[8-K] Global Net Lease, Inc. Reports Material Event

Rhea-AI Filing Summary

Global Net Lease, Inc. reported a transformational 2025, highlighted by deleveraging and portfolio repositioning. Fourth-quarter 2025 revenue was $117.0 million versus $137.8 million a year earlier, mainly due to asset sales. Net income attributable to common stockholders improved to $37.2 million from a loss of $17.5 million, driven largely by a gain on the McLaren Campus sale. AFFO was $48.5 million, or $0.22 per share, compared with $78.3 million, or $0.34 per share, as earnings reflected fewer properties. For full-year 2025, AFFO reached $221.0 million, or $0.99 per share, exceeding the revised guidance range of $0.95 to $0.97.

The company reduced net debt by $2.2 billion in 2025, bringing net debt to $2.5 billion and improving Net Debt to Adjusted EBITDA from 7.6x to 6.7x. It refinanced a $1.8 billion revolving credit facility, lowered its weighted average interest rate to 4.2% and increased liquidity to $961.9 million. GNL also sold the McLaren Campus for £250 million (about $336 million), generating an estimated £80 million (about $108 million) gain over its 2021 purchase price, and repurchased 17.2 million common shares for $135.9 million.

Operationally, the portfolio was 97% leased across roughly 41 million square feet, with a 6.1-year weighted-average lease term and 66% of annualized straight-line rent from investment-grade or implied investment-grade tenants. The company achieved a 12% renewal leasing spread in 2025 and leased over 3.7 million square feet, adding $33.9 million of new straight-line rent. Rating agencies upgraded GNL’s corporate credit rating and unsecured notes to investment-grade BBB-, reflecting progress in strengthening the balance sheet and liquidity.

Looking ahead, GNL issued full-year 2026 guidance for AFFO per share of $0.80 to $0.84 and Net Debt to Adjusted EBITDA of 6.5x to 6.9x. The strategy emphasizes continued deleveraging, reducing office exposure through select asset sales and redeploying capital into single-tenant industrial and retail assets aimed at enhancing earnings durability and portfolio quality.

Insights

REIT equity analyst

Deleveraging and rating upgrades are offset by lower 2026 AFFO guidance, creating a mixed but thesis-relevant update.

Global Net Lease delivered full-year 2025 AFFO of $221.0 million, or $0.99 per share, above its revised guidance. This came alongside significant portfolio pruning, including the McLaren Campus sale for £250 million (about $336 million) and total strategic dispositions of roughly $3.4 billion since 2024.

Balance sheet repair is substantial: net debt fell by $2.2 billion in 2025 to $2.5 billion, with Net Debt to Adjusted EBITDA improving from 7.6x to 6.7x. Liquidity rose to $961.9 million, and the weighted average interest rate declined to 4.2%, aided by a $1.8 billion revolver refinancing. Credit upgrades to investment-grade BBB- by Fitch and S&P for both the company and its unsecured notes reinforce this progress.

However, the 2026 AFFO per share guidance of $0.80–$0.84 is meaningfully below 2025’s $0.99, reflecting earnings pressure from asset sales and planned office dispositions. The business remains 97% leased with a 6.1-year average lease term and 66% of rent from investment-grade or implied investment-grade tenants, but the near-term earnings reset is notable. Future disclosures on execution of the office disposition and reinvestment plan will clarify how quickly AFFO trends stabilize under the targeted Net Debt to Adjusted EBITDA range of 6.5x–6.9x for 2026.

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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 25, 2026

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

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 25, 2026, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2025, and supplemental financial information for the quarter and year ended December 31, 2025, 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 25, 2026, the Company issued a press release announcing its results of operations for the quarter and year ended December 31, 2025, and supplemental financial information for the quarter and year ended December 31, 2025, 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 that any potential future acquisition or disposition 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 25, 2026
99.2						Quarterly supplemental information for the quarter and year ended December 31, 2025
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 25, 2026

By:

/s/ Edward M. Weil, Jr.

Name:

Edward M. Weil, Jr.

Title:

Chief Executive Officer and President

EXHIBIT 99.1

GLOBAL NET LEASE REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

–Company Exceeds Full-Year 2025 AFFO Guidance

–Reduced Net Debt by $2.2 Billion and Improved Net Debt to Adjusted EBITDA From 7.6x to 6.7x in 2025

–Repurchased 17.2 Million Shares at a Weighted Average Price of $7.88, Totaling $135.9 Million Since Launch of Repurchase Program in February 2025

–Sold McLaren Campus for £250 Million, Approximately £80 Million Above Original Purchase Price

–Corporate Credit Rating Upgraded to Investment-Grade

–Introduces Initial 2026 Financial Guidance; Focus on Reducing Office Exposure and Accretive Capital Redeployment

New York, February 25, 2026 - 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, 2025.

Fourth Quarter and Full Year 2025 Highlights

•Revenue was $117.0 million in fourth quarter 2025 compared to $137.8 million in fourth quarter 2024, primarily reflecting the impact of asset dispositions, including the Multi-Tenant Retail Portfolio sale

•Net income attributable to common stockholders was $37.2 million in fourth quarter 2025, compared to a net loss of $17.5 million in fourth quarter 2024, reflecting the substantial gain on the sale of the McLaren Campus

•Adjusted Funds From Operations (“AFFO”)1 was $48.5 million1, or $0.22 per share in fourth quarter 2025, compared to $78.3 million, or $0.34 per share, in fourth quarter 2024; full-year 2025 AFFO was $221.0 million or $0.99 per share, exceeding revised full year guidance range of $0.95 to $0.97

•Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $2.2 billion in 2025, improving Net Debt to Adjusted EBITDA from 7.6x to 6.7x in 2025

•Completed a $1.8 billion refinancing of the Revolving Credit Facility, achieving an immediate 35 basis point reduction in the interest rate spread through improved pricing, while extending weighted average debt maturity

•Reduced weighted average interest rate to 4.2% in fourth quarter 2025, down from 4.8% in fourth quarter of 2024

•Increased liquidity to $961.9 million and Revolving Credit Facility capacity to $1.5 billion in fourth quarter 2025, compared to $492.2 million and $460.0 million, respectively, in fourth quarter 2024

•Sales resulting from the strategic disposition program total approximately $3.4 billion since 2024, with a weighted average lease term of 5.4 years; achieved a cash cap rate of 7.6% on non-core closed single-tenant dispositions, demonstrating tangible proof of portfolio quality

•Sold the McLaren Campus for £250 million, or $336 million2, at a 7.4% cash cap rate, generating an approximate £80 million, or $108 million2, gain above its April 2021 purchase price, while increasing the proportion of investment-grade tenants among the top ten to 80%

•Repurchased 17.2 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $7.88, for a total of $135.9 million; includes 4.5 million shares repurchased in fourth quarter 2025 for a total of $37.3 million and 1.8 million shares repurchased in first quarter 2026 for a total of $15.9 million

•Leased over 3.7 million square feet in 2025, resulting in over $33.9 million of new straight-line rent

•Achieved a 12% renewal leasing spread in 2025, up from 7% in 2024, with a weighted average renewal term of 6.5 years; new leases completed in 2025 had a weighted average lease term of 5.2 years

•Weighted average annual rent increase of 1.4% provides organic rental growth, excluding 19.6% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increases

•Sector-leading 66% of annualized straight-line rent in fourth quarter 2025 comes from investment-grade or implied investment-grade tenants3, up from 61% in fourth quarter of 2024

•Corporate credit rating upgraded to investment-grade BBB- from BB+ by Fitch Ratings; unsecured notes also upgraded to investment-grade BBB- by S&P Global, underscoring the Company’s strategic progress in deleveraging, enhancing operations and bolstering liquidity over the past two years

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

“2025 marked a decisive transformation for GNL, driven by coordinated initiatives to simplify the portfolio, materially reduce leverage, strengthen liquidity and improve our credit profile,” said Michael Weil, CEO of GNL. “This disciplined execution of our corporate strategy translated into meaningful shareholder value creation in 2025, reflected in a total return of 32%, outpacing the net lease sector. While we are pleased with the progress made and the narrowing of our valuation gap with peers, we believe there is a clear path to continued growth as we execute our 2026 objectives. We enter 2026 from a position of strength, focused on earnings growth through disciplined capital recycling and continued long-term deleveraging. Our strategy prioritizes reducing office exposure by disposing of select office assets and redeploying capital into accretive single-tenant industrial and retail investments that enhance earnings durability and portfolio quality. With a streamlined platform and enhanced financial flexibility, we believe GNL is well-positioned to execute this next phase with discipline and drive long-term value for shareholders.”

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Full Year 2026 Guidance4

The following is a summary of the Company’s full-year 2026 guidance:

Financial Metric

2026 Guidance

AFFO Per Share

$0.80 to $0.84

Net Debt to Adjusted EBITDA

6.5x to 6.9x

2026 Guidance assumes gross transaction volume, inclusive of both dispositions and acquisitions, of $250 million to $350 million. This initial guidance reflects GNL’s focus on disposing of select office assets and redeploying capital into accretive acquisitions of single-tenant industrial and retail assets.

Summary Fourth Quarter 2025 Results

						Three Months Ended December 31,
(In thousands, except per share data)						2025						2024
Revenue from tenants						$	116,953					$	137,783
Net income (loss) attributable to common stockholders						$	37,245					$	(17,458)
Net income (loss) per diluted common share						$	0.16					$	(0.08)
NAREIT defined FFO attributable to common stockholders						$	13,102					$	64,334
NAREIT defined FFO per diluted common share						$	0.06					$	0.28
AFFO attributable to common stockholders						$	48,516					$	78,297
AFFO per diluted common share						$	0.22					$	0.34

Property Portfolio 

At December 31, 2025, GNL’s portfolio of 820 net leased properties was comprised of approximately 41 million rentable square feet, located in ten countries and territories. The Company operates in three reportable segments: (1) Industrial & Distribution, (2) Retail and (3) Office. Portfolio metrics include:

•97% leased with a remaining weighted-average lease term of 6.1 years5

•86% of the portfolio contains contractual rent increases based on annualized straight-line rent

•66% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants

•74% U.S. and Canada, 26% Europe (based on annualized straight-line rent)

•46% Industrial & Distribution, 27% Retail and 27% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources6

As of December 31, 2025, the Company had liquidity of $961.9 million7 and $1.5 billion7 of capacity under the Company's revolving credit facility, compared to $492.2 million and $460.0 million, respectively, at the end of the fourth quarter 2024. As of December 31, 2025, the Company had net debt of $2.5 billion8, including $1.3 billion of mortgage debt and reduced Net Debt to Adjusted EBITDA from 7.6x to 6.7x in 2025.

As of December 31, 2025, the percentage of debt that was fixed rate (including variable rate debt fixed with swaps) was 98%, compared to 91% as of December 31, 2024. The Company’s total combined debt had a weighted average interest rate of 4.2%, down from 4.8% in the fourth quarter of 2024, resulting in an interest coverage ratio of 2.9 times9. Weighted average debt maturity was 3.010 years as of December 31, 2025 as compared to 3.0 years as of December 31, 2024.  

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

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.

2 Calculated based on a GBP/USD exchange rate of 1.3377 as of December 22, 2025.

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, 2025. Comprised of 34% leased to tenants with an actual investment grade rating and 32% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of December 31, 2025.

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, 2025.

6 During the year ended December 31, 2025, 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. As of February 20, 2026, the Company had repurchased 17.2 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $135.9 million, which includes 4.5 million shares repurchased in fourth quarter 2025 for a total of $37.3 million and 1.8 million shares repurchased in first quarter 2026 for a total of $15.9 million.

7 Liquidity represents the aggregate amount of cash and cash equivalents and borrowing and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of December 31, 2025 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $781.7 million of availability under the Revolving Credit Facility and $180.1 million of cash and cash equivalents as of December 31, 2025.

8 Comprised of the principal amount of GNL's outstanding debt totaling $2.6 billion less cash and cash equivalents totaling $180.1 million, as of December 31, 2025.

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.

10 Assumes we exercise each of our two 6-month extension options on our Revolving Credit Facility.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Conference Call 

GNL will host a webcast and conference call on February 26, 2026 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: 13757483

*Available from 2:00 p.m. ET on February 26, 2026 through May 26, 2026.

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. (NYSE: GNL) is a publicly traded real estate investment trust that 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 are subject to a number of risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “projects,” “potential,” “predicts,” “expects,” “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 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.

Contacts: 

Investors and Media:

Email: investorrelations@globalnetlease.com

Phone: (332) 265-2020

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Consolidated Balance Sheets

(In thousands)

						December 31,
						2025						2024
ASSETS						(Unaudited)						(Unaudited)
Real estate investments, at cost:
Land						$	659,086					$	802,317
Buildings, fixtures and improvements						3,592,121						4,120,664
Construction in progress						2,993						3,364
Acquired intangible lease assets						523,406						695,597
Total real estate investments, at cost						4,777,606						5,621,942
Less: accumulated depreciation and amortization						(966,982)						(999,909)
Total real estate investments, net						3,810,624						4,622,033
Real estate assets held for sale						49,654						17,406
Assets related to discontinued operations						348						1,816,131
Cash and cash equivalents						180,114						159,698
Restricted cash						13,949						64,510
Derivative assets, at fair value						7						2,471
Unbilled straight-line rent						72,919						89,804
Operating lease right-of-use asset						63,362						66,163
Prepaid expenses and other assets						60,415						51,504
Multi-tenant disposition receivable, net						27,934						—
Deferred tax assets						5,167						4,866
Goodwill						45,898						51,370
Deferred financing costs, net						16,812						9,808
Total Assets						$	4,347,203					$	6,955,764
LIABILITIES AND EQUITY
Mortgage notes payable, net						$	1,264,604					$	1,768,608
Revolving credit facility						324,165						1,390,292
Senior notes, net						928,169						906,101
Acquired intangible lease liabilities, net						17,501						24,353
Derivative liabilities, at fair value						5,298						3,719
Accounts payable and accrued expenses						43,821						52,878
Operating lease liability						41,429						40,080
Prepaid rent						28,254						13,571
Deferred tax liability						17,796						5,477
Dividends payable						11,718						11,909
Real estate liabilities held for sale						60						—
Liabilities related to discontinued operations						890						551,818
Total Liabilities						2,683,705						4,768,806
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						3,490						3,640
Additional paid-in capital						4,249,018						4,359,264
Accumulated other comprehensive income (loss)						22,169						(25,844)
Accumulated deficit						(2,611,419)						(2,150,342)
Total Stockholders' Equity						1,663,498						2,186,958
Total Liabilities and Stockholders’ Equity						$	4,347,203					$	6,955,764

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

						Three Months Ended												Year Ended
						December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
						(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
Revenue from tenants						$	116,953					$	137,783					$	495,286					$	569,793
Expenses:
Property operating						12,566						15,430						51,206						64,324
Impairment charges						31,972						20,098						157,532						90,310
Merger, transaction and other costs						1,458						1,792						6,662						6,022
General and administrative						13,377						13,012						52,753						52,358
Equity-based compensation						3,024						2,309						12,514						8,931
Depreciation and amortization						44,439						50,248						191,189						216,820
Goodwill impairment						—						—						7,134						—
Total expenses						106,836						102,889						478,990						438,765
Operating income before gain on dispositions of real estate investments						10,117						34,894						16,296						131,028
Gain on dispositions of real estate investments						100,625						21,389						94,687						57,091
Operating income						110,742						56,283						110,983						188,119
Other income (expense):
Interest expense						(42,626)						(59,604)						(194,718)						(255,685)
Loss on extinguishment and modification of debt						(2,335)						(2,413)						(11,222)						(15,877)
(Loss) gain on derivative instruments						(268)						6,853						(10,676)						4,203
Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness						—						1,917						(12,644)						3,249
Other income						780						694						4,331						1,075
Total other expense, net						(44,449)						(52,553)						(224,929)						(263,035)
Net income (loss) before income tax						66,293						3,730						(113,946)						(74,916)
Income tax expense						(12,434)						(1,025)						(21,801)						(4,445)
Income (loss) from continuing operations						53,859						2,705						(135,747)						(79,361)
Loss from discontinued operations						(5,678)						(9,227)						(89,710)						(52,211)
Net income (loss)						48,181						(6,522)						(225,457)						(131,572)
Preferred stock dividends						(10,936)						(10,936)						(43,743)						(43,744)
Net income (loss) attributable to common stockholders						$	37,245					$	(17,458)					$	(269,200)					$	(175,316)
Basic and Diluted Income (Loss) Per Common Share:
Net income (loss) per share from continuing operations						$	0.19					$	(0.04)					$	(0.81)					$	(0.54)
Net loss per share from discontinued operations						(0.03)						(0.04)						(0.40)						(0.22)
Net income (loss) per share attributable to common stockholders — Basic and Diluted						$	0.16					$	(0.08)					$	(1.21)					$	(0.76)
Weighted Average Common Shares Outstanding:
Basic						219,056						230,596						223,255						230,440
Diluted						219,056						230,596						223,255						230,440

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)

						Three Months Ended																								Year Ended
						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						December 31, 2025
Adjusted EBITDA
Net (loss) income						$	(189,379)					$	(24,143)					$	(60,116)					$	48,181					$	(225,457)
Depreciation and amortization						56,334						45,636						44,780						44,439						191,189
Interest expense						53,437						53,348						45,307						42,626						194,718
Income tax expense						3,280						2,995						3,092						12,434						21,801
Discontinued operations adjustments						47,219						6,375						—						—						53,594
EBITDA						(29,109)						84,211						33,063						147,680						235,845
Impairment charges						60,315						9,812						55,433						31,972						157,532
Equity-based compensation						3,093						3,338						3,059						3,024						12,514
Merger, transaction and other costs						1,579						2,002						1,623						1,458						6,662
Loss (gain) on dispositions of real estate investments						1,678						(1,537)						5,797						(100,625)						(94,687)
Loss (gain) on derivative instruments						3,856						8,823						(2,271)						268						10,676
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness						6,351						6,324						(31)						—						12,644
Loss on extinguishment and modification of debt						418						4,348						4,121						2,335						11,222
Other income						(48)						(1,683)						(1,820)						(780)						(4,331)
Goodwill impairment [1]						7,134						—						—						—						7,134
Write offs of straight-line rent						—						68						3,216						384						3,668
Discontinued operations adjustments						83,149						(2,279)						(3,056)						5,637						83,451
Adjusted EBITDA						138,416						113,427						99,134						91,353						442,330
General and administrative						16,203						11,339						11,834						13,377						52,753
Write offs of straight-line rent						—						(68)						(3,216)						(384)						(3,668)
Discontinued operations adjustments						1,255						1,395						101						13						2,764
NOI						155,874						126,093						107,853						104,359						494,179
Amortization related to above- and below-market lease intangibles and right-of-use assets, net						160						1,232						1,147						1,088						3,627
Straight-line rent						(5,235)						(2,959)						3,433						(777)						(5,538)
Cash NOI						$	150,799					$	124,366					$	112,433					$	104,670					$	492,268
Cash Paid for Interest:
Interest Expense - continuing operations						$	53,437					$	53,348					$	45,307					$	42,626					$	194,718
Interest Expense - discontinued operations						17,457						6,374						—						—						23,831
Non-cash portion of interest expense						(2,486)						(2,499)						(2,681)						(1,961)						(9,627)
Amortization of discounts on mortgages and senior notes						(13,960)						(14,609)						(8,640)						(8,833)						(46,042)
Total Cash Paid for Interest						$	54,448					$	42,614					$	33,986					$	31,832					$	162,880

___________

[1] This is a non-cash item and is added back as it is not considered indicative of operating performance.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands, except per share data)

						Three Months Ended																								Year Ended
						March 31, 2025						June 30, 2025						September 30, 2025						December 31, 2025						December 31, 2025
Funds from operations (FFO):
Net (loss) income attributable to common stockholders (in accordance with GAAP)						$	(200,315)					$	(35,079)					$	(71,051)					$	37,245					$	(269,200)
Impairment charges						60,315						9,812						55,433						31,972						157,532
Depreciation and amortization						56,334						45,636						44,780						44,439						191,189
Loss (gain) on dispositions of real estate investments						1,678						(1,537)						5,797						(100,625)						(94,687)
Discontinued operations FFO adjustments						114,949						(33,232)						(1,214)						71						80,574
FFO (defined by NAREIT)						32,961						(14,400)						33,745						13,102						65,408
Merger, transaction and other costs						1,579						2,002						1,623						1,458						6,662
Loss on extinguishment and modification of debt						418						4,348						4,121						2,335						11,222
Discontinued operations Core FFO adjustments						9						15,172						—						2						15,183
Core FFO attributable to common stockholders						34,967						7,122						39,489						16,897						98,475
Non-cash equity-based compensation						3,093						3,338						3,059						3,024						12,514
Non-cash portion of interest expense						2,486						2,499						2,681						1,961						9,627
Amortization related to above- and below-market lease intangibles and right-of-use assets, net						160						1,232						1,147						1,088						3,627
Straight-line rent						(5,235)						(2,959)						3,433						(777)						(5,538)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness						6,351						6,324						(31)						—						12,644
Eliminate unrealized losses (gains) losses on foreign currency transactions [1]						3,304						7,177						(3,421)						(792)						6,268
Amortization of discounts on mortgages and senior notes						13,960						14,609						8,640						8,833						46,042
Goodwill impairment [2]						7,134						—						—						—						7,134
Eliminate deferred tax expense related to the disposition of the McLaren campus [3]						—						—						—						12,741						12,741
Eliminate losses (gains) related to multi-tenant disposition receivable [4]						—						13,766						(1,834)						5,541						17,473
Adjusted funds from operations (AFFO) attributable to common stockholders						$	66,220					$	53,108					$	53,163					$	48,516					$	221,007
Weighted average common shares outstanding - Basic and Diluted						230,264						222,960						220,891						219,056						223,255
Net (loss) income per share attributable to common shareholders — Basic and Diluted						$	(0.87)					$	(0.16)					$	(0.32)					$	0.16					$	(1.21)
FFO per diluted common share						$	0.14					$	(0.06)					$	0.15					$	0.06					$	0.29
Core FFO per diluted common share						$	0.15					$	0.03					$	0.18					$	0.08					$	0.44
AFFO per diluted common share						$	0.29					$	0.24					$	0.24					$	0.22					$	0.99
Dividends declared to common stockholders						$	64,027					$	43,429					$	42,366					$	42,055					$	191,877

____________

[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2025, the loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended June 30, 2025, the loss on derivative instruments was $8.8 million, which consisted of unrealized losses of $7.2 million and realized losses of $1.6 million. For the three months ended September 30, 2025, the gain on derivative instruments was $2.3 million, which consisted of unrealized gains of $3.4 million and realized losses of $1.1 million. For the three months ended December 31, 2025, the loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.8 million and realized losses of $1.1 million. For the year ended December 31, 2025, the loss on derivative instruments was $10.7 million, which consisted of unrealized losses of $6.3 million and realized losses of $4.4 million.

[2] This is a non-cash item and is added back as it is not considered indicative of operating performance.

[3] Represents deferred tax expense specifically related to the capital gain recorded upon the disposition of the McLaren Campus. This amount is recorded in the income tax expense line item in our consolidated statements of operations. We do not consider this expense to be part of our normal operating performance and have, accordingly, increased AFFO for this amount.

[4] Represents adjustments to the fair value of the embedded derivative feature of the multi-tenant disposition receivable. We do not consider these adjustments to be indicative of our normal operating performance and have, accordingly, increased or (decreased) AFFO for these amounts.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

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)						2025						2024						2025						2024
Industrial & Distribution:
Revenue from tenants						$	55,960					$	54,561					$	225,665					$	237,645
Property operating expense						4,891						6,694						18,990						21,820
Net operating income						$	51,069					$	47,867					$	206,675					$	215,825
Retail [1] :
Revenue from tenants						$	30,177					$	42,709					$	132,783					$	165,595
Property operating expense						3,819						4,126						14,763						16,095
Net operating income						$	26,358					$	38,583					$	118,020					$	149,500
Office:
Revenue from tenants						$	30,816					$	38,775					$	136,838					$	143,571
Property operating expense						3,856						4,526						17,453						18,865
Net operating income						$	26,960					$	34,249					$	119,385					$	124,706
Multi-Tenant Retail [2] :
Revenue from tenants						$	—					$	1,738					$	—					$	22,982
Property operating expense						—						84						—						7,544
Net operating income						$	—					$	1,654					$	—					$	15,438

_________

[1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which was not included in the Multi-Tenant Retail Disposition.

[2] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

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”) 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 in our peer group.

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.

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

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.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

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.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

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.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

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, 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.

EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

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 NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

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.

GlobalNetLease.com (323) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter Ended December 31, 2025 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (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 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.

Supplemental Information 2 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (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”), 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.

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 in our peer group.

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.

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

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

Supplemental Information 3 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

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.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

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

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

Supplemental Information 4 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

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, 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.

EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

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 NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

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.

Supplemental Information 5 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Key Metrics

As of and for the three months ended December 31, 2025

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

Financial Results
Revenue from tenants						$	116,953
Net income attributable to common stockholders						$	37,245
Basic and diluted net income per share attributable to common stockholders [1]						$	0.16
Cash NOI [2]						$	104,670
Adjusted EBITDA [2]						$	91,353
AFFO attributable to common stockholders [2]						$	48,516
Dividends paid per share - fourth quarter [3]						$	0.19
Dividend yield - annualized, based on quarter end share price						8.8		%
Balance Sheet and Capitalization
Gross asset value [4]						$	5,314,185
Net debt [5] [6]						2,464,943
Total consolidated debt [6]						2,645,057
Total assets						4,347,203
Liquidity [7]						961,859
Common shares outstanding as of December 31, 2025 (thousands)						216,016
Net debt to gross asset value						46.4		%
Net debt to annualized adjusted EBITDA [8]						6.7		x
Weighted-average interest rate cost [9]						4.2		%
Weighted-average debt maturity (years) [10]						3.0
Interest Coverage Ratio [11]						2.9		x
Real Estate Portfolio
Square footage (millions)						40.7
Leased						97		%
Weighted-average remaining lease term (years) [12]						6.1

__________

[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 $0.76.

[4] Defined as total assets plus accumulated depreciation and amortization as of December 31, 2025.

[5]  Represents total debt outstanding of $2.6 billion less cash and cash equivalents of $180.1 million as of December 31, 2025.

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

[7] Liquidity includes $781.7 million of availability under the credit facility and $180.1 million of cash and cash equivalents as of December 31, 2025.

[8] Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended December 31, 2025 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. Assumes the Company exercises its two 6- month extension options.

[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, 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.

Supplemental Information 6 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025

Consolidated Balance Sheets

(Amounts in thousands)

						December 31,
						2025						2024
						(Unaudited)						(Unaudited)
ASSETS
Real estate investments, at cost:
Land						$	659,086					$	802,317
Buildings, fixtures and improvements						3,592,121						4,120,664
Construction in progress						2,993						3,364
Acquired intangible lease assets						523,406						695,597
Total real estate investments, at cost						4,777,606						5,621,942
Less accumulated depreciation and amortization						(966,982)						(999,909)
Total real estate investments, net						3,810,624						4,622,033
Real estate assets held for sale						49,654						17,406
Assets related to discontinued operations						348						1,816,131
Cash and cash equivalents						180,114						159,698
Restricted cash						13,949						64,510
Derivative assets, at fair value						7						2,471
Unbilled straight-line rent						72,919						89,804
Operating lease right-of-use asset						63,362						66,163
Prepaid expenses and other assets						60,415						51,504
Multi-tenant disposition receivable, net						27,934						—
Deferred tax assets						5,167						4,866
Goodwill						45,898						51,370
Deferred financing costs, net						16,812						9,808
Total Assets						$	4,347,203					$	6,955,764
LIABILITIES AND EQUITY
Mortgage notes payable, net						$	1,264,604					$	1,768,608
Revolving credit facility						324,165						1,390,292
Senior notes, net						928,169						906,101
Acquired intangible lease liabilities, net						17,501						24,353
Derivative liabilities, at fair value						5,298						3,719
Accounts payable and accrued expenses						43,821						52,878
Operating lease liability						41,429						40,080
Prepaid rent						28,254						13,571
Deferred tax liability						17,796						5,477
Dividends payable						11,718						11,909
Real estate liabilities held for sale						60						—
Liabilities related to discontinued operations						890						551,818
Total Liabilities						2,683,705						4,768,806
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						3,490						3,640
Additional paid-in capital						4,249,018						4,359,264
Accumulated other comprehensive income (loss)						22,169						(25,844)
Accumulated deficit						(2,611,419)						(2,150,342)
Total Stockholders' Equity						1,663,498						2,186,958
Total Liabilities and Stockholders’ Equity						$	4,347,203					$	6,955,764

Supplemental Information 7 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Consolidated Statements of Operations

(Amounts in thousands, except per share data)

						Three Months Ended
						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
Revenue from tenants						$	116,953					$	121,013					$	124,905					$	132,415
Expenses:
Property operating						12,566						12,669						12,018						13,953
Impairment charges						31,972						55,433						9,812						60,315
Merger, transaction and other costs						1,458						1,623						2,002						1,579
General and administrative						13,377						11,834						11,339						16,203
Equity-based compensation						3,024						3,059						3,338						3,093
Depreciation and amortization						44,439						44,780						45,636						56,334
Goodwill impairment						—						—						—						7,134
Total expenses						106,836						129,398						84,145						158,611
Operating income before gain (loss) on dispositions of real estate investments						10,117						(8,385)						40,760						(26,196)
Gain (loss) on dispositions of real estate investments						100,625						(5,797)						1,537						(1,678)
Operating income (loss)						110,742						(14,182)						42,297						(27,874)
Other income (expense):
Interest expense						(42,626)						(45,307)						(53,348)						(53,437)
Loss on extinguishment and modification of debt						(2,335)						(4,121)						(4,348)						(418)
(Loss) gain on derivative instruments						(268)						2,271						(8,823)						(3,856)
Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness						—						31						(6,324)						(6,351)
Other income						780						1,820						1,683						48
Total other expense, net						(44,449)						(45,306)						(71,160)						(64,014)
Net income (loss) before income tax						66,293						(59,488)						(28,863)						(91,888)
Income tax expense						(12,434)						(3,092)						(2,995)						(3,280)
Income (loss) from continuing operations						53,859						(62,580)						(31,858)						(95,168)
(Loss) income from discontinued operations						(5,678)						2,464						7,715						(94,211)
Net income (loss)						48,181						(60,116)						(24,143)						(189,379)
Preferred stock dividends						(10,936)						(10,935)						(10,936)						(10,936)
Net income (loss) attributable to common stockholders						$	37,245					$	(71,051)					$	(35,079)					$	(200,315)
Basic and Diluted Income (Loss) Per Common Share:
Net income (loss) per share from continuing operations						$	0.19					$	(0.33)					$	(0.19)					$	(0.46)
Net (loss) income per share from discontinued operations						(0.03)						0.01						0.03						(0.41)
Net income (loss) per share attributable to common stockholders — Basic and Diluted						0.16						$	(0.32)					$	(0.16)					$	(0.87)
Weighted Average Common Shares Outstanding:
Basic						219,056						220,891						222,960						230,264
Diluted						219,056						220,891						222,960						230,264

Supplemental Information 8 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Non-GAAP Measures

(Amounts in thousands)

						Three Months Ended
						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
EBITDA:
Net income (loss)						$	48,181					$	(60,116)					$	(24,143)					$	(189,379)
Depreciation and amortization						44,439						44,780						45,636						56,334
Interest expense						42,626						45,307						53,348						53,437
Income tax expense						12,434						3,092						2,995						3,280
Discontinued operations adjustments						—						—						6,375						47,219
EBITDA						147,680						33,063						84,211						(29,109)
Impairment charges						31,972						55,433						9,812						60,315
Equity-based compensation						3,024						3,059						3,338						3,093
Merger, transaction and other costs						1,458						1,623						2,002						1,579
(Gain) loss on dispositions of real estate investments						(100,625)						5,797						(1,537)						1,678
Loss (gain) on derivative instruments						268						(2,271)						8,823						3,856
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness						—						(31)						6,324						6,351
Loss on extinguishment and modification of debt						2,335						4,121						4,348						418
Other income						(780)						(1,820)						(1,683)						(48)
Goodwill impairment [1]						—						—						—						7,134
Write offs of straight-line rent						384						3,216						68						—
Discontinued operations adjustments						5,637						(3,056)						(2,279)						83,149
Adjusted EBITDA						91,353						99,134						113,427						138,416
General and administrative						13,377						11,834						11,339						16,203
Write offs of straight-line rent						(384)						(3,216)						(68)						—
Discontinued operations adjustments						13						101						1,395						1,255
NOI						104,359						107,853						126,093						155,874
Amortization related to above- and below-market lease intangibles and right-of-use assets, net						1,088						1,147						1,232						160
Straight-line rent						(777)						3,433						(2,959)						(5,235)
Cash NOI						$	104,670					$	112,433					$	124,366					$	150,799
Cash Paid for Interest:
Interest expense - continuing operations						$	42,626					$	45,307					$	53,348					$	53,437
Interest expense - discontinued operations						—						—						6,374						17,457
Non-cash portion of interest expense						(1,961)						(2,681)						(2,499)						(2,486)
Amortization of discounts on mortgages and senior notes						(8,833)						(8,640)						(14,609)						(13,960)
Total cash paid for interest						$	31,832					$	33,986					$	42,614					$	54,448

_________

[1] This is a non-cash item and is added back as it is not considered indicative of operating performance.

Supplemental Information 9 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Non-GAAP Measures

(Amounts in thousands, except per share data)

						Three Months Ended
						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
Funds from operations (FFO):
Net income (loss) attributable to common stockholders (in accordance with GAAP)						$	37,245					$	(71,051)					$	(35,079)					$	(200,315)
Impairment charges						31,972						55,433						9,812						60,315
Depreciation and amortization						44,439						44,780						45,636						56,334
(Gain) loss on dispositions of real estate investments						(100,625)						5,797						(1,537)						1,678
Discontinued operations FFO adjustments						71						(1,214)						(33,232)						114,949
FFO (as defined by NAREIT) attributable to common stockholders						13,102						33,745						(14,400)						32,961
Merger, transaction and other costs						1,458						1,623						2,002						1,579
Loss on extinguishment and modification of debt						2,335						4,121						4,348						418
Discontinued operations Core FFO adjustments						2						—						15,172						9
Core FFO attributable to common stockholders						16,897						39,489						7,122						34,967
Non-cash equity-based compensation						3,024						3,059						3,338						3,093
Non-cash portion of interest expense						1,961						2,681						2,499						2,486
Amortization related to above and below-market lease intangibles and right-of-use assets, net						1,088						1,147						1,232						160
Straight-line rent						(777)						3,433						(2,959)						(5,235)
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness						—						(31)						6,324						6,351
Eliminate unrealized (gains) losses on foreign currency transactions [1]						(792)						(3,421)						7,177						3,304
Amortization of discounts on mortgages and senior notes						8,833						8,640						14,609						13,960
Goodwill impairment [2]						—						—						—						7,134
Eliminate deferred tax expense related to the disposition of the McLaren Campus [3]						12,741						—						—						—
Eliminate losses (gains) related to multi-tenant disposition receivable [4]						5,541						(1,834)						13,766						—
Adjusted funds from operations (AFFO) attributable to common stockholders						$	48,516					$	53,163					$	53,108					$	66,220
Weighted average common shares outstanding — Basic and Diluted						219,056						220,891						222,960						230,264
Net income (loss) per share attributable to common stockholders — Basic and Diluted						$	0.16					$	(0.32)					$	(0.16)					$	(0.87)
FFO per common share						$	0.06					$	0.15					$	(0.06)					$	0.14
Core FFO per common share						$	0.08					$	0.18					$	0.03					$	0.15
AFFO per common share						$	0.22					$	0.24					$	0.24					$	0.29
Dividends declared to common stockholders						$	42,055					$	42,366					$	43,429					$	64,027

__________

[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended December 31, 2025, the loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.8 million and realized losses of $1.1 million. For the three months ended September 30, 2025, the gain on derivative instruments was $2.3 million, which consisted of unrealized gains of $3.4 million and realized losses of $1.1 million. For the three months ended June 30, 2025, the loss on derivative instruments was $8.8 million, which consisted of unrealized losses of $7.2 million and realized losses of $1.6 million. For the three months ended March 31, 2025, the loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million.

[2] This is a non-cash item and is added back as it is not considered indicative of operating performance.

[3] Represents deferred tax expense specifically related to the capital gain recorded upon the disposition of the McLaren Campus. This amount is recorded in the income tax expense line item in our consolidated statements of operations. We do not consider this expense to be part of our normal operating performance and have, accordingly, increased AFFO for this amount.

[4] Represents adjustments to the fair value of the embedded derivative feature of the multi-tenant disposition receivable. We do not consider these adjustments to be indicative of our normal operating performance and have, accordingly, increased or (decreased) AFFO for these amounts.

Supplemental Information 10 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Debt Overview

As of December 31, 2025

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
2026						63						0.4						3.8		%				$	94,813
2027						8						1.9						4.4		%				130,560
2028						109						2.6						4.1		%				315,525
2029						112						3.4						4.9		%				646,810
2030						—						—						—		%				—
Thereafter						71						5.4						3.2		%				133,184
Total Non-Recourse Debt						363						3.0						4.4		%				1,320,892						50		%
Recourse Debt
2027 - 3.75% Senior Notes												2.0						3.8		%				500,000
2028 - 4.50% Senior Notes												2.8						4.5		%				500,000
2030 [4] - Revolving Credit Facility												4.6			[4]			3.4		%				324,165
Total Recourse Debt												2.9			[4]			4.0		%				1,324,165						50		%
Total Debt												3.0			[4]			4.2		%				$	2,645,057					100		%
Total Debt by Currency																								Percent
USD																								85		%
EUR																								15		%
GBP																								—		%
CAD																								—		%
Total																								100		%

__________

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

[2] As of December 31, 2025, the Company’s total combined debt was 98% fixed rate or swapped to a fixed rate and 2% floating rate.

[3] Excludes the effect of discounts and deferred financing costs. Current balances as of December 31, 2025 are shown in the year the loan matures.

[4] Assumes the Company exercises its two 6-month extension options.

Supplemental Information 11 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Future Minimum Lease Rents

As of December 31, 2025

(Amounts in thousands)

						Future  Base Rent Payments [1]
2026						$	390,933
2027						356,309
2028						325,646
2029						272,931
2030						211,256
Thereafter						867,674
Total						$	2,424,749

_________

[1] Base rent assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.

Supplemental Information 12 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Diversification by Property Type

As of December 31, 2025

(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						$	188,221					46		%				28,236						70		%							$	102,798					41		%				16,567						67		%
Single-Tenant Retail						110,458						27		%				6,594						16		%							65,341						26		%				4,180						17		%
Office						110,622						27		%				5,854						14		%							83,296						33		%				4,124						16		%
Total						$	409,301					100		%				40,684						100		%							$	251,435					100		%				24,871						100		%

________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 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						$	185,270					46		%				28,236						70		%							$	99,139					40		%				16,567						67		%
Single-Tenant Retail						108,408						27		%				6,594						16		%							65,134						26		%				4,180						17		%
Office						110,581						27		%				5,854						14		%							82,928						34		%				4,124						16		%
Total						$	404,259					100		%				40,684						100		%							$	247,201					100		%				24,871						100		%

[1] Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.

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

Supplemental Information 13 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Diversification by Tenant Industry

As of December 31, 2025

(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						$	37,822					9		%				2,173						6		%							$	37,098					15		%				2,076						9		%
Freight & Logistics						30,746						8		%				4,039						10		%							20,200						8		%				2,956						12		%
Healthcare						25,512						6		%				1,133						3		%							16,401						7		%				753						3		%
Auto Manufacturing						22,306						5		%				3,193						8		%							4,899						2		%				691						3		%
Consumer Goods						22,254						5		%				4,705						12		%							20,670						8		%				4,036						17		%
Distribution						17,464						4		%				1,770						4		%							7,635						3		%				944						4		%
Aerospace						16,337						4		%				1,405						4		%							2,575						1		%				151						1		%
Discount Retail						16,261						4		%				1,880						5		%							4,823						2		%				506						2		%
Technology						14,468						4		%				733						2		%							10,499						4		%				588						2		%
Pharmacy						13,624						3		%				549						1		%							12,979						5		%				524						2		%
Government						13,521						3		%				488						1		%							12,199						5		%				455						2		%
Retail Banking						12,024						3		%				419						1		%							6,175						2		%				219						1		%
Home Improvement						11,744						3		%				1,987						5		%							9,838						4		%				1,721						7		%
Auto Services						10,580						3		%				225						1		%							1,838						1		%				94						—		%
Automotive Parts Supplier						10,366						3		%				964						2		%							8,574						3		%				747						3		%
Other [2]						134,272						33		%				13,730						35		%							75,032						30		%				7,327						32		%
Total						$	409,301					100		%				39,393						100		%							$	251,435					100		%				23,788						100		%

_________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.

[2] Other includes 56 industry types as of December 31, 2025.

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

Supplemental Information 14 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Top Twenty Tenants

As of December 31, 2025

(Amounts in thousands, except percentages)

Tenant / Lease Guarantor						Property Type						Tenant Industry						Annualized SL Rent [1]						SL Rent Percent
FedEx						Industrial & Distribution						Freight & Logistics						$	22,938					5.6		%
Whirlpool						Industrial & Distribution						Consumer Goods						14,688						3.6		%
ING Bank						Office						Financial Services						11,763						2.9		%
Government Services Administration (GSA)						Office						Government						11,639						2.8		%
FCA USA						Industrial & Distribution						Auto Manufacturing						10,147						2.5		%
Dollar General						Retail						Discount Retail						9,800						2.4		%
Broadridge Financial Solutions						Industrial & Distribution						Financial Services						9,332						2.3		%
Truist Bank						Retail						Retail Banking						9,163						2.2		%
Boots UK Limited						Retail						Pharmacy						8,673						2.1		%
The Kroger Co. of Michigan						Industrial & Distribution						Distribution						8,500						2.1		%
Finnair						Industrial & Distribution						Aerospace						8,447						2.1		%
Fresenius						Retail						Healthcare						7,969						1.9		%
Home Depot						Industrial & Distribution						Home Improvement						7,088						1.7		%
Deutsche Bank						Office						Financial Services						6,266						1.5		%
Tokmanni						Industrial & Distribution						Discount Retail						6,047						1.5		%
Crown Crest						Industrial & Distribution						Retail Food Distribution						5,865						1.4		%
Tidal Wave Auto Spa						Retail						Auto Services						5,548						1.4		%
Walgreens						Industrial & Distribution						Pharmaceuticals						5,299						1.3		%
Encompass Health						Office						Healthcare						5,286						1.3		%
Lowes						Retail						Home Improvement						4,656						1.1		%
Subtotal																		179,114						43.7		%
Remaining portfolio																		230,187						56.3		%
Total Portfolio																		$	409,301					100		%

_________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.

Supplemental Information 15 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Diversification by Geography — As of December 31, 2025 (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						$	298,860					73.0		%				30,735						75.8		%							$	155,491					61.4		%				16,379						65.6		%
Michigan						51,077						12.5		%				4,675						11.5		%							14,341						5.7		%				1,240						5.0		%
Texas						24,197						5.9		%				1,868						4.6		%							12,551						5.0		%				1,015						4.1		%
Ohio						23,007						5.6		%				4,355						10.7		%							16,640						6.6		%				3,104						12.5		%
Georgia						16,139						3.9		%				1,672						4.1		%							6,025						2.4		%				877						3.5		%
Illinois						14,029						3.4		%				1,395						3.4		%							9,899						3.9		%				757						3.0		%
South Carolina						13,636						3.3		%				1,562						3.8		%							8,063						3.2		%				877						3.5		%
Alabama						12,256						3.0		%				1,053						2.6		%							4,646						1.8		%				758						3.0		%
Tennessee						10,116						2.5		%				1,127						2.8		%							7,022						2.8		%				591						2.4		%
North Carolina						9,678						2.4		%				1,520						3.7		%							5,919						2.4		%				1,197						4.8		%
Florida						9,548						2.3		%				444						1.1		%							4,223						1.7		%				179						0.7		%
Missouri						9,248						2.3		%				876						2.2		%							3,887						1.5		%				408						1.6		%
New York						8,352						2.0		%				1,049						2.6		%							3,248						1.3		%				294						1.2		%
California						7,699						1.9		%				1,002						2.5		%							6,410						2.5		%				731						2.9		%
Massachusetts						6,656						1.6		%				673						1.7		%							6,656						2.6		%				673						2.7		%
Kentucky						6,338						1.5		%				634						1.6		%							3,836						1.5		%				400						1.6		%
Pennsylvania						6,051						1.5		%				413						1.0		%							3,133						1.2		%				94						0.4		%
New Jersey						5,884						1.4		%				271						0.7		%							1,070						0.4		%				68						0.3		%
Indiana						5,764						1.4		%				1,221						3.0		%							3,416						1.4		%				444						1.8		%
Mississippi						4,848						1.2		%				479						1.2		%							1,628						0.6		%				142						0.6		%
Connecticut						4,598						1.1		%				402						1.0		%							3,236						1.3		%				337						1.4		%
Kansas						3,759						0.9		%				316						0.8		%							73						—		%				3						—		%
Arkansas						3,571						0.9		%				137						0.3		%							3,329						1.3		%				126						0.5		%
Minnesota						3,223						0.8		%				330						0.8		%							1,346						0.5		%				220						0.9		%
Colorado						3,047						0.7		%				115						0.3		%							3,047						1.2		%				115						0.5		%
West Virginia						3,005						0.7		%				334						0.8		%							973						0.4		%				97						0.4		%
Louisiana						2,846						0.7		%				250						0.6		%							1,481						0.6		%				135						0.5		%
New Hampshire						2,779						0.7		%				339						0.8		%							2,380						0.9		%				256						1.0		%
Virginia						2,663						0.7		%				173						0.4		%							2,037						0.8		%				142						0.6		%
Wisconsin						2,602						0.6		%				227						0.6		%							1,932						0.8		%				166						0.7		%
Iowa						2,576						0.6		%				369						0.9		%							2,362						0.9		%				358						1.4		%
Maine						2,021						0.5		%				64						0.2		%							2,021						0.8		%				64						0.3		%
Oklahoma						1,921						0.5		%				144						0.4		%							722						0.3		%				36						0.1		%
North Dakota						1,906						0.5		%				193						0.5		%							1,745						0.7		%				168						0.7		%
South Dakota						1,489						0.4		%				101						0.2		%							1,368						0.5		%				76						0.3		%
Nebraska						1,482						0.4		%				106						0.3		%							237						0.1		%				5						—		%
Rhode Island						1,436						0.4		%				86						0.2		%							1,436						0.6		%				86						0.3		%
Vermont						1,319						0.3		%				235						0.6		%							84						—		%				22						0.1		%
Maryland						1,288						0.3		%				135						0.3		%							153						0.1		%				8						—		%
Utah						1,249						0.3		%				47						0.1		%							329						0.1		%				12						—		%
New Mexico						1,178						0.3		%				93						0.2		%							580						0.2		%				35						0.1		%
Wyoming						1,158						0.3		%				84						0.2		%							291						0.1		%				15						0.1		%
Idaho						731						0.2		%				35						0.1		%							291						0.1		%				13						0.1		%
Nevada						596						0.1		%				24						0.1		%							417						0.2		%				12						—		%
Montana						520						0.1		%				62						0.2		%							—						—		%				—						—		%
Alaska						418						0.1		%				9						—		%							418						0.2		%				9						—		%
Arizona						366						0.1		%				22						0.1		%							—						—		%				—						—		%
Delaware						341						0.1		%				10						—		%							341						0.1		%				10						—		%
Washington, DC						249						0.1		%				4						—		%							249						0.1		%				4						—		%
United Kingdom						40,891						10.0		%				3,784						9.3		%							40,891						16.3		%				3,784						15.2		%
Netherlands						18,765						4.6		%				1,007						2.5		%							18,765						7.5		%				1,007						4.0		%
Finland						14,497						3.5		%				1,457						3.6		%							—						—		%				—						—		%
Germany						11,285						2.8		%				1,558						3.8		%							11,285						4.5		%				1,558						6.3		%
France						7,371						1.8		%				1,305						3.2		%							7,371						2.9		%				1,305						5.2		%
Luxembourg						6,266						1.5		%				156						0.4		%							6,266						2.5		%				156						0.6		%
Channel Islands						6,077						1.5		%				114						0.3		%							6,077						2.4		%				114						0.5		%
Canada						3,049						0.7		%				372						0.9		%							3,049						1.2		%				372						1.5		%
Italy						2,240						0.6		%				196						0.5		%							2,240						1		%				196						1.1		%
Total						$	409,301					100		%				40,684						100		%							$	251,435					100		%				24,871						100		%

__________

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.

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

Supplemental Information 16 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2025 (Unaudited)

Lease Expirations

As of December 31, 2025

(Amounts in thousands, except number of leases and percentages)

Year of Expiration						Number of Leases Expiring						Annualized SL Rent [1]						Annualized SL Rent Percent						Leased Square Feet						Percent of Leased Square Feet Expiring
2026						40						$	34,626					8.5		%				2,216						5.6		%
2027						93						30,895						7.5		%				2,562						6.5		%
2028						135						45,959						11.2		%				4,328						11.0		%
2029						131						60,352						14.7		%				6,221						15.8		%
2030						107						47,776						11.7		%				3,895						9.9		%
2031						64						34,257						8.4		%				5,460						13.9		%
2032						57						35,308						8.6		%				3,663						9.3		%
2033						29						28,903						7.1		%				2,427						6.2		%
2034						28						18,072						4.4		%				1,220						3.1		%
2035						10						10,238						2.5		%				1,216						3.1		%
2036						41						9,193						2.2		%				869						2.2		%
2037						24						3,845						0.9		%				125						0.3		%
2038						36						10,033						2.5		%				1,354						3.4		%
2039						23						13,022						3.2		%				1,642						4.2		%
2040						15						4,165						1.0		%				136						0.3		%
2041						32						13,536						3.3		%				1,169						3.0		%
Thereafter (>2041)						17						9,121						2.2		%				890						2.3		%
Total						882						$	409,301					100		%				39,393						100		%

__________

[1] Annualized rental income converted from local currency into USD as of December 31, 2025 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

Supplemental Information 17 Global Net Lease, Inc.

FAQ

How did Global Net Lease (GNL) perform financially in Q4 2025?

Global Net Lease reported Q4 2025 revenue of $117.0 million, down from $137.8 million a year earlier due to asset sales. Net income attributable to common stockholders improved to $37.2 million from a $17.5 million loss, while AFFO was $48.5 million, or $0.22 per share.

What were Global Net Lease’s full-year 2025 AFFO results?

For 2025, Global Net Lease generated AFFO of $221.0 million, or $0.99 per share. This exceeded its revised guidance range of $0.95 to $0.97, reflecting progress on operations and capital allocation despite substantial asset dispositions and portfolio repositioning during the year.

How much debt did Global Net Lease reduce in 2025 and what is its leverage?

Global Net Lease reduced net debt by $2.2 billion in 2025, bringing net debt to $2.5 billion. Net Debt to Adjusted EBITDA improved from 7.6x to 6.7x, supported by asset sales, refinancings and disciplined capital management focused on deleveraging the balance sheet.

What guidance did Global Net Lease provide for 2026 AFFO and leverage?

For 2026, Global Net Lease expects AFFO per share of $0.80 to $0.84 and a Net Debt to Adjusted EBITDA ratio of 6.5x to 6.9x. The outlook assumes $250 million to $350 million of transaction volume, emphasizing office dispositions and accretive industrial and retail acquisitions.

What are the key portfolio metrics for Global Net Lease at year-end 2025?

At December 31, 2025, Global Net Lease owned about 41 million square feet across 820 properties, 97% leased with a 6.1-year weighted-average lease term. Approximately 66% of annualized straight-line rent came from investment-grade or implied investment-grade tenants, supporting income stability.

How much stock did Global Net Lease repurchase under its program?

Since launching its share repurchase program in February 2025, Global Net Lease repurchased 17.2 million common shares at a weighted average price of $7.88, totaling $135.9 million. This included 4.5 million shares in Q4 2025 and 1.8 million shares in Q1 2026.

What was significant about the McLaren Campus sale by Global Net Lease?

Global Net Lease sold the McLaren Campus for £250 million (about $336 million) at a 7.4% cash cap rate. The sale generated an estimated £80 million (about $108 million) gain over its April 2021 purchase price and increased the proportion of investment-grade tenants among top tenants.

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• EX-99.1 EX-99.1 EARNINGS RELEASE 12.31.25 431.3 KB
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• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.2 KB
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