8,098,977

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,481,263	$	2,517,868
Revolving credit facility	1,760,182		1,744,182

Senior notes, net	890,879		886,045
Acquired intangible lease liabilities, net	92,823		95,810
Derivative liabilities, at fair value	3,705		5,145
Accounts payable and accrued expenses	100,963		99,014
Operating lease liability	47,704		48,369
Prepaid rent	47,534		46,213
Deferred tax liability	5,718		6,009

Dividends payable	11,357		11,173
Total Liabilities	5,442,128		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	3,639		3,639
Additional paid-in capital	4,351,577		4,350,112
Accumulated other comprehensive loss	(11,844)		(14,096)
Accumulated deficit	(1,818,753)		(1,702,143)
Total Stockholders' Equity	2,524,859		2,637,752
Non-controlling interest	1,809		1,397
Total Equity	2,526,668		2,639,149
Total Liabilities and Equity	$	7,968,796	$	8,098,977

Global Net Lease, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)


	Three Months Ended March 31,		Three Months Ended December 31,
	2024		2023
Revenue from tenants	$	206,045	$	206,726

Expenses:
Property operating	37,830		37,037
Operating fees to related parties	—		(580)
Impairment charges	4,327		2,978
Merger, transaction and other costs	761		4,349

General and administrative	16,177		16,867
Equity-based compensation	1,973		1,058
Depreciation and amortization	92,000		98,713
Total expenses	153,068		160,422
Operating income before gain on dispositions of real estate investments	52,977		46,304
Gain (loss) on dispositions of real estate investments	5,867		(988)
Operating income	58,844		45,316
Other income (expense):
Interest expense	(82,753)		(83,575)
Loss on extinguishment of debt	(58)		(817)
Gain (loss) on derivative instruments	1,588		(4,478)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	1,032		—
Other (expense) income	(16)		435
Total other expense, net	(80,207)		(88,435)
Net loss before income taxes	(21,363)		(43,119)
Income tax expense	(2,388)		(5,459)
Net loss	(23,751)		(48,578)

Preferred stock dividends	(10,936)		(10,936)
Net loss attributable to common stockholders	$	(34,687)	$	(59,514)

Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.15)	$	(0.26)

Weighted average shares outstanding — Basic and Diluted	230,320		230,320

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)


	Three Months Ended March 31,		Three Months Ended December 31,
	2024		2023
Adjusted EBITDA
Net loss	$	(23,751)	$	(48,578)
Depreciation and amortization	92,000		98,713
Interest expense	82,753		83,575
Income tax expense	2,388		5,459
Impairment charges	4,327		2,978
Equity-based compensation	1,973		1,058
Merger, transaction and other costs [1]	761		4,349

(Gain) loss on dispositions of real estate investments	(5,867)		988
(Gain) loss on derivative instruments	(1,588)		4,478
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		—
Loss on extinguishment of debt	58		817
Other expense (income)	16		(435)

Expenses attributable to European tax restructuring [2]	469		2,169
Transition costs related to the Merger and Internalization [3]	2,826		2,484
Adjusted EBITDA	155,333		158,055

Net operating income (NOI)
Operating fees to related parties	—		(580)
General and administrative	16,177		16,867

Expenses attributable to European tax restructuring [2]	(469)		(2,169)
Transition costs related to the Merger and Internalization [3]	(2,826)		(2,484)
NOI	168,215		169,689
Amortization related to above- and below- market lease intangibles and right-of-use assets, net	2,225		1,907
Straight-line rent	(4,562)		(6,720)
Cash NOI	$	165,878	$	164,876

Cash Paid for Interest:
Interest Expense	$	82,753	$	83,575
Non-cash portion of interest expense	(2,394)		(2,408)
Amortization of discounts on mortgages and senior notes	(15,338)		(15,078)
Total cash paid for interest	$	65,021	$	66,089

_____________

[1] For the three months ended March 31, 2024 and December 31, 2023, 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)


	Three Months Ended March 31,		Three Months Ended December 31,
	2024		2023
Net loss attributable to stockholders (in accordance with GAAP)	$	(34,687)	$	(59,514)
Impairment charges	4,327		2,978
Depreciation and amortization	92,000		98,713
(Gain) loss on dispositions of real estate investments	(5,867)		988
FFO (defined by NAREIT)	55,773		43,165
Merger, transaction and other costs [1]	761		4,349

Loss on extinguishment of debt	58		817
Core FFO attributable to common stockholders	56,592		48,331
Non-cash equity-based compensation	1,973		1,058
Non-cash portion of interest expense	2,394		2,408
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	2,225		1,907
Straight-line rent	(4,562)		(6,720)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		—
Eliminate unrealized (gains) losses on foreign currency transactions [2]	(1,259)		4,941
Amortization of discounts on mortgages and senior notes	15,338		15,078

Expenses attributable to European tax restructuring [3]	469		2,169
Transition costs related to the Merger and Internalization [4]	2,826		2,484
Adjusted funds from operations (AFFO) attributable to common stockholders	$	74,964	$	71,656

__________

[2] For AFFO purposes, we add back unrealized (gain) loss. 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 December 31, 2023, the loss on derivative instruments was $4.5 million, which consisted of unrealized losses of $4.9 million and realized gains of $0.4 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.

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


	Three Months Ended March 31,		Three Months Ended December 31,
(In thousands)	2024		2023
Industrial & Distribution:
Revenue from tenants	$	61,994	$	62,223
Property operating expense	4,679		5,407
Net Operating Income	$	57,315	$	56,816

Multi-Tenant Retail:
Revenue from tenants	$	66,803	$	66,412
Property operating expense	22,906		22,494
Net Operating Income	$	43,897	$	43,918

Single-Tenant Retail:
Revenue from tenants	$	40,786	$	40,140
Property operating expense	4,770		4,217
Net Operating Income	$	36,016	$	35,923

Office:
Revenue from tenants	$	36,462	$	37,951
Property operating expense	5,475		4,919
Net Operating Income	$	30,987	$	33,032

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”) and Cash Net Operating Income (“Cash NOI”) 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.

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, settlement costs related to our Blackwells/Related Parties litigation, as well as certain other costs that are considered to be non-core, such as debt extinguishment 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 and prepayment penalties incurred with the early extinguishment 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 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 and merger related expenses) and certain other expenses, including expenses incurred for our 2023 proxy contest and related Blackwells/Related Parties litigation, 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 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 and Cash Net Operating Income

incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Due to the increase in general and administrative expenses as a result of the 2023 proxy contest and related litigation as a portion of our total general and administrative expenses in the first quarter of 2023, we began including this adjustment to arrive at Adjusted EBITDA in order to better reflect our operating 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 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 March 31, 2024 (unaudited)


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


Table of Contents

Item						Page
Non-GAAP Definitions						4
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 associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability 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” 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 March 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”). 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, and Cash NOI 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 March 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, settlement costs related to our Blackwells/Related Parties litigation, as well as certain other costs that are considered to be non-core, such as debt extinguishment 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 and prepayment penalties incurred with the early extinguishment 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 and merger related expenses) and certain other expenses, including expenses incurred for our 2023 proxy contest and related Blackwells/Related Parties litigation, 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 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.


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

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

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) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest, related Blackwells/Related Parties litigation, 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. Due to the increase in general and administrative expenses as a result of the 2023 proxy contest and related litigation as a portion of our total general and administrative expenses in the first quarter of 2023, we began including this adjustment to arrive at Adjusted EBITDA in order to better reflect our operating 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 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.


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

Key Metrics

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

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


Financial Results
Revenue from tenants	$	206,045
Net loss attributable to common stockholders	$	(34,687)
Basic and diluted net loss per share attributable to common stockholders [2]	$	(0.15)
Cash NOI [1]	$	165,878
Adjusted EBITDA [1]	$	155,333
AFFO attributable to common stockholders [1]	$	74,964
Dividends per share - first quarter [3]	$	0.354
Dividend yield - annualized, based on quarter end share price	18.3		%

Balance Sheet and Capitalization
Gross asset value [4]	$9,036,902
Net debt [5] [6]	$5,246,459
Total consolidated debt [6]	$5,378,339
Total assets	$7,968,796
Liquidity [7]	$175,400

Common shares outstanding as of March 31, 2024 (thousands)	230,847

Net debt to gross asset value	58.1		%
Net debt to annualized adjusted EBITDA [8]	8.4		x

Weighted-average interest rate cost [9]	4.8		%
Weighted-average debt maturity (years) [10]	3.3
Interest Coverage Ratio [11]	2.4		x

Real Estate Portfolio	Total
Number of properties	1,277
Square footage (millions)	66.9
Leased	93		%
Weighted-average remaining lease term (years) [12]	6.5

Footnotes:

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

[2]Adjusted for net income attributable to common stockholders for common share equivalents.

[3]Represents quarterly dividend per share rate based off the prior annualized dividend rate of $1.42 that was in effect through the first quarter of 2024.

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

[5]Represents total debt outstanding of $5.4 billion, less cash and cash equivalents of $131.9 million.

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

[7]Liquidity includes $43.5 million of availability under the credit facility and $131.9 million of cash and cash equivalents as of March 31, 2024.

[8]Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended March 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 (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Adjusted EBITDA and cash paid for interest 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 March 31, 2024

Consolidated Balance Sheets

Amounts in thousands


	March 31, 2024		December 31, 2023
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	1,416,109	$	1,430,607
Buildings, fixtures and improvements	5,819,563		5,842,314
Construction in progress	1,887		23,242
Acquired intangible lease assets	1,248,937		1,359,981
Total real estate investments, at cost	8,486,496		8,656,144
Less accumulated depreciation and amortization	(1,068,106)		(1,083,824)
Total real estate investments, net	7,418,390		7,572,320
Assets held for sale	14,047		3,188
Cash and cash equivalents	131,880		121,566
Restricted cash	51,817		40,833
Derivative assets, at fair value	12,144		10,615
Unbilled straight-line rent	86,995		84,254
Operating lease right-of-use asset	75,475		77,008
Prepaid expenses and other assets	110,706		121,997
Deferred tax assets	4,791		4,808
Goodwill	48,540		46,976
Deferred financing costs, net	14,011		15,412
Total Assets	$	7,968,796	$	8,098,977

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,481,263	$	2,517,868
Revolving credit facility	1,760,182		1,744,182

Senior notes, net	890,879		886,045
Acquired intangible lease liabilities, net	92,823		95,810
Derivative liabilities, at fair value	3,705		5,145
Accounts payable and accrued expenses	100,963		99,014
Operating lease liability	47,704		48,369
Prepaid rent	47,534		46,213
Deferred tax liability	5,718		6,009

Dividends payable	11,357		11,173
Total Liabilities	5,442,128		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	3,639		3,639
Additional paid-in capital	4,351,577		4,350,112
Accumulated other comprehensive loss	(11,844)		(14,096)
Accumulated deficit	(1,818,753)		(1,702,143)
Total Stockholders’ Equity	2,524,859		2,637,752
Non-controlling interest	1,809		1,397
Total Equity	2,526,668		2,639,149
Total Liabilities and Equity	$	7,968,796	$	8,098,977


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

Consolidated Statements of Operations

Amounts in thousands, except per share data


	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Revenue from tenants	$	206,045	$	206,726	$	118,168	$	95,844

Expenses:
Property operating	37,830		37,037		13,623		9,033
Operating fees to related parties	—		(580)		8,652		10,110
Impairment charges	4,327		2,978		65,706		—
Merger, transaction and other costs	761		4,349		43,765		6,279
Settlement costs	—		—		14,643		15,084
General and administrative	16,177		16,867		6,977		10,683
Equity-based compensation	1,973		1,058		10,444		2,870
Depreciation and amortization	92,000		98,713		49,232		37,297
Total expenses	153,068		160,422		213,042		91,356
Operating income (loss) before loss on dispositions of real estate investments	52,977		46,304		(94,874)		4,488
Gain (loss) on dispositions of real estate investments	5,867		(988)		(684)		—
Operating income	58,844		45,316		(95,558)		4,488
Other income (expense):
Interest expense	(82,753)		(83,575)		(41,161)		(27,710)
Loss on extinguishment of debt	(58)		(817)		—		(404)
Gain (loss) on derivative instruments	1,588		(4,478)		3,217		(774)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	1,032		—		—		—
Other (expense) income	(16)		435		119		1,650
Total other expense, net	(80,207)		(88,435)		(37,825)		(27,238)
Net loss before income tax	(21,363)		(43,119)		(133,383)		(22,750)
Income tax expense	(2,388)		(5,459)		(2,801)		(3,508)
Net loss	(23,751)		(48,578)		(136,184)		(26,258)

Preferred stock dividends	(10,936)		(10,936)		(6,304)		(5,099)
Net loss attributable to common stockholders	$	(34,687)	$	(59,514)	$	(142,488)	$	(31,357)

Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.15)	$	(0.26)	$	(1.11)	$	(0.30)

Weighted average shares outstanding — Basic and Diluted	230,320		230,320		130,825		104,149


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

Non-GAAP Measures

Amounts in thousands, except per share data


	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
EBITDA:
Net loss	$	(23,751)	$	(48,578)	$	(136,184)	$	(26,258)
Depreciation and amortization	92,000		98,713		49,232		37,297
Interest expense	82,753		83,575		41,161		27,710
Income tax expense	2,388		5,459		2,801		3,508
EBITDA	153,390		139,169		(42,990)		42,257
Impairment charges	4,327		2,978		65,706		—
Equity-based compensation	1,973		1,058		10,444		2,870
Merger, transaction and other costs [1]	761		4,349		43,765		6,279
Settlement costs [2]	—		—		14,643		15,084
(Gain) loss on dispositions of real estate investments	(5,867)		988		684		—
(Gain ) loss on derivative instruments	(1,588)		4,478		(3,217)		774
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		—		—		—
Loss on extinguishment of debt	58		817		—		404
Other expense (income)	16		(435)		(119)		(1,650)
Expenses attributable to 2023 proxy contest and related litigation [3]	—		—		14		7,371
Expenses attributable to European tax restructuring [4]	469		2,169		—		—
Transition costs related to the Merger and Internalization [5]	2,826		2,484		—		—
Adjusted EBITDA	155,333		158,055		88,930		73,389
Operating fees to related parties	—		(580)		8,652		10,110
General and administrative	16,177		16,867		6,977		10,683
Expenses attributable to 2023 proxy contest and related litigation [3]	—		—		(14)		(7,371)
Expenses attributable to European tax restructuring [4]	(469)		(2,169)		—		—
Transition costs related to the Merger and Internalization [5]	(2,826)		(2,484)		—		—
NOI	168,215		169,689		104,545		86,811
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	2,225		1,907		1,444		1,297
Straight-line rent	(4,562)		(6,720)		(2)		(1,786)
Cash NOI	$	165,878	$	164,876	$	105,987	$	86,322

Cash Paid for Interest:
Interest Expense	$	82,753	$	83,575	$	41,161	$	27,710
Non-cash portion of interest expense	(2,394)		(2,408)		(2,046)		(2,083)
Amortization of discounts on mortgages and senior notes	(15,338)		(15,078)		(3,374)		(237)
Total cash paid for interest	$	65,021	$	66,089	$	35,741	$	25,390

________

[1]For the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, these costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.

[2]In the three months ended September 30, 2023 and June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.

[3]Amounts relate to costs incurred for the 2023 proxy that were specifically related to our 2023 proxy contest and related Blackwells litigation. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

[4]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.

[5] 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 March 31, 2024 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data


	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with GAAP)	$	(34,687)	$	(59,514)	$	(142,488)	$	(31,357)
Impairment charges	4,327		2,978		65,706		—
Depreciation and amortization	92,000		98,713		49,232		37,297
(Gain) loss on dispositions of real estate investments	(5,867)		988		684		—
FFO (as defined by NAREIT) attributable to common stockholders	55,773		43,165		(26,866)		5,940
Merger, transaction and other costs [1]	761		4,349		43,765		6,279
Settlement costs [2]	—		—		14,643		15,084
Loss on extinguishment of debt	58		817		—		404
Core FFO attributable to common stockholders	56,592		48,331		31,542		27,707
Non-cash equity-based compensation	1,973		1,058		10,444		2,870
Non-cash portion of interest expense	2,394		2,408		2,046		2,083
Amortization related to above and below-market lease intangibles and right-of-use assets, net	2,225		1,907		1,444		1,297
Straight-line rent	(4,562)		(6,720)		(2)		(1,786)

Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(1,032)		—		—		—
Eliminate unrealized (gains) losses on foreign currency transactions [3]	(1,259)		4,941		(1,933)		1,631
Amortization of discounts on mortgages and senior notes	15,338		15,078		3,374		237
Expenses attributable to 2023 proxy contest and related litigation [4]	—		—		14		7,371
Expenses attributable to European tax restructuring [5]	469		2,169		—		—
Transition costs related to the Merger and Internalization [6]	2,826		2,484		—		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	74,964	$	71,656	$	46,929	$	41,410

Weighted average common shares outstanding — Basic and Diluted	230,320		230,320		130,825		104,149

Net loss per share attributable to common shareholders	$	(0.15)	$	(0.26)	$	(1.11)	$	(0.30)
FFO per diluted common share	$	0.24	$	0.19	$	(0.21)	$	0.06
Core FFO per diluted common share	$	0.25	$	0.21	$	0.24	$	0.27
AFFO per diluted common share	$	0.33	$	0.31	$	0.36	$	0.40
Dividends declared to common stockholders	$	81,923	$	81,891	$	41,978	$	41,674

________

[2]In the three months ended September 30, 2023 and June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued/to be issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.

[3]For AFFO purposes, we add back unrealized (gain) loss. 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 December 31, 2023, the loss on derivative instruments was $4.5 million, which consisted of unrealized losses of $4.9 million and realized gains of $0.4 million. For the three months ended September 30, 2023, the gain on derivative instruments was $3.2 million which consisted of unrealized gains of $1.9 million and realized gains of $1.3 million. For the three months ended June 30, 2023, the loss on derivative instruments was $0.8 million which consisted of unrealized losses of $1.6 million and realized gains of $0.8 million.

[4]Amounts relate to costs incurred for the 2023 proxy that were specifically related to our 2023 proxy contest and related Blackwells litigation. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[5]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.

[6] 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.


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

Debt Overview

As of March 31, 2024


Year of Maturity	Number of Encumbered Properties [1]	Weighted-Average Debt Maturity (Years) [1]	Weighted-Average Interest Rate [2]		Total Outstanding Balance [3] (In thousands)			Percent
Non-Recourse Debt
2024 (remainder)	7	0.1	3.9	%	$	283,709
2025	352	1.4	3.8	%	693,196
2026	97	2.1	3.8	%	110,292
2027	10	3.6	4.4	%	163,191
2028	125	4.1	4.1	%	531,229
2029	133	5.2	4.8	%	433,506
Thereafter	106	6.8	5.3	%	403,034
Total Non-Recourse Debt	830	3.4	4.3	%	2,618,157			49	%

Recourse Debt
2026 - Revolving Credit Facility		2.5	5.9	%	1,760,182
2027 - 3.75% Senior Notes		3.7	3.8	%	500,000
2028 - 4.50% Senior Notes		4.5	4.5	%	500,000
Total Recourse Debt		3.1	5.3	%	2,760,182			51	%

Total Debt		3.3	4.8	%	$	5,378,339		100	%

Total Debt by Currency					Percent
USD					81		%
EUR					10		%
GBP					8		%
CAD					1		%
Total					100		%

Footnotes:

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

[2]As of March 31, 2024, the Company’s total combined debt was 84.0% fixed rate or swapped to a fixed rate and 16.0% floating rate.

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


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

Future Minimum Lease Rents

As of March 31, 2024

Amounts in thousands


	Future Minimum Base Rent Payments [1]
2024 (remainder)	$	509,148
2025	646,266
2026	597,666
2027	533,168
2028	457,879
2029	370,549
Thereafter	1,752,081
Total	$	4,866,757

Footnotes:

[1]Base rent assumes exchange rates of £1.00 to $1.26 for GBP, €1.00 to $1.08 for EUR and C$1.00 to $0.74 as of March 31, 2024 for illustrative purposes, as applicable.


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

Top Twenty Tenants

As of March 31, 2024

Amounts in thousands, except percentages


Tenant / Lease Guarantor	Property Type/Segment	Tenant Industry	Annualized SL Rent [1]		SL Rent Percent
Imperial Reliance, LLC	Single Tenant Retail	Gas/Convenience	$	22,465	3.1	%
FedEx	Industrial & Distribution	Freight	19,456		2.7	%
McLaren	Industrial & Distribution	Auto Manufacturing	19,399		2.7	%
Fresenius	Single Tenant Retail	Healthcare	15,181		2.1	%
Whirlpool	Industrial & Distribution	Consumer Goods	14,688		2.0	%
AmeriCold	Industrial & Distribution	Refrigerated Warehousing	13,704		1.9	%
Home Depot	Industrial & Distribution/ Multi - Tenant Retail	Home Improvement	13,681		1.9	%
Foster Wheeler	Office	Engineering	11,170		1.6	%
Government Services Administration (GSA)	Office	Government	11,017		1.5	%
Truist Bank	Single Tenant Retail	Retail Banking	10,900		1.5	%
PetSmart	Multi Tenant Retail	Pet Supplies	10,526		1.5	%
FCA USA	Industrial & Distribution	Auto Manufacturing	10,147		1.4	%
ING Bank	Office	Financial Services	10,136		1.4	%
Dollar General	Single Tenant Retail	Discount Retail	9,745		1.4	%
Broadridge Financial Solutions	Industrial & Distribution	Financial Services	9,332		1.3	%
Finnair	Industrial & Distribution	Aerospace	8,721		1.2	%
Dick's Sporting Goods	Multi Tenant Retail	Sporting Goods	8,509		1.2	%
The Kroger Co. of Michigan	Industrial & Distribution	Logistics	8,500		1.2	%
Contractors Steel	Industrial & Distribution	Metal Processing	7,952		1.1	%
Best Buy	Multi Tenant Retail	Electronics	7,110		1.0	%
Subtotal			242,339		33.7	%

Remaining portfolio			477,229		66.3	%

Total Portfolio			$	719,568	100	%

Footnotes:

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.26 for GBP, €1.00 to $1.08 for EUR and C$1.00 to $0.74 as of March 31, 2024 for illustrative purposes, as applicable.


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

Diversification by Property Type/Segment

As of March 31, 2024

Amounts in thousands, except percentages

Based on Annualized Straight-Line Rent:


	Total Portfolio							Unencumbered Portfolio [2]
Property Type/Segment	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	$	231,333	32	%	34,049	51	%	$	143,702	37	%	22,747	55	%
Multi-Tenant Retail	199,947		28	%	16,401	24	%	123,015		31	%	10,486	25	%
Single-Tenant Retail	147,548		21	%	7,797	12	%	37,002		9	%	2,503	6	%
Office	140,740		19	%	8,606	13	%	90,790		23	%	5,636	14	%
Total	$	719,568	100	%	66,853	100	%	$	394,509	100	%	41,372	100	%

Footnotes:

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

Based on Annualized Base Rent:


	Total Portfolio							Unencumbered Portfolio [2]
Property Type/Segment	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	$	223,509	32	%	34,049	51	%	$	138,821	36	%	22,747	55	%
Multi-Tenant Retail	199,977		29	%	16,401	24	%	124,395		32	%	10,486	25	%
Single-Tenant Retail	136,421		19	%	7,797	12	%	35,996		9	%	2,503	6	%
Office	142,777		20	%	8,606	13	%	91,518		23	%	5,636	14	%
Total	$	702,684	100	%	66,853	100	%	$	390,730	100	%	41,372	100	%

[1]Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.26 for GBP, €1.00 to $1.08 for EUR and C$1.00 to $0.74 as of March 31, 2024 for illustrative purposes, as applicable.

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


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

Diversification by Tenant Industry

As of March 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	$	46,224	6	%	3,169	5	%	$	28,744	7	%	2,281	6	%
Auto Manufacturing	42,022		6	%	4,237	7	%	17,836		5	%	2,252	6	%
Healthcare	39,722		6	%	1,727	3	%	12,260		3	%	584	2	%
Discount Retail	37,274		5	%	3,795	6	%	19,096		5	%	2,088	6	%
Specialty Retail	31,863		4	%	2,707	4	%	17,615		4	%	1,569	4	%
Gas/Convenience	28,784		4	%	665	1	%	3,597		1	%	79	—	%
Freight	22,315		3	%	2,515	4	%	7,006		2	%	762	2	%
Consumer Goods	22,030		3	%	4,705	8	%	20,445		5	%	4,036	11	%
Home Improvement	20,769		3	%	2,621	4	%	8,311		2	%	522	1	%
Quick Service Restaurant	19,215		3	%	563	1	%	3,624		1	%	103	—	%
Other [2]	409,350		57	%	35,326	57	%	255,975		65	%	23,192	62	%
Total	$	719,568	100	%	62,030	100	%	$	394,509	100	%	37,468	100	%

Footnotes:

[2]Other includes 83 industry types as of March 31, 2024.

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


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

Diversification by Geography — As of March 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	$	574,087	79.7	%	55,320	82.7	%	$	286,845	72.8	%	31,478	76.2	%
Michigan	61,617		8.6	%	6,870	10.3	%	37,013		9.4	%	4,391	10.6	%
Texas	44,700		6.2	%	3,244	4.9	%	20,740		5.3	%	1,783	4.3	%
Ohio	41,795		5.8	%	6,264	9.4	%	26,511		6.7	%	4,385	10.6	%
Georgia	39,403		5.5	%	3,066	4.6	%	6,908		1.8	%	494	1.2	%
North Carolina	32,144		4.5	%	5,003	7.5	%	14,260		3.6	%	3,429	8.3	%
Illinois	29,385		4.1	%	2,985	4.5	%	19,298		4.9	%	2,387	5.8	%
Alabama	25,344		3.5	%	2,161	3.2	%	6,317		1.6	%	724	1.8	%
Florida	24,744		3.4	%	1,633	2.4	%	15,507		3.9	%	1,102	2.7	%
South Carolina	23,451		3.3	%	2,618	3.9	%	7,366		1.9	%	1,043	2.5	%
California	21,815		3.0	%	1,520	2.3	%	21,573		5.5	%	1,347	3.3	%
Kentucky	18,944		2.6	%	1,611	2.4	%	9,368		2.4	%	894	2.2	%
Pennsylvania	17,809		2.5	%	1,334	2.0	%	9,957		2.5	%	747	1.8	%
Indiana	16,672		2.3	%	2,431	3.6	%	10,176		2.6	%	1,366	3.3	%
Oklahoma	14,659		2.0	%	1,187	1.8	%	6,220		1.6	%	564	1.4	%
Missouri	13,578		1.9	%	1,221	1.8	%	8,582		2.2	%	838	2.0	%
Louisiana	11,775		1.6	%	862	1.3	%	3,428		0.9	%	369	0.9	%
Tennessee	11,332		1.6	%	1,318	2.0	%	7,119		1.8	%	682	1.6	%
Massachusetts	10,697		1.5	%	1,007	1.5	%	9,968		2.5	%	969	2.3	%
New Jersey	10,057		1.4	%	430	0.6	%	—		—	%	—	—	%
New York	8,988		1.2	%	1,073	1.6	%	4,206		1.1	%	356	0.9	%
Wisconsin	8,495		1.2	%	664	1.0	%	5,220		1.3	%	359	0.9	%
Kansas	8,126		1.1	%	692	1.0	%	4,769		1.2	%	534	1.3	%
Nevada	7,862		1.1	%	423	0.6	%	344		0.1	%	14	—	%
Arkansas	7,748		1.1	%	486	0.7	%	5,614		1.4	%	398	1.0	%
Mississippi	7,682		1.1	%	623	0.9	%	542		0.1	%	23	0.1	%
Minnesota	6,258		0.9	%	634	0.9	%	1,184		0.3	%	210	0.5	%
Maryland	4,793		0.7	%	419	0.6	%	2,511		0.6	%	290	0.7	%
Connecticut	4,598		0.6	%	402	0.6	%	2,742		0.7	%	305	0.7	%
New Mexico	4,511		0.6	%	415	0.6	%	2,721		0.7	%	301	0.7	%
Virginia	3,847		0.5	%	332	0.5	%	2,136		0.5	%	233	0.6	%
Iowa	3,841		0.5	%	402	0.6	%	2,365		0.6	%	269	0.6	%
Colorado	3,290		0.5	%	138	0.2	%	2,694		0.7	%	94	0.2	%
West Virginia	3,134		0.4	%	345	0.5	%	354		0.1	%	47	0.1	%
New Hampshire	2,917		0.4	%	345	0.5	%	2,380		0.6	%	256	0.6	%
Maine	2,323		0.3	%	76	0.1	%	2,121		0.5	%	64	0.2	%
Rhode Island	2,208		0.3	%	107	0.2	%	772		0.2	%	21	0.1	%
North Dakota	1,855		0.3	%	193	0.3	%	925		0.2	%	47	0.1	%
Wyoming	1,840		0.3	%	103	0.2	%	—		—	%	—	—	%
Nebraska	1,761		0.2	%	113	0.2	%	794		0.2	%	39	0.1	%
Montana	1,663		0.2	%	100	0.1	%	—		—	%	—	—	%
South Dakota	1,489		0.2	%	101	0.2	%	1,125		0.3	%	54	0.1	%
Utah	1,444		0.2	%	53	0.1	%	329		0.1	%	12	—	%
Vermont	1,319		0.2	%	235	0.4	%	84		—	%	22	0.1	%
Idaho	798		0.1	%	36	0.1	%	265		0.1	%	6	—	%
Alaska	424		0.1	%	9	—	%	—		—	%	—	—	%
Arizona	366		0.1	%	22	—	%	—		—	%	—	—	%
Delaware	337		—	%	10	—	%	337		0.1	%	10	—	%
Washington, DC	249		—	%	4	—	%	—		—	%	—	—	%
United Kingdom	79,459		11.0	%	5,202	7.8	%	60,056		15.2	%	4,362	10.4	%
Netherlands	16,449		2.3	%	1,007	1.5	%	3,796		1.0	%	364	0.9	%
Finland	14,281		2.0	%	1,457	2.2	%	14,281		3.6	%	1,457	3.5	%
Germany	10,295		1.4	%	1,584	2.4	%	10,295		2.6	%	1,584	3.8	%
France	7,733		1.1	%	1,416	2.1	%	7,733		2.0	%	1,416	3.4	%
Channel Islands	5,817		0.8	%	114	0.2	%	5,817		1.5	%	114	0.3	%
Luxembourg	5,761		0.8	%	156	0.2	%	—		—	%	—	—	%
Canada	3,065		0.4	%	372	0.6	%	3,065		0.8	%	372	0.9	%
Italy	2,240		0.3	%	196	0.3	%	2,240		0.6	%	196	0.5	%
Spain	381		0.1	%	29	—	%	381		0.1	%	29	0.1	%
Total	$	719,568	100	%	66,853	100	%	$	394,509	100	%	41,372	100	%

Footnotes:


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

Lease Expirations

As of March 31, 2024


Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Square Feet	Percent of Rentable Square Feet Expiring
		(In thousands)				(In thousands)
2024 (Remaining)	133	$	32,957	4.6	%	1,945	3.0	%
2025	240	57,537		8.0	%	5,154	8.0	%
2026	238	62,911		8.7	%	4,438	7.0	%
2027	272	73,434		10.2	%	6,863	11.0	%
2028	329	89,406		12.4	%	9,007	15.0	%
2029	283	86,598		12.0	%	8,156	13.0	%
2030	128	54,695		7.6	%	4,153	7.0	%
2031	77	33,267		4.6	%	5,301	9.0	%
2032	100	37,121		5.2	%	3,048	5.0	%
2033	101	37,700		5.2	%	2,721	4.0	%
2034	65	24,949		3.5	%	1,678	3.0	%
2034	19	13,603		1.9	%	1,243	2.0	%
2036	44	9,910		1.4	%	967	2.0	%
2037	25	3,860		0.5	%	239	—	%
2038	139	31,054		4.3	%	1,849	3.0	%
Thereafter (>2038)	238	70,566		9.8	%	5,268	8.2	%
Total	2,431	$	719,568	100	%	62,030	100	%

Footnotes:

[1]Annualized rental income converted from local currency into USD as of March 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	May 07, 2024
Class of Stock [Line Items]
Document Type	8-K
Document Period End Date	May 07, 2024
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

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