Global Net Lease closes $535M Modiv acquisition
The revised 2026 AFFO-per-share range starts at $0.83, alongside $863 million of liquidity as of September 30, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Global Net Lease, Inc. (GNL) closed its $535 million all-stock acquisition of Modiv Industrial in August 2026, adding 40 industrial properties. The acquired assets had a 15.0-year weighted average lease term and 2.4% average annual rent escalations; industrial and distribution represented 51% of straight-line rent. GNL said the transaction was underwritten to be approximately 4% accretive to AFFO per share and leverage-neutral.
GNL raised the low end of 2026 AFFO-per-share guidance to $0.83–$0.85 from $0.82–$0.85, maintained net debt to Adjusted EBITDA guidance at 6.5x–6.9x, and set gross transaction volume guidance at $750 million–$800 million. Q3 revenue from tenants was $112.9 million; net loss attributable to common stockholders was $67.1 million, and AFFO was $48.3 million, or $0.22 per share.
Net debt declined $164 million from Q3 2025 to Q3 2026, ending at $2.7 billion. As of September 30, 2026, liquidity was $863 million, including $712.6 million of revolving-credit availability and $150.7 million of cash and cash equivalents. Fitch raised GNL’s corporate credit rating to BBB− from BB+.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFitch raised GNL’s corporate credit rating to BBB− from BB+.
- Moderate pointNet debt declined $164 million from Q3 2025 to Q3 2026.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
Adjusted Funds from Operations (AFFO) financial
Weighted Average Lease Term financial
Straight-Line Rent financial
Cash cap rate financial
Net Debt / Adjusted EBITDA financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How large was GNL’s Modiv acquisition?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including
area code: (
(Former name or former address, if changed since last report.)
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 Symbol(s) |
Name of each exchange
on which registered | ||
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 7.01 Regulation FD Disclosure.
Investor Presentation
On November 4, 2026, Global Net Lease, Inc. (the “Company”) prepared an investor presentation that officers and other representatives of the Company intend to present at conferences and meetings. A copy of the investor presentation is furnished as Exhibit 99.1 of this Current Report on Form 8-K. The information set forth in this Item 7.01 of this Current Report on Form 8-K and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, 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 Number |
Description | |
| 99.1 | Investor Presentation. | |
| 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: | November 4, 2026 | By: | /s/ Edward M. Weil, Jr. |
| Name: | Edward M. Weil, Jr. | ||
| Title: | Chief Executive Officer and President (Principal Executive Officer) |
G l oba l Net Lease Thi r d Qua r te r 2 0 2 6 In v e s to r Pre s e n ta t i on P i c t u r ed : Ho m e De p o t i n La k e P a r k , G eo r g ia
Forward Lookin g Statements T h i s p r e s en t a t i on c on t a i n s s t a t e m en t s t h a t a r e no t h i s t o r i c a l f a c t s and m a y b e f o r w a r d - l oo k i ng s t a t e m en t s w i t h i n t h e m ean i ng o f t h e Pr i v a t e S e c u r i t i e s L i t i ga t i on Re fo r m A c t o f 1995 , i n c l ud i ng s t a t e m en t s r ega r d i ng t h e t im i ng , ab ili t y t o c on s u mm a t e and c on s i de r a t i o n r e l a t e d t o ou r a n t ic i pa t e d a c qu i s i t i o n s and d i s po s i t i o n s , t h e i n t e n t , be li e f o r c u rr e n t e x pe c t a t i on s o f u s , ou r ope r a t i ng pa rt n e r s h i p and m e m be r s o f ou r m anage m en t t e a m , o u r b us i n ess a n d gr o w t h s tr a t e g i e s , a n d o u r i n v e s t m e n t a n d f i n a n c i n g a c t i v i t i e s , a s w e l l a s t h e a s s u m p ti o n s o n w h i c h s u c h s t a t e m e n t s ar e b a s e d , a n d g e n e ra l l y ar e i d e n ti f i e d b y t h e u s e o f w or d s s u c h a s “ m a y ,” “ w ill ,” “ s ee ks ,” “ an t ic i pa t e s ,” “ be li e v e s ,” “ e x pe c t s ,” “ e s t im a t e s ,” “ p r o j e c t s ,” “ po t e n t i a l ,” “ p r ed i c t s ,” “ p l an s ,” “ i n t e nd s ,” “ w ou l d , ” “ c ou l d ,” “ s hou l d ” o r s i m il a r e x p r e ss i on s a r e i n t e nded t o i den t i f y f o r w a r d - l oo k i ng s t a t e m en t s , a l t h ough no t a ll f o r w a r d - l oo k i ng s t a t e m en t s c on t a i n t h e s e i den t i f y i ng w o r d s . T he s e f o r w a r d - l oo k i ng s t a t e m en t s a r e s ub j e c t t o r i sks , un c e rt a i n t i e s , and o t h e r f a c t o r s , m an y o f w h i c h a r e ou t s i de o f ou r c on tr o l , w h i c h c ou l d c au s e a c t u a l r e s u l t s t o d i f fe r m a t e r i a ll y fr o m t h e r e s u l t s c on t e m p l a t e d b y the f o r w a r d - l oo k i ng s t a t e m en t s . T he s e r i sks and un c e rt a i n t i e s i n c l ude t h e r i sks t h a t an y po t e n t i a l f u t u r e a c qu i s i t i o n o r d i s po s i t i o n b y u s i s s ub j e c t t o m a r k e t c ond i t i on s , c ap i t a l a v a il ab ili t y and t im i ng c on s i de r a t i o n s and m a y no t be i den t i f i ed o r c o m p l e t e d on f a v o r ab l e t e r ms , o r a t a ll . S o m e o f t h e r i sks and un c e rt a i n t i e s , a l t h ough no t a ll r i sks an d un c e rt a i n t i e s , t h a t c ou l d c au s e ou r a c t u a l r e s u l t s t o d i f fe r m a t e r i a ll y fr o m t h o s e p r e s en t e d i n o u r f o r w a r d - l oo k i ng s t a t e m en t s a r e s e t f o rt h unde r “R i sk F a c t o r s ”, “ M anage m en t ’s Di s c u ss i on and A na l y s i s o f F i nan c i a l Co n d i t i on and Re s u l t s o f O pe r a t i on s ” and “ Q uan t i t a t i v e and Q ua li t a t i v e Di s c l o s u r e s abou t M a r k e t Ri s k ” s e c t i on s i n ou r A nnua l Re p o rt on F o r m 1 0 - K f o r the y ea r ended De c e m be r 31 , 2025 , f i l ed w i t h the U.S. S e c u r i t i e s and E x c hange Co m m i ss i o n (“SEC”) o n F e b r ua r y 25 , 2026 , ou r Qu a rt e r l y Re p o rt s on F o r m 1 0 - Q , ou r pe r i od i c r epo rt s on Fo r m 8 - K a nd ou r o t h e r f i li ng s w i t h SEC a s s u c h r i sks , un c e rt a i n t i e s and o t h e r i m po rt a n t f a c t o r s m a y be u pd a t e d fr o m t im e t o t im e i n o u r s ub s eque n t r epo rt s . F u rt h e r, f o r w a r d - l oo k i ng s t a t e m en t s s pea k on l y a s o f t h e da t e t h e y a r e m ade , and w e unde rt a k e no ob li ga t i on t o upda t e o r r e v i s e an y fo r w a r d - l oo k i ng s t a t e m en t t o r e f l e c t c hanged a ss u m p t i o n s , t h e o cc u rr e n c e o f unan t ic i pa t e d e v en t s o r c hange s t o fu t u r e ope r a t i ng r e s u l t s o v e r t i m e , un l e ss r equ i r ed b y l a w. Projections T h i s p r e s en t a t i on a l s o i n c l ude s e s t im a t e d p r o j e c t i on s o f f u t u r e ope r a t i ng r e s u l t s . T he s e p r o j e c t i on s a r e n o t p r epa r ed i n a cc o r d a n c e w i t h p ub li s hed gu i de li ne s o f t h e SEC o r the gu i de li ne s e s t a b li s he d b y the A m e r i c an I n s t i t u t e o f Cer t i f i ed P ub li c A c c oun t a n t s f o r p r epa r a t i on and p r e s en t a t i on o f f i nan c i a l p r o j e c t i on s . T h i s i n f o r m a t i on i s no t f a c t and s hou l d no t be r e li ed upon a s be i ng ne c e ss a r il y i nd i c a t i v e o f f u t u r e r e s u l t s ; t h e p r o j e c t i on s w e r e p r epa r ed i n good f a i t h b y m anage m en t and a r e ba s ed on nu m e r ou s a ss u m p t i o n s t h a t m a y p r o v e t o b e w r ong . A l l s u c h s t a t e m e n t s , i n c l ud i ng bu t no t li m i t e d t o e s t im a t e s o f v a l ue a cc r e t i on , s y ne r g i e s , r u n - r a t e o r annuali z ed figu r es and r esu l ts of fu t u r e ope r ations af t e r m ak i ng adju s tmen t s to gi v e ef f ect to as s u m ed fu t u r e ope r ations r ef l e c t a ss u m p t i on s a s t o c e rt a i n bu s i ne ss de c i s i on s and e v en t s t h a t a r e s ub j e c t t o c hange . A s a r e s u l t , a c t u a l r e s u l t s m a y d i f fe r m a t e r i a ll y fr o m t h o s e c on t a i ned i n t h e e s t im a t e s . A c c o r d i ng l y , t h e r e c an be no a ss u r an c e t h a t t h e e s t im a t e s w ill b e r ea li z ed , o r tha t t h e p r o j e c t i on s de sc r i bed i n t h i s p r e s en t a t i on w ill b e r ea li z ed a t a ll . T h i s p r e s en t a t i on a l s o c on t a i n s e s t im a t e s and i n f o r m a t i on c on c e r n i ng ou r i ndu s tr y and t e nan t s , i n c l ud i ng m a r k e t po s i t i on , m a r k e t s i z e a nd g r o w t h r a t e s o f t h e m a r k e t s i n w h i c h w e ope r a t e , t h a t a r e ba s ed on i ndu s tr y pub li c a t i o n s and o t h e r t h i r d - pa rt y r epo rt s . T h i s i n f o r m a t i on i n v o l v e s a n u m be r o f a ss u m p t i on s and li m i t a t i on s , and y ou a r e c au t i oned no t t o g i v e undue w e i gh t t o t h e s e e s t im a t e s . W e ha v e no t i ndependen t ly v e r i f i ed t h e a c c ur a c y or c o m p l e t e n e s s o f t h e d a t a c o n t ai n e d i n t h e s e p u b l i c a ti o n s a n d re p or t s . T h e i n d u s tr y i n w h i c h w e o p er a t e i s s u b j e c t t o a h i g h d e gr e e o f u nc er t a i n t y a n d r i sk d u e t o a v ar i e t y o f f ac t o r s , i n c l u d i n g t h o s e d esc r i b e d i n t h e “R i sk F a c t o r s ”, “ M anage m en t ’s Di s c u ss i on and A na l y s i s o f F i nan c i a l Co n d i t i on and Re s u l t s o f O pe r a t i on s ” and “ Q uan t i t a t i v e and Q ua li t a t i v e Di s c l o s u r e s abou t M a r k e t Ri s k ” s e c t i on s o f ou r A n nua l Re p o rt on F o r m 10 - K, ou r Q ua rt e r l y Re p o rt s on F o r m 1 0 - Q , ou r pe r i od i c r epo rt s on F o r m 8 - K and a ll o f ou r o t h e r f i li ng s w i t h the S E C, a s s u c h r i sks , un c e rt a i n t i e s and o t h e r i m po rt a n t f a c t o r s m a y b e upda t e d fr o m t im e t o t im e i n ou r s ub s equen t r epo rt s. Cr e d i t Ra t in gs A s e c u r i t i e s r a t i ng i s no t a r e c o mm enda t i on t o b u y , s e ll o r ho l d s e c u r i t i e s and m a y be s ub j e c t t o r e v i s i on o r w i t h d r a w a l a t a n y t im e . E a c h r a t i ng agen c y ha s i t s o w n m e t h odo l o g y o f a ss i gn i ng r a t i ng s and , a cc o r d i ng l y , ea c h r a t i ng s hou l d be e v a l ua t e d i ndependen t l y o f an y o t h e r r a t i ng. Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 2
Th i rd Quarte r 2026 Invest o r Presentati on
Conti n ued Execution of Strategic Goals in Q3’26 C lo s ed t he 40 - p r op e r t y $535 m illi on M od i v I ndu st ri a l ac q u i s i t io n in Augus t 2026, adding a por t f olio w i t h a 15 . 0 - y ea r W A L T a n d 2 . 4 % a v e r a g e a n nu a l r e n t i n c r ease s t ha t i s f u ll y i n te g r at e d and c o n t ri bu t ing po s i t i v e l y t o r es u l t s , rai s ing indu s t ri a l & di st ribu t io n t o 51% o f t he por t f olio Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 4 Q 3 2026 i n Re v i ew $535 M A cc r e ti v e M odi v c qui s ition 18% $391M W e ighted A v g. Inte r es t Rate P r o f o r ma o ff i ce ex p o s u r e o f a p p r o x i mat e l y 18 % ( 1 ) o f po r tf o li o S LR , do w n f r o m 27 % at t h e b e g i nn i ng o f 202 6 , w i t h p l a n s t o b ri ng a d d i t i on a l o ff i ce assets t o ma r ke t , m ain t aining d i sc i p l in e d p ri c i ng and max i m izi n g v a l u e t hroug h lea s e e x t en s ion s ahead o f s ale s or c lo s ing s a t lea s e e x pira t ion t o c ap t ure re m aining ren t and a v oid r e - lea s ing c o sts and v a c an c y ri sk Y ea r - t o - d a t e $391 m illi on c l o se d p l u s d i s p o s i t ion p i p e li n e ( 2 ) , o f w hi c h appro x i m a t el y 68 % i s c o m p ri se d o f o ff i ce sa l e s ; in c lude s $167 m illi on o f c l o se d d i s p o s i t ion s at a 7 . 7 % cas h ca p r ate on o cc u p i e d asset s , a s w ell a s v a c an t a ss e ts t ha t t he C o m pan y e x pe c ts t o eli m ina t e o v er $2 m illion o f N O I drag T he ri s e in long - t er m in t ere s t ra t e s unders c o r e s t he v a l u e o f G N L ’ s f i n a n c i n g d ec i s i on s i n 202 5 , w i t h borro w ing c o sts re m aining e ss en t iall y un c han g ed a t a l o w w e i g h t e d a v e r a g e i n te r est r ate o f 4 . 1 % ( 3 ) and no d e b t mat u ri t i e s un t il Q4 202 7 , w hile $8 6 3 m i lli o n of li q u i d i t y ( 4 ) and $1 . 0 b illi on o f ca p ac i t y on i ts R e v ol v ing C redi t F a c ili t y pro v ide f le x ibili t y t o e x e c u t e i ts c orpora t e st ra t egy G N L continues t o de l i ver cons i s t ent resu l t s , re f l ec t i ng t he C ompan y ’ s d i sc i p l i ned e x ecution o f i t s s t ra t eg i c i n i t i a t i ves 1 . P r o fo r m a r e f l e cts d i s po s i t i on s unde r P SA o r L O I a s o f Oc tobe r 30 , 2026. 2 . Y ea r - t o - da t e c l o s ed p l u s d i s po s i t i on p i pe li ne o f $391 m illi on a s o f Oc tobe r 30 , 2026 , i n c l ud i ng $167 m illi on c l o s ed , app r o x i m a t e l y $58 m illi on unde r s i gne d pu r c ha s e a nd s a l e ag r ee m en ts (“ PSA ”) a nd a pp r o x i m a t e l y $166 m illi on unde r l e t te r s o f i n t e n t (“ L O I ”) ; t h e r e c an b e n o a ss u r an c e tha t t r an s a ct i on s unde r P SA or L O I w ill b e c o n s u mm a t e d on the abo v e te r m s, i f a t a ll. 3 . W e ig h t e d - a v e r age i n t er e st r a t e c o st i s ba s ed o n the o u ts tand i ng p r i n c i pa l ba l an c e . 4 . L i qu i d i ty i n c l ude s $712 . 6 m illi on o f a v a il ab ili ty unde r the Rev o l v i ng C r ed i t F a c ili ty and $ 150 . 7 m illi on o f c a s h a nd c a s h e q u i v a l en ts a s o f S ep t e m be r 30 , 2026. 4.1% P r o - Form a Of f i c e E x posur e , % o f P ort f olio S LR Y T D Clo s e d + Di s pos i tion P ip e l i ne
T rack Recor d of D e liv e rin g on Strategic Goals Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 5 Accre t i v e Mo d i v A c quis i tion C lo s ed t he $535 m illion a c qui s i t ion o f M odi v I ndustrial in Augus t 2026 a t an appro x i m a t e 7 . 6% c a s h c ap ra t e , adding 40 indu s t ri a l proper t ie s w i t h a lon g - dura t io n t enant ba s e , in c rea s ing t he indu s t ri a l & di st ribu t ion s hare o f t he po r tf oli o t o 51 % an d e x t en d ing W A L T t o 6 . 3 y ear s f or G N L ’ s en t ire por t f olio R e ducing Of f ice Exposure O f f i c e e x po s ure ha s de c lined f ro m 27% o f por t f oli o SL R a t t he beginning o f 2026 t o 23% a t Q3’26, w i t h pending di s po s i t i o n s e x pe c t ed t o bri n g e x posure t o ap p ro x i m atel y 18% ( 1 ) . G N L plan s t o c on t inu e t o bring o f f i c e a ss e ts t o m ar k e t t o e x pedite t he redu c t io n , redeplo y ing pro c eed s in t o indu s t rial and re t ail a ss e ts In v es t men t - G r a d e B a lance Sheet G N L a c hie v ed a m ajor m ile st one w i t h i ts upgrade t o an in v e st m en t - g r a d e BBB - c redi t ra t ing f ro m BB + b y F i tc h R a t ing s, highlighting t he s u cc e s s f ul e x ecu t ion of all s t rategi c obj e c t i v es , in c luding redu c in g le v erage, st reng t h e nin g t he balance s heet, and enhancin g por t f oli o quali ty Execu t i on T rac k Re c ord GN L ha s r e po s it i one d its port f olio throu g h the a c c r eti v e Modiv a c qui s it i on, targeted o f fice di s po s it i on s and an investmen t - grad e bala n c e s h eet , str e ngthenin g the du r abilit y and p r edi c tabili t y of its ca s h flows 1 . P r o fo r m a r e f l e cts d i s po s i t i on s unde r P SA o r L O I a s o f Oc tobe r 30 , 2026 . T he r e c an b e n o a ss u r an c e tha t t r an s a ct i on s unde r P S A o r L O I w ill be c o n s u mm a t e d on the abo v e te r m s, i f a t a ll .
T rack Recor d of D e liv e rin g on Strategic Goals ( C on t’ d) Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 6 S uccessful Dispos i tion Program Sin c e laun c hing i ts di s po s i t io n progra m , G N L ha s c o m ple t ed appro x i m a t el y $3 . 6 billion in s ale s, highligh t e d b y t he $1 . 8 billion M ul t i - T enant R e t ail Por tf olio s ale in 2025, w hi c h a cc elera t e d debt redu c t i o n e f f or t s an d m ateriall y s t re n gt h e n e d t he balance s heet and por t f olio Con t inued Le v erage R e duction B y st ra t e gi c all y deplo y ing pro c eed s f ro m non - c o r e a ss e t s ale s t o w ard a cc elera t e d debt pa y do w n , G N L redu c ed i ts ne t debt balance b y $164 m illio n , f ro m $2.9 billi o n in Q3 ’ 25 t o $2 . 7 billion in Q3 ' 26 , st reng t h e n in g t he balance s heet and enhancing f inan c ial f le x ibili ty A c cre t i v e Share R e purchas e Program G N L deplo y ed a por t ion o f ne t pro c eed s f ro m non - c or e a ss e t s ale s t o a cc re t i v el y repur c ha s e s hare s , ha v ing repur c h a s e d 29 . 7 m illion s ha r es f or $2 4 6 m illio n at a w eig h t ed a v erage pri c e o f $8 . 2 8 ( 1 ) a t an a tt ra c t i v e 10 . 1% A FF O y iel d ( 2) Execu t i on T rac k Re c ord GN L und e rtoo k a b r oad s e t of a c tions tha t c o llectivel y repo s it i one d the C o mpany – eleva t ing overall qualit y t h r oug h a mor e str e amlined po r t f olio, a materially low e r leverag e p r ofile , enh a n c ed liquidit y and improved c r edit metrics 1 . Re p r e s en ts s ha r e r epu r c ha s e s f r o m J anua r y 1 , 2025 t h r ough Oc tobe r 30 , 2026. 2 . Ca l c u l a t e d u s i ng t h e m i d - po i n t o f GN L ’s f u l l - y ea r A FF O pe r S ha r e Gu i dan c e o f $0 . 8 4.
` Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 7 Execu t i on T rac k Re c ord A c hie v ed 4 . 9 % R e n e w al Leas i ng S pread G N L c on t inu e d t o s ho w c a s e i ts st rong a ss e t m anage m en t c apabilit i e s t hrough robu s t lea s ing a ct i v i t y , a c hie v ing a 4 . 9% rene w al s pread in Q3’26 b y t a k ing a proa c t i v e approa c h w i t h t enan t s , w hile f ur t her highlighting t he m i ss ion - c ri t i c a l nature of i ts por t f olio and t he a tt ra c t i v e m ar k - t o - m ar k e t opportunitie s i t o f f er s R e financed R e v ol v ing Credit Fac i l i ty G N L s u cc e s s f u ll y e x e c u t ed a $1 . 8 billion re f inan c i n g o f i ts R e v ol v ing C redi t F a c ili t y in Augus t 2025, deli v ering an i mm ediate 35 ba s i s point redu c t io n in in t ere s t ra t e s pread , boos t ing liquidi t y and e x t ending t he C o m pa n y ’ s w eig h t ed a v er a ge de b t m a t uri t y , pro v iding grea t e r f inan c ial f le x ibili ty L o w er e d G& A Expense and Capex T hrough t he $1 . 8 billion s ale o f i ts M ul t i - T enan t R e t ail Por tf olio , G N L s uc c e s s f ull y re p osi t ion e d i ts elf in 2025 a s a pur e - pla y s ingle - t en a n t ne t lea s e R E I T , enabling a redu c t ion in G& A e x pense s and a m a t erial de c rea s e in c api t al e x penditure s a s operatio n s w ere st rea m lined T rack Recor d of D e liv e rin g on Strategic Goals ( C on t’ d) GN L Manag e ment executed a dis c iplined str a teg y de s igne d to r e po s it i on GN L ’ s path for w a r d, gen e r a te measu r able balance she e t and port f olio impro v emen ts , and meaning f ull y e x pand strategic f l e x ibili t y hea d ing into the nex t pha s e of g r o w th
GN L is rais i n g its 2 0 2 6 AF F O p e r S h ar e G u i d a nc e to $ 0 .8 3 – $0.8 5 , reflecting contin u ed s t rong executio n acr o ss t h e p o rt f o l i o Positive Revisi o n to 2026 Financ i al Guidance Ini t ial 2026 Fi n ancial G ui d ance Re v ised Fi n ancial G ui d ance ( Q 2’26) A F F O pe r Sha r e ( 1) $0 .8 0 – $0 .84 $0 .8 2 – $ 0 .85 N e t Debt / A d j . EBITD A ( 1 ) ( 2) 6. 5 x – 6. 9 x 6. 5 x – 6.9x Gros s T r a ns a ctio n V o l um e ( 3) $ 2 5 0 M – $350 M $ 7 0 0 M – $800M R a tionale for R a is i ng Guidance G r e a t e r v i s i b i li t y i nto f i n a nc i a l a n d p o r tf o l i o r es u l t s w i t h t h e M o d i v t r a n sacti o n c l os e d and t hree q u a r t er s o f 2 0 2 6 comp l ete C o n t i n u e d e x ec u t i o n o f G N L ’ s s t r ateg i c i n i t i ati v es, i nc l u d i n g t h e c l os i n g o f t h e M o d i v ac q u i s i t i o n , accre t i v e sh a r e r e p urchases a n d o f f i ce d i sp o s i t i o ns I m pro v e d o p era t i o n a l p e r f or m a n ce across t h e p o r tf o l i o, su p p o r t i n g a n i ncrease t o t h e l o w e n d o f t h e A F F O p e r S h a r e r a n ge N et D e b t / A d j usted EB I T D A g u i d a nc e m a i nta i n ed Re v ised Fi n ancial G ui d ance ( Q 3’26) $0 .8 3 – $0 .85 6. 5 x – 6. 9x $ 7 5 0M – $800M 1 . W e do no t p r o v i de gu i dan c e o n ne t i n c o m e . W e on l y p r o v i de gu i dan c e o n A FF O pe r s ha r e , ou r Ne t De b t t o A d j u st e d EB I T D A r a t i o , ou r e x pe ct e d G r o ss T r an s a ct i on V o l u m e and d o n o t p r o v i de r e c on c ili a t i on s o f t h i s f or w a r d - l oo k i ng n o n - G A AP g u i dan c e to ne t i n c o m e pe r s h a r e o r ou r deb t t o ne t i n c o m e due to the i nhe r en t d i f f i c u l ty i n quan t i fy i ng c e r t a i n i t e m s n e c e ss a r y to p r o v i de s u c h r e c on c ili a t i on s a s a r e s u l t o f t h e i r un k no w n e f fe ct , t i m i ng a nd p o t e n t i a l s i gn i f i c an c e . E x a m p l e s o f s u c h i t e m s i n c l ude i m pa i r m en t o f a ss e ts , ga i n s and l o ss e s f r o m s a l e s o f a ss e ts , and d ep r e c i a t i on and a m o r t i z a t i on f r o m n e w a c qu i s i t i on s and o t h e r no n - r e c u rr i ng e x pen s e s. 2 . A d j u st e d EB I T D A a nnua li z ed ba s ed o n fo r e c a st e d A d j u st e d EB I T D A f o r t h e q ua r t e r ended Dec e m be r 31 , 202 6 m u l t i p li ed b y fou r . A nnua li z ed f i gu r e s ba s ed o n a ss u m ed f u t ur e ope r a t i on s t h a t r e f l e ct a ss u m p t i on s a s to c e r t a i n bu s i ne ss de c i s i on s and e v en ts t h a t a r e s u b j e ct t o c hange . T he r e c an b e n o a ss u r an c e tha t t h e s e annua li z ed f i gu r e s w ill p r o v e to be a cc u r a t e . 3 . 2026 fu ll y ea r g u i dan c e ba s ed o n g r o ss t r an s a ct i on v o l u m e o f $750 m illi on a nd $ 800 m illi on , i n c l u s i v e o f bo t h d i s po s i t i on s a n d a c qu i s i t i on s. 2026 F i nan c i a l G u i dan ce Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 8 N et D e b t t o A d j u s t e d EB I T D A f or Q3 ’ 2 6 w a s n o t me a n i n g f u l d u e t o t h e M o d i v ac q u i s i t i o n c l o s i n g i n mi d - A u g u s t a s q u ar t e r - e n d d e bt r ef l e c t s t h e f u l l t r a n s a cti o n w h i l e A d j u s t e d EB I T D A i nc l u d es on l y a p a r t i a l q u ar t er of e a r n i n g s f r om t h e ac q u i r e d p o r tf o l i o. Q 4 ’ 2 6 r es u l t s w ill r efl e c t a f u l l q u ar t er of M o d i v e arn i n g s , a n d t h e t r a n sacti o n i s ex p ected t o b e l ev e r a g e n e ut r a l.
Active Cap i tal Recyc l ing Op p ort u n i stic ass e t sa l es h a ve r e d u ce d offic e ex p os u re w h i l e i m pr o vi n g p o rt f o l i o q u a l ity No te : D i s po s i t i on da t a a s o f Oc tobe r 30 , 2026. 1 . Cas h c a p r a t e s c a l c u l a t e d ba s ed o n c l o s ed d i s po s i t i on s and a c qu i s i t i on s. 2 . I n c l ude s d i s po s i t i on s c l o s ed t hr ough O ct o be r 30 , 2026. 3 . D i s po s i t i on p i pe li ne unde r s i gne d pu r c ha s e a nd s a l e ag r ee m en ts (“ PSA ”) o r l e t te r s o f i n t e n t (“ L O I ”) . T he r e c an b e n o a ss u r an c e tha t t r an s a ct i on s unde r PSA o r L OI w ill be c o n s u mm a t e d on the a bo v e te r m s, i f a t a ll . PSA i n c l ude s app r o x i m a t e l y $58 m illi on o f d i s po s i t i on s and L O I i n c l ude s app r o x i m a t e l y $166 m illi on o f d i s po s i t i on s. 4 . I n c l ude s $58 m illi on o f d i s po s i t i on s unde r L O I t h a t a r e e x pe ct e d t o c l o s e i n 2027. D i s p o s i t i o n s Q1 ’ 26 Q2 ’ 26 Q3 ’ 26 ( 2 ) P i p e li n e ( 3 )( 4 ) T o tal # o f P r op e r t i es 1 1 1 1 7 27 56 Oc c upi e d Sa l es ($ M ) $2 1 . 6 $6 6 . 0 $2.9 $8 0 . 8 $1 7 1.2 V a c an t Sale s ($ M ) $49.0 $8 . 2 $19.6 $142.8 $219.6 $ A m oun t S o l d / Und e r P i p e li n e ($ M ) $70.6 $74.2 $22.5 $223.5 $390.8 A c q u i s i t i on s Q1 ’ 26 Q2 ’ 26 Q3 ’ 26 P i p e li n e T o tal # o f P r op e r t i es — — 41 — 41 $ A m oun t A c q u ir e d / Und e r P i p e li n e ($ M ) — — $549.1 — $549.1 Includes $141 m illion of office assets to be sold upon lease expiration, designed so that GN L collects re m aining contractual rental cash flo w s w hile avoiding leasing costs, capital expenditures and occupancy risk 68% O f f i c e A ss e ts a s % of T o t al D i s po s i t io n s in 2026 7.7% C a s h C ap R a t e on O cc upied D i s po s i t ion s in 202 6 ( 1) $3.6B D i s po s i t ion s C o m ple t ed Sin c e 2023 I n t er n ali z a t ion 7.6% C a s h C ap R a t e on A c qui s i t ion s in 202 6 ( 1) No n - C o re A ss et S a l e s & C a p i ta l R e c y c li ng Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 9
Y e a r - t o - d a te sa l es h a ve r e d u ce d offic e ex p os u re, w ith a d d i tio n a l ass e ts u n d e r co n tract a n d b e i n g m ark e ted Actively Re d ucin g O f fice Exposure 2 7% Off i ce % o f S LR , S t ar t o f 2 0 26 2 3% Off i ce % o f S L R , Q 3 ’ 26 2026 O f f i c e D i s po s i t io ns A s s et S F P r ice S t at us G S A 33,000 $13M C l o s ed, 7.2% c a s h c ap r ate G E A v i at i on 369,000 $48M C l o s ed, 7.2% c a s h c ap r ate Under L O I (3 a ss et s ) 797,081 $96M E x pe c ted cl o s e Q 4 ’ 26 – Q 2 ’ 27 Cont i nen t a l T i r e 90,994 $4M C l o s ed, v a c ant Plan t o F u rther Red u ce O f f ice Exposure ► I d en ti f y o f f ice a ss e ts w he re GN L c an m a x i m i z e v a lu e , s e l l in g e it he r upon le a s e e x p i r a ti on o r f o l l o w in g a r e ne w a l t h a t s uppo rts t h e str o n g e st p r i cing ► Re d ep l o y s a le p roc e ed s in to sin g l e - t e na n t in d u str i a l and ret a i l ass e ts t h a t e x t e n d le a se t e r m , im p r o v e t e n a n t c r e d it a n d pro v id e str o n g e r e m be dde d re n t g ro w th ► S e l l a t o r a hea d o f le a s e e x p i r a ti on t o c ap t u re re m a ini n g c on tr a ct u a l re n t w h i l e a v o idi n g r e - le a sin g c o sts , c ap it a l e x pend it u res and v a c an c y r i sk G N L pla n s t o brin g ad d iti o nal o f fice assets t o market t o f u rther reduce its o f fice exp o sure G S A 9,967 $2M C l o s ed, 7.9 % c a s h c ap r ate T RC Co m pan i es 78,308 $11M C l o s ed, 8.9% c a s h c ap r ate T o t al 1.9M $264M 1 . P r o fo r m a r e f l e cts d i s po s i t i on s unde r c o n t r a ct o r L O I a s o f Oc tobe r 30 , 2026 . T he r e c an b e n o a ss u r an c e t h a t t r an s a ct i on s un d e r PSA o r L O I w ill be c o n s u mm a t e d on the abo v e te r m s, i f a t a ll . 1 8% Off i ce % o f S L R , Q 3 ’ 2 6 pro f or m a ( 1) Un d e r P S A ( 4 a ss et s ) 391,840 $45M E x pe c ted cl o s e Q 4 ’ 26 No n - C o re A ss et S a l e s & C a p i ta l R e c y c li ng Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 10 S t ate W A LT M N 17.2 M I 9.5 DE 7.0 V A 4.8 S C — Various — V ari o us — N i m b l e S torage CA 164,608 — $45M C l o s ed, v a c ant
No De b t Maturities U n til Late 2027 Fin a nc i n g d e cis i o n s m a d e l a st ye a r h a ve i n su l at e d GN L ’ s b o rrowin g costs f ro m t h e rise i n lo n g - ter m rat es $0 of debt maturing before No v ember 2027 F i x e d - r ate or s w a p p e d t o f i x ed 86% R e v o l v i n g C r e d i t F a c ili t y spread 1 . 2 5% R e v o l v i n g C r e d i t F a c ili t y m atu r i t y A ug. 2030 (1) Debt M a t u rit y T im e l i n e , O c t o b e r 2 026 t o De c e mb e r 2027 O c t N o v D e c J a n F e b M a r A p r M a y J u n J u l A u g S e p O c t N o v D ec 202 6 2027 N o sc h e d uled ma t ur i t i es W i t h i ts R ev o l v i ng C r e d i t F ac i li t y r ef i n a n c e d on i m p r o ve d te r ms , 86 % o f d e b t f i xe d o r swa p p e d a n d no mat u ri t i e s un t il Q4 202 7 , G N L i s po sit i on e d t o ex e c u te i ts ca p i ta l al l o ca t i o n strate g y f r o m a po sit i on o f stre ng th Cost of Debt Do w n Y ea r - o v er - Y ear L a t e 202 7 ma t ur i t i es No v e m b e r : $ 9 4 M o f m ortga g e s at 4.3 7% De c e m b e r : $ 5 0 0 M o f 3. 7 5% s e n i or not es ► T h e n e are s t d e bt m at u r i t i e s are i n l at e 2 0 2 7 , w i th $ 9 4 m illi o n o f m ortga g e s at a 4 .3 7 % i nt e r e s t rate i n N o v e m b e r 2027 and th e $ 5 0 0 m illi o n o f 3. 7 5% s e n i or not e s i n De c e m b e r 2027 ► De s p i te th e s h a r p r i s e i n T r e a s ur y y i e l d s , th e i m p a c t o n G NL ’ s b o rr o w i n g c o s t s h a s b e e n l i m i te d , a s S O F R, t h e b e n c h m ar k f or U. S . d o l l ar r e v o l v er b o rr o w i n g s , h a s i n cr e a s e d b y o n l y 2 5 b a s i s p o i nts ► G N L ’ s i n v e s t m en t - g r ade c r ed i t p r o f il e e nab l ed i t t o re f i nan c e i t s R e v o l v i ng Cre d i t Fa c ili t y i n A ugu s t 2025 on i m p r o v ed ter m s , e x te n d i n g th e m at u r i t y to A u g u s t 2 0 3 0 w i th e x te n s i o n o p t i o n s a n d red u c i n g th e s pread b y 3 5 b a s i s p o i nts ► T h e Re v o l v i n g C r e d i t F a c ili t y r e m a i n s at t r a c t iv e l y pri c e d a t a 1 .2 5 % s pread o v er th e a p p l i c a b l e b e n c h m ar k r at e , a l o w - c o s t s o u r c e o f c a p i ta l w h e n c ur r e n t a l ternat i v e s are n o t a s a t t r a c t ive 4. 2 % Financing Decisions M ade Last Y ear A re Pa y ing Off Q 3 ’ 25 4.1% Q 3’ 26 W e i g ht e d a v e ra ge i n t e re s t rat e d o w n 10 b p s y ear - o v e r - y ear Finan c i a l Foundat i on No te : Da ta a s o f S ep t e m be r 30 , 2026 . Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 11 1 . A ss u m e s GN L e x e r c i s e s i ts t w o 6 - m on t h e x t e n s i on o p t i on s on i ts Rev o l v i ng C r ed i t F a c ili ty .
Proactive Balance Sheet Manage m ent Stra t egic Focus : R e d u cin g L e v e r age R e ma i ns a Cor e Prior i ty GN L pla n s to foc u s o n r e d ucin g le v e r a g e o v e r th e lon g te r m , di r ecti n g disposit i on p r oceeds toward debt r e pa y me n t whi l e maintaining its in v est m e n t - g r a d e b a lanc e sh e et F i nanc i al F l e x i b i l it y Pro v i d e s O p ti o nal i ty A m ple liquidit y , signific a nt Re v ol v ing Cr e dit F acilit y ca p acit y a n d a n in v est m e n t - g r a d e b a lanc e sh e et allow GN L to ch o os e whe n a n d h o w to acc e ss ca p ital Dis c i p l i ned C a p i tal A l l ocation GN L aims to continu e taking a p r udent and disc i plined app r oach to capital alloc a tio n , su p p o r te d b y th e st r e n gt h a n d fle x ibilit y of its b a lanc e sh e et Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 12 Finan c i a l Foundat i on $863M Liquidi t y ( 2) $ 1 .0B C apac i t y on R e v ol v ing C redi t F a c ili ty BBB - Fit c h Corpor a te Rat i ng Since Q 3 ’2 5 , Reduc e d T ota l Net Deb t (1 ) b y $ 1 6 4M 1 . Re p r e s en ts t o t a l deb t ou ts tand i ng o f $2 . 9 b illi on , l e ss c a s h and c a s h e qu i v a l en ts o f $150 . 7 m illi on ; e x c l ude s the e f fe ct o f d i sc oun ts and d e f e rr ed f i nan c i ng c o sts , ne t. 2 . L i qu i d i ty i n c l ude s $712 . 6 m illi on o f a v a il ab ili ty unde r the Rev o l v i ng C r ed i t F a c ili ty and $ 150 . 7 m illi on o f c a s h a nd c a s h e q u i v a l en ts a s o f S ep t e m be r 30 , 2026. S i gn i f i c a n t R e d u ct i on i n N et D e bt 2 0 23 2 0 24 2 0 25 2 0 26 $ 5 . 2B $4 . 8B $ 2 . 9 B $2 . 7B 2023 I n t e rn a li z at i on C omp l eted Le v e r age r edu ct io n st r a t eg y pu t in p la ce 2024 $835 M o f d i s pos i t i ons c l os ed N e t s a le p r o c eed s u s ed t o c on t in u e t o f u r t he r r edu c e debt S e p 2026 $863 M l i qu idi t y ; $1 . 0 B re v o l v er c apa c i ty 1 H 2025 $1 . 8 B M u l t i - T e n a n t R eta i l P o r tf o li o sa le F ur t her a c c el e r a t e s deb t redu c t i on J u n e 2025 S & P upg r a d e t o BB B - Senior no t e s ra t ed in v e s t m en t gr a de Oc t 2025 F i tc h upg r a d e t o BB B - C orpora t e ra t ing rai s e d t o in v e st m en t grade $ 2 .5B N e t Deb t Red u cti o n S ince Q 3’ 23
Ea r n i ng s S u mma r y ($ M M) R e v enu e f r o m T e nants $11 2 .9 N e t l oss A tt r i bu t ab l e t o C o m m on S t oc k ho l ders ( $67.1) N O I (3 ) $98.5 C as h N O I (3 ) $98.6 A d j us t ed F u nds f r o m O pera t i ons ( A F F O ) (3 ) $48.3 A djusted F u n d s f rom O p e ra ti o n s ( A F F O ) (3 ) p e r S h a r e $0 . 22 W e i gh t ed A v erage Dil u t ed S hares O u t s t and i ng 221.1 D e b t C a p i ta l i z a t ion ($ M M) T o t a l S ec u red D e b t $1 , 021 3. 7 5% S e n i or Not e s $500 4. 5 0% S e n i or Not e s $500 Re v o l v i n g C r e d i t F a c ili ty $830 T o t al U n s e cur e d Debt $1 , 830 T o t al Debt $2 , 852 In t ere s t Co v erage Rat i o ( 1) 3 . 0x W eig ht ed A v e r age In t e r e s t Rate C o s t ( 2) 4 . 1% Q3 2026 Financ i al Highl i ghts Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 13 Finan c i a l Foundat i on 1 . T he i n t er e st c o v e r age r a t i o i s c a l c u l a t e d b y d i v i d i ng a ct u a l ad j u st e d EB I T D A fo r Q 3 2026 b y c a s h p a i d f o r i n t e r e st ( c a l c u l a t e d b a s ed o n i n t e r e st e x pen s e l e ss t h e n o n - c a s h p o r t i on o f i n t e r e st e x pen s e ) . 2 . W e ig h t e d - a v e r age i n t er e st r a t e c o st i s ba s ed o n the o u ts tand i ng p r i n c i pa l ba l an c e . 3 . A FF O , A d j u st e d EB I T D A , NOI and C a s h NO I a r e n o n - G A AP f i nan c i a l m ea s u r e s, s ee N o n - G A AP F i nan c i a l M ea s u r e s i n t h e A ppend i x . 4 . Re p r e s en ts t o t a l deb t ou ts tand i ng o f $2 . 9 b illi on , l e ss c a s h and c a s h e qu i v a l en ts o f $150 . 7 m illi on. 5 . E x c l ude s t h e e f fe ct o f d i sc oun ts and d e f e rr ed f i nan c i ng c o sts , ne t. 6 . G r o ss a ss e t v a l ue i s de f i ned a s t o t a l a ss e ts p l u s a cc u m u l a t e d dep r e c i a t i on and a m o r t i z a t i on a s o f S ep t e m be r 30 , 2026. 7 . L i qu i d i ty i n c l ude s $712 . 6 m illi on o f a v a il ab ili ty unde r the Rev o l v i ng C r ed i t F a c ili ty and $ 150 . 7 m illi on o f c a s h a nd c a s h e q u i v a l en ts a s o f S ep t e m be r 30 , 2026. GN L is rais i n g th e low e n d of its 2 0 2 6 AF F O p e r S h ar e G u i d a nc e to $ 0 .8 3 – $ 0 .8 5 , u p fro m $ 0 .8 2 – $ 0 .8 5 , refl e ctin g co n tin u e d stro n g e xec u tio n acr o ss th e p o rt f o l io $2 , 701 N e t D e b t (4)(5) $5 , 454 Gross Asset V alu e (6) $985 Capacit y on Re v ol v ing Credit Facility $863 Liquidit y (7) 49 . 5% Net Debt (4)(5 ) / Gross Asset V alue (6) 86% Fi x ed Rate Debt
Mod i v Acquis i tion: Ratio n ale & Strategic Benefits Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 14 Mod i v A c qu isi t i on 1 . M od i v’s m e t r i c b a s ed o n s q ua r e fee t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r o p G r u mm an and K a l e r a . 2 . M e t r i c ba s ed o n A nnua l B a s e R en t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u m m an and K a l e r a . 3 . I n v e st m en t G r ade i n c l ude s bo t h a ct u a l i n v e st m en t g r ade r a t i ng s o f t h e t e nan t o r gua r an t o r , i f a v a il ab l e , o r i m p li ed i n v e st m e n t g r ade . I m p li ed i n v e st m en t g r ade m a y i n c l ude a ct u a l r a t i ng s o f t e nan t pa r en t , gua r an t or p a r en t (r ega r d l e ss o f w he t h e r o r n o t t h e p a r en t ha s gua r an t e ed the t e nan t ' s ob li ga t i on unde r t h e l ea s e ) o r b y u s i ng a p r op r i e t ar y M ood y ' s a na l yt i c a l t o o l , w h i c h gene r a t e s an i m p li ed r a t i ng b y m e a s u r i ng a c o m pan y ' s p r obab ili ty o f de f a u l t . T he t e r m " pa r en t " f o r t h e s e p u r po s e s i n c l ude s an y en t i ty , i n c l ud i ng an y g o v e r n m en t a l en t i ty , o w n i ng m o r e t h an 5 0 % of th e vot i n g stoc k i n a t e n a n t o r a g u a r a n to r . B ase d o n A n n u a l B ase Rent a n d as of D ece m b e r 3 1 , 2 0 2 5, M o d i v ’ s p o r tf o li o w as 2 3 % actu a l i nvest m e n t g r a d e r at e d, a n d 2 2 % i m p l i e d i nvest m e n t g r a d e r at e d. Im m edia t e Ea r ni n gs Accretion w it h At t ractive Embe d de d Synergies Transac t i on und e r w r i tt en t o be approx i m a t e l y 4% accre t i v e t o A F F O per share , w i t h a f u l l quar t er o f con t r i bu t i on beg i nn i ng i n Q 4 ’ 26 E li m i na t i on o f dup l i ca t i v e pub l i c co m pan y , personne l and t h i r d - par t y cos t s expected t o gen e r a t e $6 m illi on o f ann u a l s y nerg i es Leverage - Neu t ral T ransactio n M ain t ains Balance Sheet an d Li q ui d ity Streng th A l l - s t oc k t r ansacti o n w as s t r uc t ured t o be l e v erage neut r a l , r equ i r i ng no ne w ex t erna l cap i t a l t o co m p l e t e t he t r ansacti on T h e t r ansacti o n s t r uc t ure prese r v ed ba l ance shee t s t r ength and f i nanc i a l f l ex i b i li t y , pos i t i on i ng G N L t o i n v es t i n s t r a t eg i c gr o w t h i n i t i a t i v es and con t i nue dri v i ng do w n l e v erage o v er t he l on g - t erm Hig h - Q uali t y In d us t rial Net Lease Portf o lio G N L acquired a h i g h - qua l i t y ne t l ease po r t f o l i o con c en t r a t ed i n m i ssio n - c r i t i ca l i ndus t r i a l ass e t s , w i t h a w e i gh t ed a v e r age l ea s e t e r m o f 15 . 0 y ea r s (1) and 2 . 4% a v erage ann u a l r en t esca l a t i on s (2) Long - dura t i on l ease pro f il e ex t end e d G N L ’ s w e i gh t ed a v erage l ease t er m f r o m 5 . 7 y ears a t Q 2 ’ 26 t o 6 . 3 y ears a t Q 3 ’ 26 , enh a nc i ng bo t h por t f o l i o durab ili t y and cash f l o w v i s i b i li ty Streng t he n ed Portf o lio Q uali t y & Diver s ifica t ion A cqu i s i t i on s t r engthened G N L ’ s por t f o l i o m i x , i ncreas i ng i ndust r i a l expos u r e t o 51% o f S L R w h i l e r educ i ng o f f i ce conce n t r a t i o n t o 23% T h e por t f o l i o f ea t ures a w e l l - r ecog n i z ed t ena n t base o f l ead i ng g l oba l brands , w i t h 45% o f ann u a l base r en t der i v ed f r o m i n v es t m en t - grade r a t ed t ena n t s (3) Enha n ced Platf o rm t o Sup p ort L o n g - T erm G ro w t h an d Shareholder V alue The acquis i t i on enhan c ed G N L ’ s scale , d i v e r s i fi ca t i on and capi t a l fl ex i b i li t y , posi t i on i ng t he p l a t f o r m t o e ffi c i en t l y acc e s s c ap i t a l , pu r sue s t r a t eg i c i n v es t m en t s and supp o r t sus t a i nab l e l on g - t er m gro w t h and v a l ue c r ea t i on C l o s e d o n A u g u s t 12 , 202 6 w i t h t h e p o r t f ol i o f ul l y i ntegrated a n d c o nt r i b u t i ng p o s i t i v e l y t o resu l ts +4% AFF O A c c re t i on 0.0x A dd i t io n a l Le v e r age 2.4% A v e r age A nnua l R en t E sc a la t ion 45% I n v e st m en t - G r ade T enan ts $5 B+ P r o Fo r m a P la t f o rm
U.S. / Ca n ada 76% E u r ope 24% Geographi c D i s t ribu t ion Globa l Portfolio o f M i ssio n - Cr i tical Assets Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 15 Rea l E s tat e P ortfo l io 835 P r op e r t i es I n du s tr i a l & Di s tr i bu t i on 51% O f f i ce 23% R e t a il 26% Annuali z ed SL R b y Seg m ent 44M S qu a r e F eet 96% Occ u p a n cy 6.3 Y ears W e i g h ted A v e r age R ema i n i ng L ease T e r m ( 1) 87% Con t r act u a l R e n t I n creas e s ( 2) 63% I n v estme n t G r a d e T e n a n t s ( 1 )( 3) No te : P o r t fo li o m e t r i cs a s o f S ep t e m be r 30 , 2026 . 1 . M e t r i c c a l c u l a t e d ba s ed o n annua li z ed S L R a s o f S ep t e m be r 30 , 2026. 2 . T he pe r c en t a ge o f l ea s e s w i t h r en t i n c r ea s e s i s b a s ed o n st r a i gh t li ne r en t a s o f S ep t e m be r 30 , 2026 . Re fe r to S L R de f i n i t i o n i n c l uded i n t h e foo t n o t e s on s l i de 16 . Co n t r a ct u a l c a s h b a s e r en t i n c r ea s e s a v e r age 1 . 5 % p e r y ea r a nd i n c l ude f i x ed p e r c en t o r a ct u a l i n c r ea s e s, o r c oun t r y C P I - i nde x ed i n c r ea s e s, w h i c h m a y i n c l ude c e r t a i n f l oo r s o r c ap s o n r en t a l i n c r ea s e s. A s o f S ep t e m be r 30 , 2026 , and b a s ed o n s t r a i gh t - li ne r en t , app r o x i m a t e l y 65 . 0 % ar e f i x e d - r a t e i n c r ea s e s, 17 . 9 % a r e ba s ed o n the C on s u m e r P r i c e Inde x , 4 . 0 % ar e ba s ed o n o t h e r m ea s u r e s and 1 3 . 1 % do no t c on t a i n an y e s c a l a t i on p r o v i s i on s. 3 . A s u s ed h e r e i n , I n v e st m en t G r ade i n c l ude s bo t h a ct u a l i n v e st m en t g r ade r a t i ng s o f t h e t e nan t o r gua r an t o r , i f a v a il ab l e , o r i m p l i ed i n v e st m en t g r ade . I m p li ed i n v e st m en t g r ade m a y i n c l ude a ct u a l r a t i ng s o f t e nan t pa r en t , gua r an t or pa r en t (r ega r d l e ss o f w he t h e r o r no t t h e p a r en t ha s g ua r an t e ed the t e nan t ' s ob li ga t i on unde r t h e l ea s e ) o r b y u s i ng a p r op r i e t a r y M ood y ' s a na l yt i c a l t o o l , w h i c h gene r a t e s an i m p li ed r a t i ng b y m ea s u r i ng a c o m pan y ' s p r obab ili ty o f de f a u l t . T he t er m " pa r en t " f o r t h e s e p u r po s e s i n c l ude s an y e n t i ty , i n c l ud i ng an y go v e r n m en t a l en t i ty , o w n i ng m o r e t h an 5 0 % o f t h e v o t i ng st o ck i n a tenan t o r a g ua r an t o r . B a s ed o n a nnua li z ed S L R and a s o f S ep t e m be r 30 , 2026 , GN L ' s po r t fo li o w a s 35 . 8 % a ct u a l i n v e st m en t g r ade r a t e d and 2 7 . 1 % i m p li ed i n v e st m en t g r ade r a t e d. Ful l y - i n te g rat e d, i n ter n a l ly m a n a g e d p l atfor m w ith a s t rat e g i ca l ly ass e m b l e d si n g l e - te n a n t p o rt f o l io
Globa l Presence. Dur a ble Port f ol i o. T o ta l P o r tf o li o Indu s tri a l & Di s tribu t ion Ret a il Of f i ce N u mb e r o f P rop e rti e s 83 5 21 9 + 56 8 + 48 S qua r e F e e t (mil l ion s ) 43 .5 31 .9 + 6 .6 + 5 .1 SL R (1) ( mil l ions) $43 3 $ 2 2 0 ( 5 1 %) + $ 1 1 4 (2 6 %) + $ 9 9 ( 2 3 %) U. S . | E urope E x posur e % (2 ) 76 % | 2 4 % 86 % | 1 4 % 84 % | 1 6 % 47 % | 5 3% % L e ase d (3 ) 96 % 95 % + 97 % + 98% W A L T (2 ) 6 . 3 Y ea rs 6 . 7 Y ea rs + 6 . 5 Y ea rs + 3 . 4 Y ea rs P e r c e n t I G R a ted T e n a n t s (2)(4 ) 63 % 59 % + 54 % + 82% Rent E sca l a tion s (2 ) 87 % 93 % + 78 % + 82% A v e r a g e A nnua l Rent In c r e as e (2 ) 1 . 5 % 1 . 8 % + 1 . 1 % + 1 . 3% Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 16 Rea l E s tate Portfo l io No te : P o r t fo li o m e t r i cs a s o f S ep t e m be r 30 , 2026 . 1 . Ca l c u l a t e d a s o f S ep t e m be r 30 , 2026 , u s i ng a nnua li z ed r en t (“ S L R ” ) c on v e r t e d f r o m l o c a l c u rr en cy i n t o U S D a s o f S ep t e m be r 30 , 20 26 fo r t h e i n - p l a c e l ea s e on the p r ope r ty on a s t r a i gh t - li ne ba s i s, i n c l ude s t e nan t c on c e ss i on s s u c h a s f r ee r en t , a s a pp li c ab l e . 2 . M e t r i c ba s ed o n a nnua li z ed S L R a s o f S ep t e m be r 30 , 2026 . 3 . M e t r i c c a l c u l a t e d ba s ed o n s qua r e fee t a s o f S ep t e m be r 30 , 2026. 4 . Re fe r t o In v e st m en t G r ade Ra t i ng de f i n i t i on i n c l uded i n t h e foo t n o t e s on s l i de 15. GN L ’ s gl o b a l pr e se n ce a n d d i vers i fie d p o rt f o l i o pr o vi d es a com p etitiv e a d va n ta g e re l ativ e to p e ers as w e l l as fl e x i b i l it y to foc u s o n attract i v e o p po rtu n iti e s i n m u lti p l e s e g m e n ts and mar ke ts t ha t th e C o m p an y be l i e v e s w i l l co n tin u e to co n trib u te l o n g - term va l u e to G N L sh a re h o l d e rs
47% 3% 4% 4% 4% 5% 5% 6% 6% 7% 9% O t h er P h a r m a cy T e c h n o l o gy D i s c o u n t R e t a il D i s tr i b u t i on A u t o M a nu f a c t u r i ng Co n s u m e r Go o ds He a l t h c a re I n d u s tr i a l M a nu f a c t u r i ng Fr e i gh t & Lo g i s t i cs F i n an c i a l S e r v i c es T en a nt Ind u s try Di v er s i f icat i on ( % of S LR ) (1) 2 . 0% 2 . 0% 2 . 0% 2 . 2% 2 . 3% 2 . 3% 2 . 3% 2 . 7% 2 . 9% 5 . 0% T op T en T enan ts (% of S L R ) ( 1) Industr y - Lead i ng, Cre d i t - W orthy T enants Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 17 Rea l E s tate Portfo l i o 81% O f T op 10 T enant s are I n v e st m en t - Grade R a t ed ( 4) No te : P o r t fo li o m e t r i cs a s o f S ep t e m be r 30 , 2026 . 1 . M e t r i c ba s ed o n a nnua li z ed S L R a s o f S ep t e m be r 30 , 2026 . Re fe r t o S L R de f i n i t i on i n c l uded i n t h e f o o t n o t e s on s l i de 16. 2 . Re fe r t o In v e st m en t G r ade Ra t i ng de f i n i t i on i n c l uded i n t h e foo t n o t e s on s l i de 15. 3 . “ O the r” r ep r e s en ts t h e agg r ega t e o f a ll i ndu st r i e s w i t h l e ss t h an a pp r o x i m a t e l y t h r ee pe r c en t e x po s u r e . 4 . Ca l c u l a t e d b y a dd i ng t h e In v e st m en t G r ade t e nan ts’ p e r c en t a ge o f S L R and d i v i d i ng b y the t o t a l S L R pe r c en t a ge o f t h e t o p ten t e n an ts. H ig h - qu a li t y po r tf oli o s up p orted b y f ina n c iall y s t ron g , re c e s s io n - re s i s t a n t t en a n t s a c ro s s e s s en t i a l s e c t o rs T o p t e n t e n a n ts re p res e nt o n ly 2 6 % of G N L ’ s S L R w ith n o si n g l e te n a n t acc o u n tin g for m or e th a n 5% A c t u a l : B aa2 A c t u a l : B aa2 I m p li ed : B aa3 A c t u a l : B aa1 A c t u a l : B aa1 A c t u a l : B aa3 A c t u a l : A a1 A c t u a l : A2 A c t u a l : B a3 R ep r e s en ts I n v e st m en t - G r ade Te n an t ( 2) ( 3) A c t u a l : NR
Globa l Footprint, Local Execution G N L ’ s geograph ic a ll y d iv erse portfol i o c omb i ne s g l oba l sc a l e w i th l oca l e x pe r t is e. Spanning mu l t i p l e region s , the Compan y be li e v e s i t is po s i t i oned to respo n d to un i que mar k et d y nam i cs , opt i m i z e v a l ue, and mana g e ri s k. G N L engage s d i rect l y w i th tenant s to s upport operat i ona l need s and l on g - ter m ob j e c t iv e s , s tructur i ng c u s tom i z ed s o l ut i on s that dri v e s tab i li t y , s u s ta i nab l e gro w th, and l a s t i ng v a l ue. Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 18 Rea l E s tate Portfo l io Uni t ed Sta t es / Canada | 76 . 2 % o f T o t a l SLR Sou t heas t – 1 8 . 3% P ac i f i c S o u t h w est – 8.0% M i d w es t – 2 2 . 2% N or t h e ast – 7.1% M i d - A t l a n t i c – 1 1 . 7% P ac i f i c N or t h w est – 0.7% Sou t h w es t – 7.6% C a n a d a – 0.7% E uro p e | 2 3 . 8 % of T ota l S LR U n i t e d K i n g d o m – 9.0% Franc e – 1.4% N ethe r l a n ds – 4.3% C h a n n e l I s l a n ds – 1.4% F i n l a n d – 3.2% L u x embour g – 1.4% G er m a n y – 2.6% It a l y – 0.5% No te : Da ta a s o f S ep t e m be r 30 , 2026.
Dr i ving Leasing Momentum Through Active Asset Management Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 19 Rea l E s tate Portfo l i o Q3’2 6 S i n g l e - T en a nt Le a sin g an d R e ne w al A ct i v i ty Rene w als Completed 10 Q3 2026 SLR Rene w al Sprea d (1) 4.9% Str a ig h t - Li n e Re n t on Re n e w als $1 0 .4 mi l lion S q ua r e Fe e t on Re n e w als 840,173 W eighted A v erage Lease T erm on Rene w als 5.2 Y ears E x ecuted a 1 0 - y e a r l e as e e x tensio n w ith Refres c o in Q 3'26 at t he i r ~ 17 0 ,00 0 - sq u ar e - fo o t d i s t rib u tion facil i t y , w ith a 15.7% SL R ren e w a l spre ad E x ec u te d ~37, 0 0 0 sq u ar e fe e t of re n e w a l s acr o ss f o u r Do l l a r Ge n er a l l o cati o ns i n Q3'2 6 , w ith a n 8.0 % S L R re n e w a l spr e ad E x ec u te d a 5 - y e a r l e as e re n e w a l w ith T ract o r S u p p l y i n Q 3' 2 6 a t th e ir ~ 2 6 ,0 0 0 - sq u ar e - fo o t stor e , w it h a 4. 5% S L R r e ne w a l s p r e ad No te : Lea s i ng a ct i v i ty f r o m 7 / 1 / 2 026 th r ough 9 / 3 0 / 2 026 and e x c l ude s p r ope r t i e s c u rr en t l y unde r L O I and P SA . 1 . Ca l c u l a t e d u s i ng S t r a i gh t - L i ne Re n t.
1 . 2% 2 . 9% 6 . 7% 11 . 4% 6 . 7% 43 . 9% 0 . 0 % 1 . 3 % 2 . 0 % 1 . 4 % 2 . 0% 8 . 6% 2 . 1 % 1 . 8 % 1 . 8 % 1 . 9% 0 . 6% 3 . 7% 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 31+ L e as e Mat u rit y Sc h e d u l e b y Pro p ert y T y p e (% of L e as e d SF) I n d u s tr i a l a n d D i s tr i b u t i o n Re t a i l O f f i ce At t ractive Leas e Maturity Schedu le Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 20 Rea l E s tate Portfo l i o No te : Da ta a s o f S ep t e m be r 30 , 2026. 1 . W e ig h t e d a v e r age r e m a i n i ng l ea s e te r m i n y ea r s i s ba s ed o n s q ua r e f e e t a s o f S ep t e m be r 30 , 2026. 6.3 Y ears Weighted A v era g e Re m aini n g Le a s e T er m ( 1) 3.3% 56.2% 6.0% 10.6% 14.6% 9.3% Sta b l e , l o n g - ter m , si n g l e - te n a n t n e t l e as e d ass e ts res u lts i n a f av o ra b l e l e as e m at u rity sch e d u le
T op F i v e I ndu st ri a l & D i st ri bu t ion T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : Baa2 U .S. / C a n a d a 5 . 0% A c t u a l : B a 3 U . S. 2 . 9% I m p li ed : B aa 3 U.S. 2 . 3% A c t u a l : B aa 2 U.S. 2 . 2% A c t u a l : B aa 1 U.S. 2 . 0% T op 5 T ena n t s 8 0 .0 % I G Rate d ( 2 ) ( 3) 14.4% Industria l & Distributi o n Overview Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 21 Un i t e d St a t es 85% Un i t e d K ingdom 4% E u r ope 10 % Ca n ada 1% Ge o gr a p h ic Bre a kd o w n (% of T ot a l S L R) 5 1% T o t a l P ort f oli o (1) 219 P rop e rti e s 31.9M S qua r e F e et 1 1% CP I I n c r e as e s (1) 9 5% L e ased 6.7 Y ears W A LT 5 9% I G T e n a n t s (1) 9 3% Rent E sca l a t o rs (1) 1.8% A v e r a g e A nnua l R ental Incr e a s e (1) 1.2 % 2.9 % 6.7% 11.4% 6.7% 43.9% 2 0 26 2 0 27 2 0 28 2 0 29 2 0 30 2 0 3 1+ L e as e Mat u rit y Sc h e d u l e (% of SF) 6 . 7 Y ear s W eight e d A v erage Lease T erm No te : P o r t fo li o M e t r i cs a s o f S ep t e m be r 30 , 2026. 1 . B a s ed o n a nnua li z ed S L R. R e f e r to S L R de f i n i t i on i n c l uded i n f o o t n o t e s on s l i de 16 . 2 . Re fe r t o In v e st m en t G r ade Ra t i ng de f i n i t i on i n c l uded i n t h e foo t n o t e s on s l i de 15. 3 . Ca l c u l a t e d b y a dd i ng t h e In v e st m en t G r ade t e nan ts’ p e r c en t a ge o f S L R and d i v i d i ng b y the t o t a l S L R pe r c en t a ge o f t h e t o p f i v e t e nan ts. Rea l E s tate Portfo l io
T op F i v e R eta i l T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : Baa3 U .S. 2 . 3% A c t u a l : B aa 1 U.S. 2 . 0% A c t u a l : NR U.K. 2 . 0% I m p li ed : B aa 3 U.S. 1 . 8% I m p li ed : B a 2 U.S. 1 . 3% T op 5 T ena n t s 6 4 .9 % I G Rate d ( 2 ) ( 3) 9.4% 0.0 % 1.3% 2.0 % 1 . 4 % 2.0% 8.6% 2 0 26 2 0 27 2 0 28 2 0 29 2 0 30 2 0 3 1+ L e as e Mat u rit y Sc h e d u l e (% of S F) Retai l Overview Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 22 Rea l E s tate Portfo l i o U n i t e d Stat es 84% Un i t e d K ingdom 11% E u r ope 5% Ge o gr a p h ic Bre a kd o w n (% of T ot a l S L R) 2 6% T o t a l P ort f oli o (1) 568 P rop e rti e s 6.6M S qua r e F e et $ 1 14M S LR 9 7% L e ased 6.5 Y ears W A LT 5 4% I G T e n a n t s (1) 7 8% Rent E sca l a t o rs (1) 1.1% A v e r a g e A nnua l R ental Incr e a s e (1) 6 . 5 Y ear s W eight e d A v erage Lease T erm No te : P o r t fo li o M e t r i cs a s o f S ep t e m be r 30 , 2026. 1 . B a s ed o n annua li z ed S L R. R e f er to S L R de f i n i t i on i n c l uded i n f o o t n o t e s on s l i de 16 . 2 . Re fe r t o In v e st m en t G r ade Ra t i ng de f i n i t i on i n c l uded i n t h e foo t n o t e s on s l i de 15. 3 . Ca l c u l a t e d b y a dd i ng t h e In v e st m en t G r ade t e nan ts’ p e r c en t a ge o f S L R and d i v i d i ng b y the t o t a l S L R pe r c en t a ge o f t h e t o p f i v e t e nan ts.
T op F i v e Off i ce T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : A2 N e t h e r l a n ds 2 . 7% A c t u a l : A a 1 U.S. 2 . 3% A c t u a l : A Lu x e m bou rg 1 . 4% A c t u a l : B a 1 U.S. 1 . 2% I m p li ed : B aa 2 U.S. 1 . 2% T op 5 T ena n t s 8 6 .4 % I G Rate d ( 3 ) ( 4) 8.8% O f fice Overview Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 23 Rea l E s tate Portfo l io U n i t e d Stat es 47% E u r ope 36% U n i t e d Ki n g d om 17% Ge o gr a p h ic Bre a kd o w n (% of T ot a l S L R) 2 3% T o t a l P ort f oli o (1) 48 P rop e rti e s 5.1M S qua r e F e et $99M S LR 9 8% L e ased 8 2% I G T e n a n t s (1) 1.3% A v e r a g e A nnua l R ental Incr e a s e (1) 8 2% Rent E sca l a t o rs (1) 6 5% M i s s ion Cr i ti c a l (2) 2.1 % 1.8 % 1.8 % 1.9% 0.6% 3.7% 2 0 26 2 0 27 2 0 28 2 0 29 2 0 30 2 0 3 1+ L e as e Mat u rit y Sc h e d u l e (% of SF) 3 . 4 Y ear s W eight e d A v erage Lease T erm No te : P o r t fo li o M e t r i cs a s o f S ep t e m be r 30 , 2026. 1 . B a s ed o n a nnua li z ed S L R. R e f e r to S L R de f i n i t i on i n c l uded i n f o o t n o t e s on s l i de 16 . 2 . M i ss i on c r i t i c a l i n c l ude s HQ, Lab , and R & D f a c ili t i e s and i s c a l c u l a t e d ba s ed o n s q ua r e fee t . 3 . Re fe r t o In v e st m en t G r ade Ra t i ng de f i n i t i on i n c l uded i n t h e foo t n o t e s on s l i de 15. 4 . Ca l c u l a t e d b y a dd i ng t h e In v e st m en t G r ade t e nan ts’ p e r c en t a ge o f S L R and d i v i d i ng b y the t o t a l S L R pe r c en t a ge o f t h e t o p f i v e t e nan ts.
Executive T eam: Leading Wi t h E xperience . Executing With Discipline. M i c h a e l W e il Chi e f E x e c u ti v e O f f icer & P resi d e nt O v e r 20 y ea rs o f e x pe r i en c e le a d in g pub l i c RE I T s a nd re a l es t a t e pl a t f or m s, m a n a g i n g nea r l y $30 b i l l i on a cross hea lt h c a re, ret a i l , o f f ic e , and in d u str i a l a ss e ts , and g u idi n g o r g an i z a ti on s t h ro u g h m e r g e rs & a c q u is i ti on s, I P Os , a nd in te rn a l i z a ti o ns Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 24 Leader s h ip C h ri s M as ter s o n Chi e f F i nan cial O f f icer O v e r 20 y ea rs o f f in a n c e and a cc oun ti ng e x pe r i en c e , includi ng se n io r le a d er shi p as C F O o f m u ltipl e pub l i c RE I T s, w it h p r i o r e x pe r i en c e a t G o ld m a n S a c h s and KP MG Jess e G a l l o w ay E x e c u ti v e V ice P resi d en t & G e ne ral Co u n s el O v e r 25 y ea rs o f le g a l and e x e c u ti v e e x pe r i en c e r e p r es e n t i n g m aj o r r e a l es t a t e c o m pa n i e s and f in a n ci a l ins t it u ti on s, incl ud in g 10 y ea rs a s G e ne ral Co u n s e l and 15 y ea rs i n p r i v a t e p rac t ice Or i Kr a v el Chi e f O p e rati n g O f f icer O v e r 15 y ea rs o f e x pe r i en c e in c o rp o rat e str a t e g y , c ap it a l m arkets, a n d o p era t io n s w it h in t h e pub l i c RE I T s e ct o r , ha v in g e x e c u t e d o v e r $ 15 b i l l i on in c ap it a l m a rke t s tr a n s a cti o n s and $30 b i l l i on in M & A tr a n s a cti ons Jas on S l e ar E x e c u ti v e V ice P resi d ent O v e r 20 y ea rs o f e x pe r i en c e in a c q u is i ti on s, d isp o sitio n s, a n d le a s i n g , w ith a track rec o rd o f s ou rc i n g and closi n g m o re t h an $10 b i l l i on in sin g l e - t e nan t ne t le a s e tr a n s a cti on s and o v e r 1 0 m i l l i on s q ua re f ee t o f le a sin g a cti v ity
Board of Dire c tors: Partnerin g with Management. Focused on Shareholders. Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 25 Leader s h ip R o b Kauf f m an No n - E x e c u ti v e Ch a i r pe rso n C o - f o u nd er o f Fort r ess I n v es t m e n t G r o u p a n d pre v io u s l y w orke d as a M ana g in g D i rec t o r a t UB S , a P r i n cip a l a t B lackR o ck F i nan cial and a t Leh m a n B rot h e rs M . The r ese A n t one I n dep en d en t D i rec t or C ur r e n tl y ser v es as C h a nc e l l o r o f S a l v e R e g in a U ni v ers i t y , a p o s i tio n s he ha s he ld sinc e he r appo i n tm e n t in 2009 , and a s Co m m iss i o ne r o f t h e Rh o de Isl and E t h ics Co m m iss i on Li s a Kabni ck I n dep en d en t D i rec t or R e t i r e d P a r t n er a t T r o u t m a n P e p p er H a m i l t o n S a n d e r s L L P , a n d h a s also s e r v ed a s a m e m b e r o f t h e B oa rd o f D i rec t o rs o f T he P h i l ad e l p h i a In qu i r e r sinc e 2015 L e s l ie M i c h e l s on I n dep en d en t D i rec t or C ur r e n tl y ser v es as L e a d I n d e p e nden t D i r ec t or o f F r a n k l in B S P L e n d i n g Cor p o rati o n and f o r me r l y he ld t h e po sitio n o f Ch a i r m an and CE O o f P r i v a t e H ea lt h M ana g e m en t , I n c. M i c h a e l W e il D i rec t or Chi e f E x e c u ti v e O f f icer o f Gl oba l Ne t Lea s e , I n c. , si n c e 2023 , and a m e m b er o f t h e B o ard o f D i r ec t ors sinc e 2012 . P re v io u sl y s e r v ed a s CE O o f T he Nec e ssit y Re ta i l RE I T a nd a s P resi d en t o f t h e B oa rd o f D i rec t o rs o f t h e Re a l E st a t e I n v e st m en t S e c u r i ti e s A ss o cia t io n (n o w A DI SA) M i c h a e l J .U. M onah an I n dep en d en t D i rec t or Cur r en tl y s e r v e s a s a V ice Ch a i r a t CBRE , w he re he ha s w o rke d f o r m o re t h a n 2 5 y e a r s, a n d pre v io u s l y h e ld po sitio n s a t J one s Lan g W oo t to n and Cus h m a n & W a k e f i e ld S tanl e y P e rla I n dep en d en t D i rec t or P re v io u sl y s e r v ed a s a m e m be r o f t h e B oa rd o f D i rec t o rs and Ch a i r o f t h e A u dit C o m m itt e e o f M a d i s o n H arb o r B a la n c e d S tr a t e g ies , I n c. , a nd is a f o r me r P a rt n e r a t E rns t & Y oun g , w he re he w o rke d f o r 35 y ea rs L e on C. Ri c h a rd s on I n dep en d en t D i rec t or F o und e r , P resi d e n t , and Chi e f O p e rati n g O f f icer o f T he Ch e m ic o G r o u p , o n e o f t h e la r g es t m in o r it y - o w ned c he m ical m ana ge m e n t and d istr i bu ti o n c o m pan i e s in t h e U. S . , a n d a lso s e r v e s o n t h e S t e l l an tis A d v isor y Co u n ci l and t h e GM I n clusi on B oa rd
Financ i al Defin i tions N o n - G A A P F i nan c i a l M eas ur es T h i s pre s en t a t i o n i n c l u de s v ar i o u s per f or m an c e i n d i c a t or s and no n - G A A P f i n an c i a l m ea s ure s t ha t w e u s e t o he l p u s e v a l u a t e our p e r f or m an c e , ab il i t y t o i n c ur and s er v i c e deb t, f i n an c i a l c ond i t i o n and re s u l ts o f opera t i o n s . T he s e no n - G A A P f i n an c i a l m ea s u r e s in c lu d e Fu n d s f r o m O p e r a t io n s (“ FFO ”) , C o r e Fu n d s f r o m O p e r a t io n s (“C o r e FFO ”) , A d ju st ed Fu n d s f r o m O p e r a t io n s (“ A F F O ” ) , A d ju st ed E a r n in g s be f o r e I n t e r e st, Ta x e s, D ep r e c ia t io n and A m o r t i z a t io n (“ A d ju st ed EB I T D A ”) , N e t O p e r a t in g I n c o m e (“N O I ”) , C a s h N e t O p e r a t in g I n c o m e (“C a s h N O I ”) and C a s h P a id f o r I n t e r e st. W h i l e N O I i s a p r ope r t y - le v e l m ea s u r e , A FFO i s ba s ed on t o t a l C o m pan y pe r f o r m an c e and t he r e f o r e r e f le cts t he i m pa ct o f o t he r i t e m s no t s pe c i f i c a l l y a ss o c ia t ed w i t h N O I s u c h a s, in t e r e st e x pen s e , gene r a l and ad m ini st r a t i v e e x pen s e s and ope r a t in g f ee s t o r e la t ed pa r t ie s. A dd i t io n a l l y , N O I doe s no t r e f le ct an ad ju st m en t f o r st r a ig h t - l i ne r en t, bu t A FFO doe s in c lu d e t h i s ad ju st m en t. FFO , C o r e FFO , A FFO, A d ju st ed EB I T D A , N O I and C a s h N O I and p r o f o r m a p r e s en t a t io n s o f t he f o r ego in g a r e f in a n c ial m ea s u r e s t ha t a r e c a l c u la t ed and p r e s en t ed on t he ba s i s o f m e t hodo lo g ie s o t he r t han in a cc o r dan c e w i t h gene r a l l y a cc ep t ed a cc oun t in g p r in c ipl e s in t he U n i t ed S t a t e s o f A m e r i c a (“ GA A P ”) . D e f ini t io n s o f s u c h no n - GA A P m ea s u r e s c an be f ound in t he C o m pa n y ’ s Q 3 2026 ea r n in g s r e le a s e f o r t he qua r t e r ended S ep t e m be r 30 , 2026 , f u r n i s hed a s e x h ibi t 99 . 1 t o t he C u rr en t R epo r t on Fo r m 8 - K f i l ed b y Gl oba l N e t Lea s e , I n c. ( t he “C o m pan y ” o r “ G N L ”) on N o v e m be r 4 , 2026 . R e c on c i l ia t io n s o f s u c h no n - GA A P m ea s u r e s f o r Q 3 2026 t o t he ir n e a r e st c o m pa r ab le GA A P m ea s u r e s c an be f ound in t he A ppend i x f ound w i t h in . A n y no n - GA A P f in a n c ial m ea s u r e s u s ed in t h i s p r e s en t a t io n a r e in add i t io n t o , and no t m ean t t o be c on s id er ed s upe r io r t o , o r a s ub st i t u t e f o r , G N L ’ s f in a n c ial st a t e m en ts p r epa r ed in a cc o r dan c e w i t h GA A P . A dd i t io n a l in f o r m a t io n w i t h r e s pe ct t o t he C o m pan y i s c on t a in e d in i ts f i l in g s w i t h t he SE C and i s a v a i l ab le a t t he SE C ' s w eb s i t e , www .s e c. go v , and on t he C o m pan y ’ s w e b s i t e , h tt p s:// www . g lo b a ln e t le a s e .c o m / . C a u t i on on U se o f N o n - G A A P M eas ur es FF O , C ore FF O , AFF O , Adj u s t ed E BI T D A , N O I, C a s h N O I and C a s h Pai d f or I n t ere s t s hou l d no t be c on s t rued t o be m ore re l e v an t o r a cc ura t e t han t he c urren t G A A P m e t hodo l o g y i n c a l c u l a t i n g ne t i n c o m e or i n i ts app li c ab il i t y i n e v a l u a t i n g our ope r a t in g pe r f o r m an c e . Th e m e t hod u t i l i z ed t o e v a lu a t e t he v a lu e and pe r f o r m an c e o f r ea l e st a t e unde r GA A P s hou ld be c on st r u e d a s a m o r e r e le v an t m ea s u r e o f ope r a t io n a l pe r f o r m an c e and c on s id er ed m o r e p r o m in e n t l y t han t he no n - GA A P m ea s u r e s. O t he r R E I T s m a y no t de f in e FFO in a cc o r dan c e w i t h t he c u rr en t N a t io n a l A ss o c ia t io n o f R ea l E st a t e I n v e st m en t T ru sts (“N A R E I T ” ) d e f ini t io n ( a s w e do ) o r m a y in t e r p r e t t he c u rr en t N A R E I T de f ini t io n d i ff e r en t l y t han w e do o r m a y c a l c u la t e C o r e FFO o r A FFO d i ff e r en t l y t han w e do . C on s equen t l y , ou r p r e s en t a t io n o f FFO , C o r e FFO and A FFO m a y no t be c o m pa r ab le t o o t he r s i m i l ar l y - t i t le d m ea s u r e s p r e s en t ed b y o t he r R E I T s . W e c on s id er FFO , C o r e FFO and A FFO u s e f u l in d i c a t o r s o f ou r pe r f o r m an c e . B e c au s e FFO , C o r e FFO and A FFO c a l c u la t io n s e x c lu d e s u c h f a ct o r s a s dep r e c ia t io n and a m o r t i z a t io n o f r ea l e st a t e a ss e ts and ga in o r lo ss f r o m s a le s o f ope r a t in g r ea l e st a t e a ss e ts ( w h i c h c an v a r y a m ong o w ne r s o f id e n t i c a l a ss e ts in s i m i l a r c ond i t io n s ba s ed on h i s t o r i c a l c o st a cc oun t in g and u s e f u l - l i f e e st i m a t e s ) , FFO , C o r e FFO and A FFO p r e s en t a t io n s f a c i l i t a t e c o m pa r i s on s o f ope r a t in g pe r f o r m an c e be t w een pe r io d s and be t w een o t he r R E I T s in ou r pee r g r oup . Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 26 App e nd ix
No n - GAA P Reco n cil i ations (A m oun t s i n t h ou s and s ) T h re e M o n th s En ded 3 0 - S ep - 26 Ne t l o s s $ ( 56 , 8 80) De p r e c i a t i on and a m o rt i z a t i o n 43 , 5 57 I n t e re s t e x p e n s e 3 8 , 8 10 I n c o m e t a x ( b ene f i t) e x pen s e ( 1 , 5 59) EBITDA 23 , 9 28 I m pa i r m en t c ha r ge s 58 , 1 88 E qu i t y - ba s ed c o m pen s a t i o n 3 , 8 20 M e r ge r, tr a n s a c t i on and o t h e r c o s ts 5 , 3 34 Lo ss on d i s po s i t i o n s o f r ea l e s t a t e i n v e s t m en ts 1 , 6 14 G a i n on de r i v a t i v e i n s tr u m en ts ( 256) Unr e a li z ed ga i n s on unde s i gna t e d f o r e i gn c u rr e n c y ad v an c e s and o t h e r hedge i ne f fe c t i v ene s s ( 2 , 5 60) Lo ss on e x t i ngu i s h m en t and m od i f ic a t i o n o f deb t 206 O t h er i n c o m e (4 9 1) W r i t e o f f s o f s tr a i gh t - li n e r en t 364 Di s c on t i nue d ope r a t i on s ad j u s t m en ts ( 2 , 4 43) A d j u s t e d EBITDA 87 , 7 04 G ene r a l and ad m i n i s tr a t i v e 11 , 1 93 W r i t e o f f s o f s tr a i gh t - li n e r en t ( 364) Di s c on t i nue d ope r a t i on s ad j u s t m en ts — N O I 98 , 5 33 A m o rt i z a t i on o f abo v e - and be l o w - m a r k e t l ea s e s and g r ound l ea s e i n t a ng i b l e s and r i gh t - o f - u s e a ss e t s , ne t 1 , 1 23 Str a i gh t - li ne r en t ( 1 , 0 82) Ca s h N O I 98 , 5 74 Ca s h P a i d for I nt e re s t: I n t e r e s t E x pen s e c on t i nu i ng ope r a t i on s $38 , 8 10 No n - c a s h po rt i on o f i n t e r e s t e x pen s e ( 2 , 2 83) A m o rt i z a t i on o f d i sc oun t s on m o rt g age s and s en i o r no t e s ( 7 , 7 58) T o t a l Ca s h P a i d for I nt e re s t $28 , 7 69 Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 27 App e nd ix
No n - GAA P Reco n cil i ations (A m oun t s i n t h ou s and s , e xc ep t pe r s ha r e da t a ) T h re e M o n th s En ded 3 0 - S ep - 26 Ne t l o ss a t t r i bu t a b l e t o c o mm on s t o ck ho l d e r s ( i n a cc o r dan c e w i t h G A AP) $ ( 67 , 1 29) I m pa i r m en t c ha r ge s 58 , 1 88 De p r e c i a t i on and a m o rt i z a t i o n 43 , 5 57 Lo ss on d i s po s i t i o n s o f r ea l e s t a t e i n v e s t m en ts 1 , 6 14 Di s c on t i nue d ope r a t i on s F F O a d j u s t m en ts ( 2 , 2 26) Pr opo rt i ona t e s ha r e o f ad j u s t m en t s f o r non c on tr o ll i ng i n t e r e s t t o a rr i v e a t F F O ( 1 , 2 22) F F O ( a s d e fi n e d b y N A REIT) a ttrib u t a b le to s to c k h o l de rs 32 , 7 82 M e r ge r, tr a n s a c t i on and o t h e r c o s ts 5 , 3 34 Lo ss on e x t i ngu i s h m en t and m od i f ic a t i o n o f deb t 206 Pr opo rt i ona t e s ha r e o f ad j u s t m en t s f o r non c on tr o ll i ng i n t e r e s t t o a rr i v e a t Cor e F F O ( 67) Core F F O a ttrib u t a b le to s to c k h o l de rs 38 , 2 55 No n - c a s h equ i t y - ba s ed c o m pen s a t i o n 3 , 8 20 No n - c a s h po rt i on o f i n t e r e s t e x pen s e 2 , 2 83 A m o rt i z a t i on r e l a t e d t o a bo v e - and be l o w - m a r k e t l ea s e i n t a ng i b l e s and r i gh t - o f - u s e a ss e t s , ne t 1 , 1 23 Str a i gh t - li ne r en t ( 1 , 0 82) Unr e a li z ed ga i n s on unde s i gna t e d f o r e i gn c u rr e n c y ad v an c e s and o t h e r hedge i ne f fe c t i v ene s s ( 2 , 5 60) E l i m i na t e un r ea li z ed ga i n s on f o r e i gn c u rr e n c y tr a n s a c t i on s ( 1 ) ( 654) Am o rt i z a ti o n o f di sc o u n t s o n m or t g a g es a n d s e n i or n o t e s 7 , 7 58 E l i m i na t e ga i n s r e l a t e d t o m u l t i - t e nan t d i s po s i t i o n r e c e i v ab l e ( 2 ) ( 208) F o rf e i t e d d i s po s i t i on depo s i t ( 3 ) ( 300) Pr opo rt i ona t e s ha r e o f ad j u s t m en t s f o r non c on tr o ll i ng i n t e r e s t t o a rr i v e a t AF F O ( 123) A d j u s t e d fu n d s fro m o p e rat i o n s ( A F F O ) a ttrib u t a b le to c o m m o n s to c k h o l de rs $48 , 3 12 W e i g ht e d - a v e ra ge s h a re s o u t s t a n d i n g – Ba s i c a n d Dil u t e d 221 , 1 33 Ne t l o ss pe r s ha r e a t t r i bu t a b l e t o c o mm on s ha r eho l d e rs $ ( 0 . 3 1) F F O p e r s ha re $0 . 15 Cor e F F O p e r s ha re $0 . 17 AF F O p e r s ha re $0 . 22 D i v i d e n ds d ec l ar e d t o C o m m o n Sto c k h o l d e rs $ 4 0 , 4 35 Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 28 App e nd ix 1 . F o r A FF O pu r po s e s, w e ad j u st f o r un r ea li z ed ga i n s and l o ss e s. F o r t h e th r ee m on t h s ended S ep t e m be r 30 , 2026 , t h e g a i n on d e r i v at i v e i n st r u m en ts w a s $0 . 3 m illi on , w h i c h c on s i st e d o f un r ea li z ed ga i n s o f $0 . 7 m illi on and r ea li z ed l o ss e s o f $0 . 4 m illi on. 2 . Re p r e s en ts ad j u st m en ts t o t h e fa i r v a l ue o f t h e e m bedded de r i v a t i v e f e a t u r e o f t h e m u l t i - t e nan t d i s po s i t i on r e c e i v ab l e . W e do n o t c on s i de r t h e s e ad j u st m en ts t o be i nd i c a t i v e o f ou r no r m a l ope r a t i ng pe r f or m an c e and h a v e , a cc o r d i ng l y, de c r ea s ed A FF O f o r t h i s a m oun t. 3 . A m oun t r e c o r ded i n o t h e r i n c o m e i n ou r c o n s o li da t e d st a t e m en t o f ope r a t i on s. W e do n o t c on s i de r th i s i n c o m e t o b e pa r t o f ou r no r m a l ope r a t i ng pe r f o r m an c e a nd h a v e , a cc o r d i ng l y, de c r ea s ed A FF O f or t h i s a m oun t.