Global Net Lease (NYSE: GNL) posts Q1 2026 results and Modiv acquisition
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Global Net Lease, Inc. reported first‑quarter 2026 results and announced a major industrial acquisition. Revenue from tenants was $109.3 million versus $132.4 million a year earlier, mainly due to prior asset sales. Net loss attributable to common stockholders narrowed to $16.0 million from $200.3 million.
AFFO was $43.9 million, or $0.21 per share, compared with $66.2 million, or $0.29 per share, in first quarter 2025. The company entered a definitive agreement to acquire Modiv Industrial in an all‑stock deal with an enterprise value of about $535 million, expected to be immediately 4% accretive to AFFO per share and leverage‑neutral. GNL highlighted balance sheet progress, including $1.3 billion net debt reduction since first quarter 2025, liquidity of $911.1 million, and a portfolio 97% leased. Full‑year 2026 AFFO per share guidance of $0.80–$0.84 and Net Debt to Adjusted EBITDA guidance of 6.5x–6.9x were reaffirmed.
Positive
- Accretive industrial acquisition and balance sheet progress: GNL agreed to acquire Modiv Industrial in an approximately $535 million all‑stock transaction expected to be immediately 4% accretive to AFFO per share and leverage‑neutral, while also reporting $1.3 billion of net debt reduction year‑over‑year and liquidity of $911.1 million.
Negative
- None.
Insights
Deleveraging continues while GNL pivots toward industrial growth via the Modiv deal.
Global Net Lease shows mixed first‑quarter 2026 results: revenue from tenants fell to $109.3 million from $132.4 million, and AFFO per share declined to $0.21 from $0.29, reflecting large prior dispositions including the $1.8 billion multi‑tenant retail sale in 2025.
At the same time, leverage and liquidity metrics improved. Net debt declined by $1.3 billion year over year to about $2.4 billion, liquidity reached $911.1 million, and Net Debt to Adjusted EBITDA was 7.2x, with guidance targeting 6.5x–6.9x. G&A savings of $16 million annually and a 25% year‑over‑year reduction in annualized G&A to $49 million support margins.
The planned acquisition of Modiv Industrial, valued around $535 million, is expected to be immediately 4% accretive to AFFO per share and structured to be leverage‑neutral within the 6.5x–6.9x range. Management expects it to increase exposure to long‑duration industrial leases with average terms of 15.0 years and 2.4% average annual rent escalations. Actual benefits will depend on the transaction closing in the third quarter 2026 and on subsequent integration and capital recycling.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue from tenants: $109.3 million
Net loss attributable to common stockholders: $16.0 million
AFFO: $43.9 million ($0.21 per diluted share)
+5 more
8 metrics
Revenue from tenants
$109.3 million
Three months ended March 31, 2026; vs. $132.4 million in 2025
Net loss attributable to common stockholders
$16.0 million
Three months ended March 31, 2026; vs. $200.3 million loss in 2025
AFFO
$43.9 million ($0.21 per diluted share)
Three months ended March 31, 2026; vs. $66.2 million ($0.29) in 2025
Modiv Industrial enterprise value
$535 million
All‑stock acquisition, fixed exchange ratio 1.975, 4% AFFO accretion expected
Net debt
$2.4 billion
As of March 31, 2026; reduced by $1.3 billion since Q1 2025
Liquidity
$911.1 million
As of March 31, 2026; includes $785.6 million revolver availability
AFFO per share guidance
$0.80–$0.84
Full‑year 2026 guidance reaffirmed; excludes Modiv acquisition benefit
Portfolio occupancy
97%
As of March 31, 2026; weighted‑average lease term 5.9 years
Key Terms
Adjusted Funds from Operations (AFFO), Funds from Operations (FFO), Net Debt to Adjusted EBITDA, Cash Net Operating Income (Cash NOI), +2 more
6 terms
Adjusted Funds from Operations (AFFO) financial
"Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share"
Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.
Funds from Operations (FFO) financial
"NAREIT defined FFO attributable to common stockholders was $28,086"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Net Debt to Adjusted EBITDA financial
"Net Debt to Adjusted EBITDA was 7.2x"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
Cash Net Operating Income (Cash NOI) financial
"Cash NOI was $96,787 for the three months ended March 31, 2026"
weighted average lease term financial
"weighted-average remaining lease term (years) is based on square feet as of March 31, 2026"
Weighted average lease term is the average remaining length of all leases in a property or group of properties, calculated so leases that pay more rent count more than small ones. It matters to investors because a longer weighted average lease term means steadier, more predictable rental income and less near-term risk of vacancies or renegotiations—think of it like the average remaining time on a group of paid subscriptions, weighted by subscription size.
investment grade or implied investment grade financial
"64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants"
Earnings Snapshot
Revenue from tenants: $109.3 million · Guidance included
Q1 2026
Revenue from tenants
$109.3 million
down from $132.4 million in Q1 2025
Net loss attributable to common stockholders
$16.0 million
improved from $200.3 million loss in Q1 2025
AFFO per diluted share
$0.21
down from $0.29 in Q1 2025
Portfolio occupancy
97%
up from 95% in first quarter 2025
Guidance
Full-year 2026 AFFO per share guidance of $0.80–$0.84 and Net Debt to Adjusted EBITDA of 6.5x–6.9x, excluding Modiv acquisition effects.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
____________________________________________________________________________________________________________ __________________________________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (332 ) 265-2020
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 5, 2026, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively.
Item 7.01. Regulation FD Disclosure.
Press Release and Supplemental Information
As disclosed in Item 2.02 above, on May 5, 2026, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
The statements in this Current Report on Form 8-K that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv transaction, 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 May 5, 2026 | |||||||
99.2 | Quarterly supplemental information for the quarter ended March 31, 2026 | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Global Net Lease, Inc.
Date: May 5, 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 FIRST QUARTER 2026 RESULTS
–Closed Plus Disposition Pipeline Totaling $132 Million, of Which 68% Are Office Sales, Further Advancing Strategic Reduction in Office Exposure
–Reduced Net Debt by $1.3 Billion Year-Over-Year; Increased Liquidity to $911 Million and Revolving Credit Facility Capacity to $1.5 Billion
–Decreased Annualized G&A Expense by 25% Year-Over-Year, Representing $16 Million in Savings
–Entered Into Definitive Merger Agreement to Acquire Modiv Industrial in $535 Million All-Stock Transaction
–Immediate 4% Accretion Expected to AFFO in Leverage-Neutral Transaction
–Reports Q1’26 AFFO Per Share of $0.21 and Reaffirms Full-Year Guidance, Including AFFO Per Share Guidance of $0.80 to $0.84; GNL to Update Guidance Upon Closing of Modiv Acquisition
New York, May 5, 2026 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), 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, announced today its financial and operating results for the quarter ended March 31, 2026.
Acquisition of Modiv Industrial, Inc.
•GNL has entered into a definitive merger agreement to acquire Modiv Industrial, Inc. (“Modiv”) in an all-stock transaction with a fixed exchange ratio of 1.975, to lock in the 4% accretion, at an enterprise value of approximately $535 million
•Transaction, once closed, is expected to be immediately 4% accretive to AFFO per share, and is structured to be leverage-neutral within GNL’s stated guidance range of 6.5x to 6.9x to maintain GNL’s balance sheet strength and preserve financial flexibility
•Once closed, expected to expand GNL’s exposure to high-quality industrial assets, supported by a 15.0 year weighted average lease term1, 2.4% average annual rent escalations2, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants3
•Transaction is expected to close in third quarter of 2026, subject to customary closing conditions
First Quarter 2026 Highlights
•Revenue was $109.3 million, compared to $132.4 million in first quarter 2025, primarily reflecting the impact of asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale in 2025
•Net loss attributable to common stockholders was $16.0 million, compared to a net loss of $200.3 million in first quarter 2025
•Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share, compared to $66.2 million in first quarter 2025, or $0.29 per share
•Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $1.3 billion since first quarter of 2025
•Increased liquidity to $911.1 million and Revolving Credit Facility capacity to $1.5 billion in first quarter 2026, compared to $499.1 million and $1.4 billion, respectively, in first quarter 2025
•Year-to-date closed plus disposition pipeline totaling $132 million5, of which 68% is comprised of office sales, further advancing the Company’s strategic initiative to reduce its office exposure; sales include $38 million of occupied assets closed or under contract at a 7.9% cash cap rate6, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
•Repurchased 19.7 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.05, for a total of $158.2 million as of May 1, 2026; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026
•Building on the successful repositioning of the portfolio, including the $1.8 billion multi-tenant retail portfolio sale, GNL lowered its annualized G&A expense by 25% year-over-year to $49 million, down from $65 million in first quarter 2025, reflecting the benefits of portfolio simplification and operational efficiencies
•Increased portfolio occupancy to 97% compared to 95% in first quarter 2025, with office occupancy increasing to 99% in first quarter 2026 compared to 95% in first quarter of 2025
•Leased over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, resulting in over $1.6 million of new straight-line rent
•Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
•Reduced capital expenditures to $1.6 million in the first quarter 2026 from $9.8 million in the first quarter 2025, reflecting a more streamlined portfolio and supporting enhanced cash flow
•Sector-leading tenant quality with 64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants7, an increase from 60% in first quarter 2025
“GNL’s performance in the first quarter of 2026 builds on our accomplishments in 2025, a pivotal year in which we meaningfully reduced leverage, reinforced our credit profile, and elevated the overall quality of our portfolio,” said Michael Weil, CEO of GNL. “In 2026, we are focused on capitalizing on our strong foundation and positioning to advance our focus on growth through redeployment of disposition proceeds. We are already making tangible progress in selectively reducing our office exposure, including the pending sale of a GSA-leased asset at a 7.2% cash cap rate, while redeploying proceeds into single-tenant industrial and retail investments, such as a net lease industrial asset occupied by a Fortune 50 company at an 8.2% cash cap rate, that enhance the quality and earnings power of our portfolio. The Modiv transaction reflects this same disciplined approach, bringing, following the close, a high-quality industrial net lease portfolio into GNL in a transaction that is expected to be immediately accretive and structured as leverage neutral. We believe this acquisition will accelerate our transition to earnings growth in 2026, as we move beyond our deleveraging initiative while continuing to strategically reduce our office exposure."
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Full Year 2026 Guidance8
GNL reaffirms its full-year 2026 guidance. This guidance excludes the anticipated benefit from the Modiv transaction, which will be addressed and updated upon closing.
| 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 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 of Results
| Three Months Ended March 31, | ||||||||||||||
| (In thousands, except per share data) | 2026 | 2025 | ||||||||||||
| Revenue from tenants | $ | 109,286 | $ | 132,415 | ||||||||||
| Net loss attributable to common stockholders | $ | (16,014) | $ | (200,315) | ||||||||||
| Net loss per diluted common share | $ | (0.08) | $ | (0.87) | ||||||||||
| NAREIT defined FFO attributable to common stockholders | $ | 28,086 | $ | 32,961 | ||||||||||
| NAREIT defined FFO per diluted common share | $ | 0.13 | $ | 0.14 | ||||||||||
| AFFO attributable to common stockholders | $ | 43,896 | $ | 66,220 | ||||||||||
| AFFO per diluted common share | $ | 0.21 | $ | 0.29 | ||||||||||
Property Portfolio
As of March 31, 2026, GNL’s portfolio of 809 net lease properties is comprised of approximately 40 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 5.9 years9
•87% of the portfolio contains contractual rent increases based on annualized straight-line rent
•64% of portfolio’s annualized straight-line rent is derived from investment grade and implied investment grade rated tenants
•74% U.S. and Canada, 26% Europe (based on annualized straight-line rent)
•47% Industrial & Distribution, 27% Retail and 26% Office (based on an annualized straight-line rent)
Capital Structure and Liquidity Resources10
As of March 31, 2026, the Company had liquidity of $911.1 million, and $1.5 billion11 of capacity under its Revolving Credit Facility, compared to $499.1 million and $1.4 billion, respectively, as of the end of first quarter 2025. The Company had net debt of $2.4 billion12, including $1.3 billion of gross mortgage debt as of March 31, 2026 and Net Debt to Adjusted EBITDA was 7.2x.
As of March 31, 2026, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 99%. The Company’s total combined debt had a weighted average interest rate of 4.1%, resulting in an interest coverage ratio of 3.0 times13. Weighted-average debt maturity was 2.7 years as of March 31, 202614.
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Footnotes/Definitions
1 Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
2 Metric based on annual base rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.
3 Investment Grade 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 or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated and 22% implied investment grade rated.
4 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.
5 Year-to-date disposition pipeline totaling $132 million as of May 1, 2026. Closed plus active disposition pipeline includes $75 million of closed sales and $57 million under signed purchase and sale agreements (“PSA”). There can be no assurances that the transactions under such PSA will be consummated on the above terms, if at all.
6 Excludes dark properties.
7 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 or a guarantor. Ratings information is as of March 31, 2026. Comprised of 33.5% leased to tenants with an actual investment grade rating and 30.9% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of March 31, 2026.
8 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.
9 Weighted-average remaining lease term in years is based on square feet as of March 31, 2026.
10 During the three months ended March 31, 2026, the Company did not sell any shares of Common Stock through its Common Stock “at-the-market” program. However, as of May 1, 2026, the Company had repurchased 19.7 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $158.2 million; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026.
11 Liquidity represents the aggregate amount of cash and cash equivalents and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of March 31, 2026 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $785.6 million of availability under the Revolving Credit Facility and $125.5 million of cash and cash equivalents as of March 31, 2026.
12 Comprised of the principal amount of GNL's outstanding debt totaling $2.6 billion less cash and cash equivalents totaling $125.5 million, as of March 31, 2026.
13 The interest coverage ratio is calculated by dividing Adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less non-cash portion of interest expense). 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.
14 Assumes we exercise both 6-month extension options on our Revolving Credit Facility.
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Conference Call
GNL Management will be participating in the Wells Fargo 29th Annual Real Estate Securities Conference in Charleston, South Carolina, on Wednesday, May 6th, where the team will spend the day meeting with various investors, and therefore GNL will host its first quarter 2026 earnings call on Thursday, May 7th.
GNL will host a webcast and conference call on May 7, 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: 13759488
*Available from 2:00 p.m. ET on May 7, 2026 through August 7, 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, including the Modiv 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 (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Global Net Lease, Inc.
Consolidated Balance Sheets (Unaudited)
(Amounts in thousands)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Real estate investments, at cost: | ||||||||||||||
| Land | $ | 648,558 | $ | 659,086 | ||||||||||
| Buildings, fixtures and improvements | 3,534,839 | 3,592,121 | ||||||||||||
| Construction in progress | 3,630 | 2,993 | ||||||||||||
| Acquired intangible lease assets | 503,278 | 523,406 | ||||||||||||
| Total real estate investments, at cost | 4,690,305 | 4,777,606 | ||||||||||||
| Less accumulated depreciation and amortization | (976,371) | (966,982) | ||||||||||||
| Total real estate investments, net | 3,713,934 | 3,810,624 | ||||||||||||
| Real estate assets held for sale | 19,914 | 49,654 | ||||||||||||
| Assets related to discontinued operations | — | 348 | ||||||||||||
| Cash and cash equivalents | 125,479 | 180,114 | ||||||||||||
| Restricted cash | 11,979 | 13,949 | ||||||||||||
| Derivative assets, at fair value | 1,223 | 7 | ||||||||||||
| Unbilled straight-line rent | 72,969 | 72,919 | ||||||||||||
| Operating lease right-of-use asset | 61,868 | 63,362 | ||||||||||||
| Prepaid expenses and other assets | 56,516 | 60,415 | ||||||||||||
| Multi-tenant disposition receivable, net | 22,013 | 27,934 | ||||||||||||
| Deferred tax assets | 5,139 | 5,167 | ||||||||||||
| Goodwill | 45,628 | 45,898 | ||||||||||||
| Deferred financing costs, net | 15,638 | 16,812 | ||||||||||||
| Total Assets | $ | 4,152,300 | $ | 4,347,203 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 1,222,275 | $ | 1,264,604 | ||||||||||
| Revolving credit facility | 290,006 | 324,165 | ||||||||||||
| Senior notes, net | 934,020 | 928,169 | ||||||||||||
| Acquired intangible lease liabilities, net | 16,714 | 17,501 | ||||||||||||
| Derivative liabilities, at fair value | 1,727 | 5,298 | ||||||||||||
| Accounts payable and accrued expenses | 29,162 | 43,821 | ||||||||||||
| Operating lease liability | 40,634 | 41,429 | ||||||||||||
| Prepaid rent | 26,718 | 28,254 | ||||||||||||
| Deferred tax liability | 17,518 | 17,796 | ||||||||||||
| Dividends payable | 11,570 | 11,718 | ||||||||||||
| Real estate liabilities held for sale | 64 | 60 | ||||||||||||
| Liabilities related to discontinued operations | 641 | 890 | ||||||||||||
| Total Liabilities | 2,591,049 | 2,683,705 | ||||||||||||
| 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 | 3,450 | 3,490 | ||||||||||||
| Additional paid-in capital | 4,213,160 | 4,249,018 | ||||||||||||
| Accumulated other comprehensive income | 12,993 | 22,169 | ||||||||||||
| Accumulated deficit | (2,668,592) | (2,611,419) | ||||||||||||
| Total Stockholders’ Equity | 1,561,251 | 1,663,498 | ||||||||||||
| Total Liabilities and Equity | $ | 4,152,300 | $ | 4,347,203 | ||||||||||
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Global Net Lease, Inc.
Consolidated Statements of Operations (Unaudited)
(Amounts in thousands, except share and per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenue from tenants | $ | 109,286 | $ | 132,415 | ||||||||||
| Expenses: | ||||||||||||||
| Property operating | 12,925 | 13,953 | ||||||||||||
| Impairment charges | 11,115 | 60,315 | ||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,579 | ||||||||||||
| General and administrative | 12,144 | 16,203 | ||||||||||||
| Equity-based compensation | 4,042 | 3,093 | ||||||||||||
| Depreciation and amortization | 41,612 | 56,334 | ||||||||||||
| Goodwill impairment | — | 7,134 | ||||||||||||
| Total expenses | 86,225 | 158,611 | ||||||||||||
| Operating income (loss) before gain on dispositions of real estate investments | 23,061 | (26,196) | ||||||||||||
| Gain (loss) on dispositions of real estate investments | 7,879 | (1,678) | ||||||||||||
| Operating income (loss) | 30,940 | (27,874) | ||||||||||||
| Other income (expense): | ||||||||||||||
| Interest expense | (39,191) | (53,437) | ||||||||||||
| Loss on extinguishment and modification of debt | (1,707) | (418) | ||||||||||||
| Gain (loss) on derivative instruments | 3,065 | (3,856) | ||||||||||||
| Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness | — | (6,351) | ||||||||||||
| Other income | 174 | 48 | ||||||||||||
| Total other expense, net | (37,659) | (64,014) | ||||||||||||
| Net loss before income tax | (6,719) | (91,888) | ||||||||||||
| Income tax provision | (1,642) | (3,280) | ||||||||||||
| Loss from continuing operations | (8,361) | (95,168) | ||||||||||||
| Income (loss) from discontinued operations | 3,283 | (94,211) | ||||||||||||
| Net loss | (5,078) | (189,379) | ||||||||||||
| Preferred stock dividends | (10,936) | (10,936) | ||||||||||||
| Net loss attributable to common stockholders | $ | (16,014) | $ | (200,315) | ||||||||||
| Basic and Diluted Loss Per Share: | ||||||||||||||
| Net loss per share from continuing operations | $ | (0.09) | $ | (0.46) | ||||||||||
| Net income (loss) per share from discontinued operations | 0.01 | (0.41) | ||||||||||||
| Net loss per share attributable to common stockholders — Basic and Diluted | $ | (0.08) | $ | (0.87) | ||||||||||
| Weighted average shares outstanding — Basic and Diluted | 214,040 | 230,264 | ||||||||||||
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(Amounts in thousands)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Adjusted EBITDA | ||||||||||||||
| Net loss | $ | (5,078) | $ | (189,379) | ||||||||||
| Depreciation and amortization | 41,612 | 56,334 | ||||||||||||
| Interest expense | 39,191 | 53,437 | ||||||||||||
| Income tax expense | 1,642 | 3,280 | ||||||||||||
| Discontinued operations adjustments | — | 47,219 | ||||||||||||
| EBITDA | 77,367 | (29,109) | ||||||||||||
| Impairment charges | 11,115 | 60,315 | ||||||||||||
| Equity-based compensation | 4,042 | 3,093 | ||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,579 | ||||||||||||
| (Gain) loss on dispositions of real estate investments | (7,879) | 1,678 | ||||||||||||
| (Gain) loss on derivative instruments | (3,065) | 3,856 | ||||||||||||
| Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness | — | 6,351 | ||||||||||||
| Loss on extinguishment and modification of debt | 1,707 | 418 | ||||||||||||
| Other income | (174) | (48) | ||||||||||||
Goodwill impairment [1] | — | 7,134 | ||||||||||||
| Write offs of straight-line rent | 2 | — | ||||||||||||
| Discontinued operations adjustments | (3,283) | 83,149 | ||||||||||||
| Adjusted EBITDA | 84,219 | 138,416 | ||||||||||||
| Net operating income (NOI) | ||||||||||||||
| General and administrative | 12,144 | 16,203 | ||||||||||||
| Write offs of straight-line rent | (2) | — | ||||||||||||
| Discontinued operations adjustments | — | 1,255 | ||||||||||||
NOI | 96,361 | 155,874 | ||||||||||||
| Amortization related to above- and below- market lease intangibles and right-of-use assets, net | 1,106 | 160 | ||||||||||||
| Straight-line rent | (680) | (5,235) | ||||||||||||
Cash NOI | $ | 96,787 | $ | 150,799 | ||||||||||
| Cash Paid for Interest: | ||||||||||||||
| Interest Expense - continuing operations | $ | 39,191 | $ | 53,437 | ||||||||||
| Interest Expense - discontinued operations | — | 17,457 | ||||||||||||
| Non-cash portion of interest expense | (2,260) | (2,486) | ||||||||||||
| Amortization of discounts on mortgages and senior notes | (9,041) | (13,960) | ||||||||||||
| Total cash paid for interest | $ | 27,890 | $ | 54,448 | ||||||||||
_____________
[1] This is a non-cash item and is added back as it is not considered indicative of operating performance.
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(Amounts in thousands, except per share data)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net loss attributable to stockholders (in accordance with GAAP) | $ | (16,014) | $ | (200,315) | ||||||||||
| Impairment charges | 11,115 | 60,315 | ||||||||||||
| Depreciation and amortization | 41,612 | 56,334 | ||||||||||||
| (Gain) loss on dispositions of real estate investments | (7,879) | 1,678 | ||||||||||||
| Discontinued operations FFO adjustments | (748) | 114,949 | ||||||||||||
| FFO (defined by NAREIT) | 28,086 | 32,961 | ||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,579 | ||||||||||||
| Loss on extinguishment and modification of debt | 1,707 | 418 | ||||||||||||
| Discontinued operations Core FFO adjustments | — | 9 | ||||||||||||
Core FFO attributable to common stockholders | 34,180 | 34,967 | ||||||||||||
| Non-cash equity-based compensation | 4,042 | 3,093 | ||||||||||||
| Non-cash portion of interest expense | 2,260 | 2,486 | ||||||||||||
| Amortization related to above- and below-market lease intangibles and right-of-use assets, net | 1,106 | 160 | ||||||||||||
| Straight-line rent | (680) | (5,235) | ||||||||||||
| Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness | — | 6,351 | ||||||||||||
Eliminate unrealized (gains) losses on foreign currency transactions [1] | (3,517) | 3,304 | ||||||||||||
| Amortization of discounts on mortgages and senior notes | 9,041 | 13,960 | ||||||||||||
Goodwill impairment [2] | — | 7,134 | ||||||||||||
Eliminate gains related to multi-tenant disposition receivable [3] | (2,536) | — | ||||||||||||
| Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 43,896 | $ | 66,220 | ||||||||||
| Net loss per share attributable to common stockholders | $ | (0.08) | $ | (0.87) | ||||||||||
| FFO per diluted common share | $ | 0.13 | $ | 0.14 | ||||||||||
| Core FFO per diluted common share | $ | 0.16 | $ | 0.15 | ||||||||||
| AFFO per diluted common share | $ | 0.21 | $ | 0.29 | ||||||||||
| Dividends declared to common stockholders | $ | 41,159 | $ | 64,027 | ||||||||||
__________
[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2026, gain on derivative instruments was $3.1 million, which consisted of unrealized gains of $3.5 million and realized losses of $0.4 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 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 this amount.
GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
The following table provides operating financial information for the Company’s reportable segments:
| Three Months Ended March 31, | ||||||||||||||
| (In thousands) | 2026 | 2025 | ||||||||||||
| Industrial & Distribution: | ||||||||||||||
| Revenue from tenants | $ | 49,184 | $ | 58,009 | ||||||||||
| Property operating expense | 5,257 | 5,257 | ||||||||||||
| Net Operating Income | $ | 43,927 | $ | 52,752 | ||||||||||
| Retail: | ||||||||||||||
| Revenue from tenants | $ | 29,546 | $ | 36,958 | ||||||||||
| Property operating expense | 3,674 | 3,906 | ||||||||||||
| Net Operating Income | $ | 25,872 | $ | 33,052 | ||||||||||
| Office: | ||||||||||||||
| Revenue from tenants | $ | 30,556 | $ | 37,448 | ||||||||||
| Property operating expense | 3,994 | 4,790 | ||||||||||||
| Net Operating Income | $ | 26,562 | $ | 32,658 | ||||||||||
GlobalNetLease.com (332) 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 (332) 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 acquisition, 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 certain other expenses 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 (332) 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 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 acquisition, 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 (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019
EXHIBIT 99.2
Global Net Lease, Inc.
Supplemental Information
Quarter ended March 31, 2026 (unaudited)
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (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, including the Modiv transaction, 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 March 31, 2026 (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.
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| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (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 acquisition, 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 certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid For Interest
We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are
Supplemental Information 4 Global Net Lease, Inc.
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| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
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 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 acquisition, 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 March 31, 2026 (Unaudited) | ||||||||
Key Metrics
As of and for the three months ended March 31, 2026
(Amounts in thousands, except per share data, ratios and percentages)
| Financial Results | ||||||||
| Revenue from tenants | $ | 109,286 | ||||||
| Net loss attributable to common stockholders | $ | (16,014) | ||||||
Basic and diluted net loss per share attributable to common stockholders [1] | $ | (0.08) | ||||||
Cash NOI [2] | $ | 96,787 | ||||||
Adjusted EBITDA [2] | $ | 84,219 | ||||||
AFFO attributable to common stockholders [2] | $ | 43,896 | ||||||
Dividends per share - first quarter [3] | $ | 0.19 | ||||||
| Dividend yield - annualized, based on quarter end share price | 8.1 | % | ||||||
| Balance Sheet and Capitalization | ||||||||
Gross asset value [4] | $5,128,671 | |||||||
Net debt [5] [6] | $2,438,811 | |||||||
Total consolidated debt [6] | $2,564,290 | |||||||
| Total assets | $4,152,300 | |||||||
Liquidity [7] | $911,099 | |||||||
Common shares outstanding as of March 31, 2026 | 212,033 | |||||||
| Net debt to gross asset value | 47.6 | % | ||||||
Net debt to annualized adjusted EBITDA [8] | 7.2 | x | ||||||
Weighted-average interest rate cost [9] | 4.1 | % | ||||||
Weighted-average debt maturity (years) [10] | 2.7 | |||||||
Interest Coverage Ratio [11] | 3.0 | x | ||||||
| Real Estate Portfolio | ||||||||
| Number of properties | 809 | |||||||
| Square footage (millions) | 40.3 | |||||||
| Leased | 97 | % | ||||||
Weighted-average remaining lease term (years) [12] | 5.9 | |||||||
_________
[1]Adjusted for net income attributable to common stockholders for common share equivalents.
[2]This Non-GAAP metric is reconciled below..
[3]Represents quarterly dividend per share rate based off the annualized dividend rate of $0.76.
[4]Defined as total assets plus accumulated depreciation and amortization as of March 31, 2026.
[5]Represents total debt outstanding of $2.6 billion, less cash and cash equivalents of $125.5 million as of March 31, 2026.
[6]Excludes the effect of discounts and deferred financing costs, net.
[7]Liquidity includes $785.6 million of availability under the credit facility and $125.5 million of cash and cash equivalents as of March 31, 2026.
[8]Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended March 31, 2026 multiplied by four.
[9]The weighted average interest rate cost is based on the outstanding principal balance of the debt.
[10]The weighted average debt maturity is based on the outstanding principal balance of the debt.
[11]The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less the non-cash portion of interest expense). 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 March 31, 2026 (Unaudited) | ||||||||
Consolidated Balance Sheets
(Amounts in thousands)
| March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Real estate investments, at cost: | ||||||||||||||
| Land | $ | 648,558 | $ | 659,086 | ||||||||||
| Buildings, fixtures and improvements | 3,534,839 | 3,592,121 | ||||||||||||
| Construction in progress | 3,630 | 2,993 | ||||||||||||
| Acquired intangible lease assets | 503,278 | 523,406 | ||||||||||||
| Total real estate investments, at cost | 4,690,305 | 4,777,606 | ||||||||||||
| Less accumulated depreciation and amortization | (976,371) | (966,982) | ||||||||||||
| Total real estate investments, net | 3,713,934 | 3,810,624 | ||||||||||||
| Real estate assets held for sale | 19,914 | 49,654 | ||||||||||||
| Assets related to discontinued operations | — | 348 | ||||||||||||
| Cash and cash equivalents | 125,479 | 180,114 | ||||||||||||
| Restricted cash | 11,979 | 13,949 | ||||||||||||
| Derivative assets, at fair value | 1,223 | 7 | ||||||||||||
| Unbilled straight-line rent | 72,969 | 72,919 | ||||||||||||
| Operating lease right-of-use asset | 61,868 | 63,362 | ||||||||||||
| Prepaid expenses and other assets | 56,516 | 60,415 | ||||||||||||
| Multi-tenant disposition receivable, net | 22,013 | 27,934 | ||||||||||||
| Deferred tax assets | 5,139 | 5,167 | ||||||||||||
| Goodwill | 45,628 | 45,898 | ||||||||||||
| Deferred financing costs, net | 15,638 | 16,812 | ||||||||||||
| Total Assets | $ | 4,152,300 | $ | 4,347,203 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Mortgage notes payable, net | $ | 1,222,275 | $ | 1,264,604 | ||||||||||
| Revolving credit facility | 290,006 | 324,165 | ||||||||||||
| Senior notes, net | 934,020 | 928,169 | ||||||||||||
| Acquired intangible lease liabilities, net | 16,714 | 17,501 | ||||||||||||
| Derivative liabilities, at fair value | 1,727 | 5,298 | ||||||||||||
| Accounts payable and accrued expenses | 29,162 | 43,821 | ||||||||||||
| Operating lease liability | 40,634 | 41,429 | ||||||||||||
| Prepaid rent | 26,718 | 28,254 | ||||||||||||
| Deferred tax liability | 17,518 | 17,796 | ||||||||||||
| Dividends payable | 11,570 | 11,718 | ||||||||||||
| Real estate liabilities held for sale | 64 | 60 | ||||||||||||
| Liabilities related to discontinued operations | 641 | 890 | ||||||||||||
| Total Liabilities | 2,591,049 | 2,683,705 | ||||||||||||
| 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 | 3,450 | 3,490 | ||||||||||||
| Additional paid-in capital | 4,213,160 | 4,249,018 | ||||||||||||
| Accumulated other comprehensive income | 12,993 | 22,169 | ||||||||||||
| Accumulated deficit | (2,668,592) | (2,611,419) | ||||||||||||
| Total Stockholders’ Equity | 1,561,251 | 1,663,498 | ||||||||||||
| Total Liabilities and Equity | $ | 4,152,300 | $ | 4,347,203 | ||||||||||
Supplemental Information 7 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||
| Revenue from tenants | $ | 109,286 | $ | 116,953 | $ | 121,013 | $ | 124,905 | ||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||||
| Property operating | 12,925 | 12,566 | 12,669 | 12,018 | ||||||||||||||||||||||
| Impairment charges | 11,115 | 31,972 | 55,433 | 9,812 | ||||||||||||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,458 | 1,623 | 2,002 | ||||||||||||||||||||||
| General and administrative | 12,144 | 13,377 | 11,834 | 11,339 | ||||||||||||||||||||||
| Equity-based compensation | 4,042 | 3,024 | 3,059 | 3,338 | ||||||||||||||||||||||
| Depreciation and amortization | 41,612 | 44,439 | 44,780 | 45,636 | ||||||||||||||||||||||
| Goodwill impairment | — | — | — | — | ||||||||||||||||||||||
| Total expenses | 86,225 | 106,836 | 129,398 | 84,145 | ||||||||||||||||||||||
| Operating income (loss) before gain (loss) on dispositions of real estate investments | 23,061 | 10,117 | (8,385) | 40,760 | ||||||||||||||||||||||
| Gain (loss) on dispositions of real estate investments | 7,879 | 100,625 | (5,797) | 1,537 | ||||||||||||||||||||||
| Operating income (loss) | 30,940 | 110,742 | (14,182) | 42,297 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest expense | (39,191) | (42,626) | (45,307) | (53,348) | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | (1,707) | (2,335) | (4,121) | (4,348) | ||||||||||||||||||||||
| Gain (loss) on derivative instruments | 3,065 | (268) | 2,271 | (8,823) | ||||||||||||||||||||||
| Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness | — | — | 31 | (6,324) | ||||||||||||||||||||||
| Other income | 174 | 780 | 1,820 | 1,683 | ||||||||||||||||||||||
| Total other expense, net | (37,659) | (44,449) | (45,306) | (71,160) | ||||||||||||||||||||||
| Net (loss) income before income tax | (6,719) | 66,293 | (59,488) | (28,863) | ||||||||||||||||||||||
| Income tax expense | (1,642) | (12,434) | (3,092) | (2,995) | ||||||||||||||||||||||
| (Loss) income from continuing operations | (8,361) | 53,859 | (62,580) | (31,858) | ||||||||||||||||||||||
| Income (loss) from discontinued operations | 3,283 | (5,678) | 2,464 | 7,715 | ||||||||||||||||||||||
| Net (loss) income | (5,078) | 48,181 | (60,116) | (24,143) | ||||||||||||||||||||||
| Preferred stock dividends | (10,936) | (10,936) | (10,935) | (10,936) | ||||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (16,014) | $ | 37,245 | $ | (71,051) | $ | (35,079) | ||||||||||||||||||
| Basic and Diluted Loss Per Share: | ||||||||||||||||||||||||||
| Net (loss) income per share from continuing operations | $ | (0.09) | $ | 0.19 | $ | (0.33) | $ | (0.19) | ||||||||||||||||||
| Net income (loss) per share from discontinued operations | 0.01 | (0.03) | 0.01 | 0.03 | ||||||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic and Diluted | $ | (0.08) | $ | 0.16 | $ | (0.32) | $ | (0.16) | ||||||||||||||||||
| Weighted average shares outstanding — Basic and Diluted | 214,040 | 219,056 | 220,891 | 222,960 | ||||||||||||||||||||||
Supplemental Information 8 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Non-GAAP Measures
(Amounts in thousands)
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||
| Net (loss) income | $ | (5,078) | $ | 48,181 | $ | (60,116) | $ | (24,143) | ||||||||||||||||||
| Depreciation and amortization | 41,612 | 44,439 | 44,780 | 45,636 | ||||||||||||||||||||||
| Interest expense | 39,191 | 42,626 | 45,307 | 53,348 | ||||||||||||||||||||||
| Income tax expense | 1,642 | 12,434 | 3,092 | 2,995 | ||||||||||||||||||||||
| Discontinued operations adjustments | — | — | — | 6,375 | ||||||||||||||||||||||
| EBITDA | 77,367 | 147,680 | 33,063 | 84,211 | ||||||||||||||||||||||
| Impairment charges | 11,115 | 31,972 | 55,433 | 9,812 | ||||||||||||||||||||||
| Equity-based compensation | 4,042 | 3,024 | 3,059 | 3,338 | ||||||||||||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,458 | 1,623 | 2,002 | ||||||||||||||||||||||
| (Gain) loss on dispositions of real estate investments | (7,879) | (100,625) | 5,797 | (1,537) | ||||||||||||||||||||||
| (Gain) loss on derivative instruments | (3,065) | 268 | (2,271) | 8,823 | ||||||||||||||||||||||
| Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness | — | — | (31) | 6,324 | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | 1,707 | 2,335 | 4,121 | 4,348 | ||||||||||||||||||||||
| Other income | (174) | (780) | (1,820) | (1,683) | ||||||||||||||||||||||
| Write offs of straight-line rent | 2 | 384 | 3,216 | 68 | ||||||||||||||||||||||
| Discontinued operations adjustments | (3,283) | 5,637 | (3,056) | (2,279) | ||||||||||||||||||||||
| Adjusted EBITDA | 84,219 | 91,353 | 99,134 | 113,427 | ||||||||||||||||||||||
| General and administrative | 12,144 | 13,377 | 11,834 | 11,339 | ||||||||||||||||||||||
| Write offs of straight-line rent | (2) | (384) | (3,216) | (68) | ||||||||||||||||||||||
| Discontinued operations adjustments | — | 13 | 101 | 1,395 | ||||||||||||||||||||||
| NOI | 96,361 | 104,359 | 107,853 | 126,093 | ||||||||||||||||||||||
| Amortization related to above- and below-market lease intangibles and right-of-use assets, net | 1,106 | 1,088 | 1,147 | 1,232 | ||||||||||||||||||||||
| Straight-line rent | (680) | (777) | 3,433 | (2,959) | ||||||||||||||||||||||
| Cash NOI | $ | 96,787 | $ | 104,670 | $ | 112,433 | $ | 124,366 | ||||||||||||||||||
| Cash Paid for Interest: | ||||||||||||||||||||||||||
| Interest Expense - continuing operations | $ | 39,191 | $ | 42,626 | $ | 45,307 | $ | 53,348 | ||||||||||||||||||
| Interest Expense - discontinued operations | — | — | — | 6,374 | ||||||||||||||||||||||
| Non-cash portion of interest expense | (2,260) | (1,961) | (2,681) | (2,499) | ||||||||||||||||||||||
| Amortization of discounts on mortgages and senior notes | (9,041) | (8,833) | (8,640) | (14,609) | ||||||||||||||||||||||
| Total cash paid for interest | $ | 27,890 | $ | 31,832 | $ | 33,986 | $ | 42,614 | ||||||||||||||||||
Supplemental Information 9 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Non-GAAP Measures
(Amounts in thousands, except per share data)
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||
| Funds from operations (FFO): | ||||||||||||||||||||||||||
| Net loss attributable to common stockholders (in accordance with GAAP) | $ | (16,014) | $ | 37,245 | $ | (71,051) | $ | (35,079) | ||||||||||||||||||
| Impairment charges | 11,115 | 31,972 | 55,433 | 9,812 | ||||||||||||||||||||||
| Depreciation and amortization | 41,612 | 44,439 | 44,780 | 45,636 | ||||||||||||||||||||||
| (Gain) loss on dispositions of real estate investments | (7,879) | (100,625) | 5,797 | (1,537) | ||||||||||||||||||||||
| Discontinued operations FFO adjustments | (748) | 71 | (1,214) | (33,232) | ||||||||||||||||||||||
| FFO (as defined by NAREIT) attributable to common stockholders | 28,086 | 13,102 | 33,745 | (14,400) | ||||||||||||||||||||||
| Acquisition, transaction and other costs | 4,387 | 1,458 | 1,623 | 2,002 | ||||||||||||||||||||||
| Loss on extinguishment and modification of debt | 1,707 | 2,335 | 4,121 | 4,348 | ||||||||||||||||||||||
| Discontinued operations Core FFO adjustments | — | 2 | — | 15,172 | ||||||||||||||||||||||
| Core FFO attributable to common stockholders | 34,180 | 16,897 | 39,489 | 7,122 | ||||||||||||||||||||||
| Non-cash equity-based compensation | 4,042 | 3,024 | 3,059 | 3,338 | ||||||||||||||||||||||
| Non-cash portion of interest expense | 2,260 | 1,961 | 2,681 | 2,499 | ||||||||||||||||||||||
| Amortization related to above and below-market lease intangibles and right-of-use assets, net | 1,106 | 1,088 | 1,147 | 1,232 | ||||||||||||||||||||||
| Straight-line rent | (680) | (777) | 3,433 | (2,959) | ||||||||||||||||||||||
| Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness | — | — | (31) | 6,324 | ||||||||||||||||||||||
Eliminate unrealized (gains) losses on foreign currency transactions [1] | (3,517) | (792) | (3,421) | 7,177 | ||||||||||||||||||||||
| Amortization of discounts on mortgages and senior notes | 9,041 | 8,833 | 8,640 | 14,609 | ||||||||||||||||||||||
Eliminate deferred tax expense related to the disposition of the McLaren Campus [2] | — | 12,741 | — | — | ||||||||||||||||||||||
Eliminate (gains) losses related to multi-tenant disposition receivable [3] | (2,536) | 5,541 | (1,834) | 13,766 | ||||||||||||||||||||||
| Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 43,896 | $ | 48,516 | $ | 53,163 | $ | 53,108 | ||||||||||||||||||
| Weighted average common shares outstanding — Basic and Diluted | 214,040 | 219,056 | 220,891 | 222,960 | ||||||||||||||||||||||
| Net (loss) income per share attributable to common stockholders | $ | (0.08) | $ | 0.16 | $ | (0.32) | $ | (0.16) | ||||||||||||||||||
| FFO per diluted common share | $ | 0.13 | $ | 0.06 | $ | 0.15 | $ | (0.06) | ||||||||||||||||||
| Core FFO per diluted common share | $ | 0.16 | $ | 0.08 | $ | 0.18 | $ | 0.03 | ||||||||||||||||||
| AFFO per diluted common share | $ | 0.21 | $ | 0.22 | $ | 0.24 | $ | 0.24 | ||||||||||||||||||
| Dividends declared to common stockholders | $ | 41,159 | $ | 42,055 | $ | 42,366 | $ | 43,429 | ||||||||||||||||||
_________
[1]For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2026, the gain on derivative instruments was $3.1 million, which consisted of unrealized gains of $3.5 million and realized losses of $0.4 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 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.
[2]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.
[3]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 March 31, 2026 (Unaudited) | ||||||||
Debt Overview
As of March 31, 2026
| 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 (remainder) | 63 | 0.1 | 3.8 | % | $ | 94,539 | ||||||||||||||||||||||||||
| 2027 | 8 | 1.6 | 4.4 | % | 130,560 | |||||||||||||||||||||||||||
| 2028 | 108 | 2.3 | 4.0 | % | 270,935 | |||||||||||||||||||||||||||
| 2029 | 112 | 3.1 | 4.8 | % | 645,066 | |||||||||||||||||||||||||||
| 2030 | — | — | — | % | — | |||||||||||||||||||||||||||
| Thereafter | 71 | 5.1 | 3.2 | % | 133,184 | |||||||||||||||||||||||||||
| Total Non-Recourse Debt | 362 | 2.8 | 4.4 | % | 1,274,284 | 50 | % | |||||||||||||||||||||||||
| Recourse Debt | ||||||||||||||||||||||||||||||||
| 2027 - 3.75% Senior Notes | 1.7 | 3.8 | % | 500,000 | ||||||||||||||||||||||||||||
| 2028 - 4.50% Senior Notes | 2.5 | 4.5 | % | 500,000 | ||||||||||||||||||||||||||||
2030 [4] - Revolving Credit Facility | 4.4 | [4] | 3.3 | % | 290,006 | |||||||||||||||||||||||||||
| Total Recourse Debt | 2.6 | [4] | 3.9 | % | 1,290,006 | 50 | % | |||||||||||||||||||||||||
| Total Debt | 2.7 | [4] | 4.1 | % | $ | 2,564,290 | 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 March 31, 2026, the Company’s total combined debt was 99% fixed rate or swapped to a fixed rate and 1% floating rate.
[3]Excludes the effect of mortgage discounts and deferred financing costs, net. Current balances as of March 31, 2026 are shown in the year the debt 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 March 31, 2026 (Unaudited) | ||||||||
Future Minimum Lease Rents
As of March 31, 2026
(Amounts in thousands)
Future Minimum Base Rent Payments [1] | ||||||||
| 2026 (remainder) | $ | 291,030 | ||||||
| 2027 | 361,942 | |||||||
| 2028 | 331,758 | |||||||
| 2029 | 279,952 | |||||||
| 2030 | 218,959 | |||||||
| 2031 | 188,698 | |||||||
| Thereafter | 681,015 | |||||||
| Total | $ | 2,353,354 | ||||||
_________
[1]Base rent assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 for illustrative purposes, as applicable.
Supplemental Information 12 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Diversification by Property Type/Segment
As of March 31, 2026
(Amounts in thousands, except percentages)
Based on Annualized Straight-Line Rent:
| Total Portfolio | Unencumbered Portfolio [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property Type/Segment | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | |||||||||||||||||||||||||||||||||||||||||||||
| Industrial & Distribution | $ | 187,485 | 47 | % | 28,211 | 70 | % | $ | 102,317 | 42 | % | 16,541 | 67 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | 109,345 | 27 | % | 6,547 | 16 | % | 63,583 | 26 | % | 4,112 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
| Office | 105,872 | 26 | % | 5,517 | 14 | % | 78,599 | 32 | % | 3,955 | 16 | % | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 402,702 | 100 | % | 40,275 | 100 | % | $ | 244,499 | 100 | % | 24,608 | 100 | % | |||||||||||||||||||||||||||||||||||||||
_________
[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 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/Segment | Annualized Base Rent [1] | Base Rent Percent | Square Feet | Sq. ft. Percent | Annualized Base Rent [1] | Base Rent Percent | Square Feet | Sq. ft. Percent | |||||||||||||||||||||||||||||||||||||||||||||
| Industrial & Distribution | $ | 185,339 | 47 | % | 28,211 | 70 | % | $ | 99,334 | 41 | % | 16,541 | 67 | % | |||||||||||||||||||||||||||||||||||||||
| Retail | 107,498 | 27 | % | 6,547 | 16 | % | 63,562 | 26 | % | 4,112 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
| Office | 105,014 | 26 | % | 5,517 | 14 | % | 78,199 | 33 | % | 3,955 | 16 | % | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 397,851 | 100 | % | 40,275 | 100 | % | $ | 241,095 | 100 | % | 24,608 | 100 | % | |||||||||||||||||||||||||||||||||||||||
_________
[1]Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 as of March 31, 2026 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 March 31, 2026 (Unaudited) | ||||||||
Diversification by Tenant Industry
As of March 31, 2026
(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 | $ | 37,278 | 9 | % | 2,173 | 6 | % | $ | 36,554 | 15 | % | 2,076 | 9 | % | |||||||||||||||||||||||||||||||||||||||
| Freight & Logistics | 30,700 | 8 | % | 4,039 | 10 | % | 20,114 | 8 | % | 2,956 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
| Healthcare | 25,185 | 6 | % | 1,117 | 3 | % | 16,074 | 7 | % | 737 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
| Auto Manufacturing | 22,282 | 6 | % | 3,193 | 8 | % | 4,875 | 2 | % | 691 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
| Consumer Goods | 22,198 | 6 | % | 4,705 | 12 | % | 20,614 | 8 | % | 4,036 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
| Distribution | 17,403 | 4 | % | 1,770 | 5 | % | 7,576 | 3 | % | 944 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
| Aerospace | 16,168 | 4 | % | 1,405 | 4 | % | 2,575 | 1 | % | 151 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
| Discount Retail | 16,155 | 4 | % | 1,880 | 5 | % | 4,829 | 2 | % | 506 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
| Government | 13,480 | 3 | % | 488 | 1 | % | 12,182 | 5 | % | 455 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
| Pharmacy | 13,467 | 3 | % | 549 | 1 | % | 12,822 | 5 | % | 524 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
| Technology | 13,427 | 3 | % | 690 | 2 | % | 9,459 | 4 | % | 546 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
| Home Improvement | 11,744 | 3 | % | 1,987 | 5 | % | 9,838 | 4 | % | 1,721 | 7 | % | |||||||||||||||||||||||||||||||||||||||||
| Retail Banking | 11,713 | 3 | % | 395 | 1 | % | 5,865 | 2 | % | 194 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
| Auto Services | 10,579 | 3 | % | 225 | 1 | % | 1,837 | 1 | % | 94 | — | % | |||||||||||||||||||||||||||||||||||||||||
Other [2] | 140,923 | 35 | % | 14,494 | 36 | % | 79,285 | 33 | % | 7,856 | 34 | % | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 402,702 | 100 | % | 39,110 | 100 | % | $ | 244,499 | 100 | % | 23,487 | 100 | % | |||||||||||||||||||||||||||||||||||||||
_________
[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 for illustrative purposes, as applicable.
[2]Other includes 54 industry types as of March 31, 2026.
[3]Includes properties on the credit facility borrowing base.
Supplemental Information 14 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Top Twenty Tenants
As of March 31, 2026
(Amounts in thousands, except percentages)
| Tenant / Lease Guarantor | Property Type/Segment | Tenant Industry | Annualized SL Rent [1] | SL Rent Percent | ||||||||||||||||||||||
| FedEx | Industrial & Distribution | Freight & Logistics | $ | 22,966 | 5.7 | % | ||||||||||||||||||||
| Whirlpool | Industrial & Distribution | Consumer Goods | 14,688 | 3.6 | % | |||||||||||||||||||||
| Government Services Administration (GSA) | Office | Government | 11,615 | 2.9 | % | |||||||||||||||||||||
| ING Bank | Office | Financial Services | 11,535 | 2.9 | % | |||||||||||||||||||||
| FCA USA | Industrial & Distribution | Auto Manufacturing | 10,147 | 2.5 | % | |||||||||||||||||||||
| Dollar General | Retail | Discount Retail | 9,815 | 2.4 | % | |||||||||||||||||||||
| Broadridge Financial Solutions | Industrial & Distribution | Financial Services | 9,332 | 2.3 | % | |||||||||||||||||||||
| Truist Bank | Retail | Retail Banking | 9,023 | 2.2 | % | |||||||||||||||||||||
| Boots UK Limited | Retail | Pharmacy | 8,518 | 2.1 | % | |||||||||||||||||||||
| The Kroger Co. of Michigan | Industrial & Distribution | Distribution | 8,498 | 2.1 | % | |||||||||||||||||||||
| Finnair | Industrial & Distribution | Aerospace | 8,278 | 2.1 | % | |||||||||||||||||||||
| Fresenius | Retail | Healthcare | 7,969 | 2.0 | % | |||||||||||||||||||||
| Home Depot | Industrial & Distribution | Home Improvement | 7,088 | 1.8 | % | |||||||||||||||||||||
| Deutsche Bank | Office | Financial Services | 6,140 | 1.5 | % | |||||||||||||||||||||
| Tokmanni | Industrial & Distribution | Discount Retail | 5,926 | 1.5 | % | |||||||||||||||||||||
| Crown Crest | Industrial & Distribution | Retail Food Distribution | 5,761 | 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 | 1.2 | % | |||||||||||||||||||||
| Subtotal | 178,088 | 44.2 | % | |||||||||||||||||||||||
| Remaining portfolio | 224,614 | 55.8 | % | |||||||||||||||||||||||
| Total Portfolio | $ | 402,702 | 100 | % | ||||||||||||||||||||||
_________
[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 for illustrative purposes, as applicable.
Supplemental Information 15 Global Net Lease, Inc.
| Global Net Lease, Inc. | ||||||||
| Supplemental Information | ||||||||
Quarter ended March 31, 2026 (Unaudited) | ||||||||
Diversification by Geography — As of March 31, 2026 (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 | $ | 295,335 | 73.4 | % | 30,340 | 75.5 | % | $ | 151,338 | 61.9 | % | 16,130 | 65.4 | % | |||||||||||||||||||||||||||||||||||||||
| Michigan | 51,078 | 12.7 | % | 4,675 | 11.6 | % | 14,343 | 5.9 | % | 1,241 | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Texas | 24,104 | 6.0 | % | 1,843 | 4.6 | % | 12,458 | 5.1 | % | 989 | 4.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Ohio | 23,005 | 5.7 | % | 4,355 | 10.8 | % | 16,383 | 6.7 | % | 3,095 | 12.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Georgia | 15,999 | 4.0 | % | 1,665 | 4.1 | % | 5,886 | 2.4 | % | 869 | 3.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Illinois | 14,029 | 3.5 | % | 1,395 | 3.5 | % | 9,537 | 3.9 | % | 744 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Alabama | 12,256 | 3.0 | % | 1,053 | 2.6 | % | 4,646 | 1.9 | % | 758 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||
| South Carolina | 11,751 | 2.9 | % | 1,471 | 3.7 | % | 6,178 | 2.5 | % | 786 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||
| Tennessee | 10,116 | 2.5 | % | 1,127 | 2.8 | % | 7,022 | 2.9 | % | 591 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||
| North Carolina | 9,639 | 2.4 | % | 1,517 | 3.8 | % | 5,880 | 2.4 | % | 1,195 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||
| Missouri | 9,254 | 2.3 | % | 876 | 2.2 | % | 3,893 | 1.6 | % | 408 | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Florida | 9,221 | 2.3 | % | 428 | 1.1 | % | 3,897 | 1.6 | % | 163 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
| New York | 8,352 | 2.1 | % | 1,049 | 2.6 | % | 3,248 | 1.3 | % | 294 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||
| California | 7,699 | 1.9 | % | 838 | 2.1 | % | 6,410 | 2.6 | % | 731 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Massachusetts | 6,656 | 1.7 | % | 673 | 1.7 | % | 6,656 | 2.7 | % | 673 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Kentucky | 6,338 | 1.6 | % | 630 | 1.6 | % | 3,836 | 1.6 | % | 400 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Pennsylvania | 6,051 | 1.5 | % | 413 | 1.0 | % | 3,133 | 1.3 | % | 94 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
| New Jersey | 5,856 | 1.5 | % | 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 | 0.7 | % | 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 | 1.4 | % | 126 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Minnesota | 3,199 | 0.8 | % | 330 | 0.8 | % | 1,346 | 0.6 | % | 220 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
| Colorado | 3,047 | 0.8 | % | 115 | 0.3 | % | 3,047 | 1.2 | % | 115 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
| West Virginia | 3,014 | 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 | 1.0 | % | 256 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
| Iowa | 2,576 | 0.6 | % | 369 | 0.9 | % | 2,362 | 1.0 | % | 358 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Wisconsin | 2,508 | 0.6 | % | 221 | 0.5 | % | 1,838 | 0.8 | % | 159 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Maine | 2,021 | 0.5 | % | 64 | 0.2 | % | 2,021 | 0.8 | % | 64 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
| North Dakota | 1,923 | 0.5 | % | 193 | 0.5 | % | 1,745 | 0.7 | % | 168 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
| Oklahoma | 1,921 | 0.5 | % | 144 | 0.4 | % | 722 | 0.3 | % | 36 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Virginia | 1,697 | 0.4 | % | 94 | 0.2 | % | 1,071 | 0.4 | % | 64 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
| South Dakota | 1,489 | 0.4 | % | 101 | 0.3 | % | 1,368 | 0.6 | % | 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 | 560 | 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 | 39,097 | 9.7 | % | 3,766 | 9.1 | % | 39,097 | 16.0 | % | 3,766 | 15.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Netherlands | 18,525 | 4.6 | % | 1,007 | 2.5 | % | 18,525 | 7.6 | % | 1,007 | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Finland | 14,206 | 3.5 | % | 1,457 | 3.6 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
| Germany | 10,992 | 2.7 | % | 1,558 | 3.9 | % | 10,992 | 4.5 | % | 1,558 | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||
| France | 7,214 | 1.8 | % | 1,309 | 3.3 | % | 7,214 | 3.0 | % | 1,309 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Luxembourg | 6,140 | 1.5 | % | 156 | 0.4 | % | 6,140 | 2.5 | % | 156 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Channel Islands | 5,953 | 1.5 | % | 114 | 0.3 | % | 5,953 | 2.4 | % | 114 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Canada | 3,000 | 0.7 | % | 372 | 0.9 | % | 3,000 | 1.2 | % | 372 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Italy | 2,240 | 0.6 | % | 196 | 0.5 | % | 2,240 | 0.9 | % | 196 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 402,702 | 100 | % | 40,275 | 100 | % | $ | 244,499 | 100 | % | 24,608 | 100 | % | |||||||||||||||||||||||||||||||||||||||
[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 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 March 31, 2026 (Unaudited) | ||||||||
Lease Expirations
As of March 31, 2026
(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 (Remainder) | 26 | $ | 24,742 | 6.1 | % | 1,737 | 4.4 | % | ||||||||||||||||||||||||
| 2027 | 94 | 34,847 | 8.7 | % | 2,707 | 6.9 | % | |||||||||||||||||||||||||
| 2028 | 131 | 45,542 | 11.3 | % | 4,296 | 11.0 | % | |||||||||||||||||||||||||
| 2029 | 130 | 60,229 | 15.0 | % | 6,220 | 15.9 | % | |||||||||||||||||||||||||
| 2030 | 106 | 46,954 | 11.7 | % | 3,851 | 9.8 | % | |||||||||||||||||||||||||
| 2031 | 69 | 35,859 | 8.9 | % | 5,587 | 14.3 | % | |||||||||||||||||||||||||
| 2032 | 57 | 36,016 | 8.9 | % | 3,712 | 9.5 | % | |||||||||||||||||||||||||
| 2033 | 30 | 28,732 | 7.1 | % | 2,436 | 6.2 | % | |||||||||||||||||||||||||
| 2034 | 28 | 17,858 | 4.4 | % | 1,220 | 3.1 | % | |||||||||||||||||||||||||
| 2035 | 10 | 10,195 | 2.5 | % | 1,216 | 3.1 | % | |||||||||||||||||||||||||
| 2036 | 41 | 9,157 | 2.3 | % | 869 | 2.2 | % | |||||||||||||||||||||||||
| 2037 | 24 | 2,910 | 0.7 | % | 67 | 0.2 | % | |||||||||||||||||||||||||
| 2038 | 36 | 10,003 | 2.5 | % | 1,354 | 3.5 | % | |||||||||||||||||||||||||
| 2039 | 23 | 12,904 | 3.2 | % | 1,642 | 4.2 | % | |||||||||||||||||||||||||
| 2040 | 15 | 4,157 | 1.0 | % | 136 | 0.3 | % | |||||||||||||||||||||||||
| 2041 | 32 | 13,499 | 3.4 | % | 1,169 | 3.0 | % | |||||||||||||||||||||||||
| Thereafter (>2041) | 17 | 9,098 | 2.3 | % | 891 | 2.4 | % | |||||||||||||||||||||||||
| Total | 869 | $ | 402,702 | 100 | % | 39,110 | 100 | % | ||||||||||||||||||||||||
_________
[1]Annualized rental income converted from local currency into USD as of March 31, 2026 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 Q1 2026?
Global Net Lease generated revenue from tenants of $109.3 million in Q1 2026, down from $132.4 million a year earlier. Net loss attributable to common stockholders improved to $16.0 million versus $200.3 million, reflecting fewer impairment charges and prior portfolio repositioning.
What are Global Net Lease’s 2026 guidance targets for AFFO and leverage?
For full‑year 2026, Global Net Lease reaffirmed AFFO per share guidance of $0.80 to $0.84 and a Net Debt to Adjusted EBITDA range of 6.5x to 6.9x. This outlook excludes any additional benefit from the Modiv Industrial acquisition, which will be incorporated after closing.
What is the Modiv Industrial acquisition announced by Global Net Lease?
Global Net Lease entered a definitive agreement to acquire Modiv Industrial, Inc. in an all‑stock transaction with an enterprise value of about $535 million. The deal uses a fixed exchange ratio of 1.975 and is expected to be immediately 4% accretive to AFFO per share upon closing.
How strong is Global Net Lease’s balance sheet and liquidity as of March 31, 2026?
As of March 31, 2026, Global Net Lease reported net debt of about $2.4 billion and liquidity of $911.1 million, including $785.6 million of revolver availability. Net Debt to Adjusted EBITDA stood at 7.2x, and the weighted‑average interest rate on total debt was 4.1%.
What are Global Net Lease’s key portfolio metrics in Q1 2026?
At March 31, 2026, Global Net Lease owned 809 properties totaling about 40.3 million square feet, with 97% leased occupancy and a 5.9‑year weighted‑average remaining lease term. About 64% of annualized straight‑line rent comes from investment‑grade or implied investment‑grade tenants.
How is Global Net Lease changing its asset mix, particularly office exposure?
Year‑to‑date through May 1, 2026, Global Net Lease had a closed plus active disposition pipeline of $132 million, with 68% from office sales. These transactions support a strategic shift toward single‑tenant industrial and retail assets while reducing the company’s exposure to office properties.