グローバルネットリースREITの適時開示・決算・その他

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): August 5, 2026

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland

001-37390

45-2771978

(State or other jurisdiction
of incorporation)

(Commission File Number)

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

650 Fifth Avenue, 30th Floor

New York, New York 10019

____________________________________________________________________________________________________________ __________________________________________________________________________________________________

(Address of Principal Executive Offices) (Zip Code)

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

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

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


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

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

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

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

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

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, $0.01 par value per share

GNL

New York Stock Exchange

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

GNL PR A

New York Stock Exchange

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

GNL PR B

New York Stock Exchange

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

GNL PR D

New York Stock Exchange

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

GNL PR E

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2026, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2026, and supplemental financial information for the quarter ended June 30, 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 August 5, 2026, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2026, and supplemental financial information for the quarter ended June 30, 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 August 5, 2026

99.2						Quarterly supplemental information for the quarter ended June 30, 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: August 5, 2026	By:	/s/ Edward M. Weil, Jr.
		Name:	Edward M. Weil, Jr.
		Title:	Chief Executive Officer and President

EX-99.1 2 ex991gnlearningsrelease630.htm EX-99.1 EARNINGS RELEASE 6.30.26 Document

EXHIBIT 99.1

GLOBAL NET LEASE REPORTS SECOND QUARTER 2026 RESULTS

–Reports Q2’26 AFFO Per Share of $0.22; Raises Full-Year AFFO Per Share Guidance to $0.82 – $0.85

and Increases Gross Transaction Volume to $700 Million – $800 Million

–Closed Plus Disposition Pipeline Totals $263 Million, with Office Sales Representing 78%, Further Advancing Strategic Reduction in Office Exposure

–Net Debt to Adjusted EBITDA Improved to 6.6x From 7.2x in Q1’26

–Increased Liquidity to $919 Million and Revolving Credit Facility Capacity to $1.3 Billion

–Acquisition of Modiv Industrial Expected to Close Following Shareholder Vote Scheduled for August 10, 2026

New York, August 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 June 30, 2026.

Second Quarter 2026 Highlights

•Revenue was $112.5 million, compared to $124.9 million in second quarter 2025, primarily reflecting prior asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale completed in 2025

•Net loss attributable to common stockholders was $7.5 million, compared to a net loss of $35.1 million in second quarter 2025

•Adjusted Funds from Operations (“AFFO”)1 was $45.7 million, or $0.22 per share, compared to $53.1 million in second quarter 2025, or $0.24 per share

•Continued to deploy net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $629.8 million since second quarter 2025 while maintaining Net Debt to Adjusted EBITDA at 6.6x

•Reduced weighted average interest rate to 4.1% in second quarter 2026, down from 4.3% in second quarter 2025

•Increased liquidity to $919.0 million and Revolving Credit Facility capacity to $1.3 billion in second quarter 2026, compared to $790.0 million and $1.2 billion in second quarter 2025

•Closed plus disposition pipeline totaling $263 million2 year-to-date, of which 78% consists of office sales, further advancing the Company’s strategic reduction in office exposure; occupied assets were sold at a 7.6% cash cap rate3, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag

•Repurchased 20.9 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.11, for a total of $169.7 million as of July 31, 2026; this includes 1.2 million shares for a total of $11.1 million repurchased in second quarter 2026

•Portfolio occupancy remained at 97%, with office occupancy increasing to 99% in second quarter 2026 compared to 95% in second quarter 2025

•Leased more than 357,000 square feet, achieving a 5.6% renewal leasing spread and a weighted average renewal term of 8.4 years, resulting in more than $5.1 million of new straight-line rent

•Weighted average annual rent increase of 1.4% provides embedded organic rental growth, excluding 20.3% of the portfolio with CPI-linked leases that have historically experienced significantly higher rent increases

•Reduced capital expenditures to $3.4 million for the six months ended June 30, 2026 from $19.6 million for the six months ended June 30, 2025, reflecting a more streamlined portfolio and generating more than $16 million of savings

•Strengthened sector-leading tenant quality with 63% of annualized straight-line rent derived from investment-grade or implied investment-grade tenants4, up from 60% in second quarter 2025

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Acquisition of Modiv Industrial, Inc.

•Transaction is expected to close in mid-August 2026, subject to customary closing conditions, including approval of Modiv’s shareholders on August 10, 2026

•Upon closing, the transaction is expected to be immediately 4% accretive to AFFO per share, while being leverage-neutral within GNL’s stated guidance range of 6.5x – 6.9x, preserving balance sheet strength and financial flexibility

•Upon closing, the transaction is expected to expand GNL’s exposure to high-quality industrial assets to 50% of portfolio straight-line rent, supported by a 15.0 year weighted average lease term5, 2.4% average annual rent escalations6, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants7

“As we approach the third anniversary of our internalization, GNL is a fundamentally stronger company than when we began this transformation,” said Michael Weil, Chief Executive Officer of GNL. “Through disciplined execution, we have simplified and enhanced the quality of our portfolio, materially reduced leverage, strengthened liquidity, achieved an investment-grade balance sheet, significantly increased our exposure to investment-grade tenants and made meaningful progress reducing our office exposure through value-maximizing dispositions. The anticipated acquisition of Modiv represents a natural next step in that strategy, further improving the quality and durability of our portfolio while remaining consistent with our disciplined approach to capital allocation and balance sheet management. Our increased full-year guidance reflects the momentum we've built and our confidence in the strength of our business and the opportunities ahead. Following my recently announced exit from Bellevue Capital, my personal ownership in GNL will significantly increase, demonstrating my conviction in the strategy we are executing, the platform we have built and the significant long-term value we can create for our shareholders.”

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Full Year 2026 Guidance8

The revised full year 2026 guidance presented below reflects the anticipated acquisition of Modiv, based on GNL’s confidence that the transaction will close later this month. It is important to note that this revised guidance includes only approximately one and a half quarters of expected contribution from the accretive Modiv acquisition during 2026.


	Full Year 2026 Guidance
Financial Metric	Initial	Revised
AFFO Per Share	$0.80 – $0.84	$0.82 – $0.85
Net Debt to Adjusted EBITDA	6.5x – 6.9x	6.5x – 6.9x
Gross Transaction Volume	$250M – $350M	$700M – $800M

Gross transaction volume includes both dispositions and acquisitions.

Summary of Results


	Three Months Ended June 30,
(In thousands, except per share data)	2026		2025
Revenue from tenants	$	112,475	$	124,905

Net loss attributable to common stockholders	$	(7,450)	$	(35,079)
Net loss per diluted common share	$	(0.04)	$	(0.16)

NAREIT defined FFO attributable to common stockholders	$	13,934	$	(14,400)
NAREIT defined FFO per diluted common share	$	0.07	$	(0.06)

AFFO attributable to common stockholders	$	45,702	$	53,108
AFFO per diluted common share	$	0.22	$	0.24

Property Portfolio

As of June 30, 2026, GNL’s portfolio of 798 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 5.7 years9

•87% of the portfolio contains contractual rent increases based on annualized straight-line rent

•63% 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, 28% Retail and 25% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources10

As of June 30, 2026, the Company had liquidity of $919.0 million, and $1.3 billion11 of capacity under its Revolving Credit Facility, compared to $790.0 million and $1.2 billion, respectively, as of the end of second quarter 2025. The Company had net debt of $2.3 billion12, including $1.0 billion of gross mortgage debt as of June 30, 2026 and Net Debt to Adjusted EBITDA was 6.6x.

As of June 30, 2026, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 92%. The Company’s total combined debt had a weighted average interest rate of 4.1%, resulting in an interest coverage ratio of 3.2 times13. Weighted-average debt maturity was 2.7 years as of June 30, 202614.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Footnotes/Definitions

1.While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.

2.Year-to-date disposition pipeline totaling $263 million as of July 31, 2026. Closed plus active disposition pipeline includes $145 million of closed sales approximately $40 million under signed purchase and sale agreements (“PSA”), and approximately $77 million under letters of intent (“LOI”). There can be no assurances that the transactions under such PSA or LOI will be consummated on the above terms, if at all.

3.Excludes dark properties.

4.As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of June 30, 2026. Comprised of 38.0% leased to tenants with an actual investment grade rating and 25.3% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of June 30, 2026.

5.Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

6.Metric based on annual base rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

7.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.

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 June 30, 2026.

10.During the three months ended June 30, 2026, the Company did not sell any shares of Common Stock through its Common Stock “at-the-market” program. However, as of July 31, 2026, the Company had repurchased 20.9 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $169.7 million; this includes 1.2 million shares for a total of $11.1 million repurchased in second 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 June 30, 2026 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $765.4 million of availability under the Revolving Credit Facility and $153.6 million of cash and cash equivalents as of June 30, 2026.

12.Comprised of the principal amount of GNL's outstanding debt totaling $2.5 billion less cash and cash equivalents totaling $153.6 million, as of June 30, 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 will host a webcast and conference call on August 6, 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: 13761120

*Available from 2:00 p.m. ET on August 6, 2026 through November 6, 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 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.

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)


	June 30, 2026		December 31, 2025
ASSETS
Real estate investments, at cost:
Land	$	636,934	$	659,086
Buildings, fixtures and improvements	3,468,728		3,592,121
Construction in progress	406		2,993
Acquired intangible lease assets	492,330		523,406
Total real estate investments, at cost	4,598,398		4,777,606
Less accumulated depreciation and amortization	(989,221)		(966,982)
Total real estate investments, net	3,609,177		3,810,624
Real estate assets held for sale	33,834		49,654
Assets related to discontinued operations	—		348
Cash and cash equivalents	153,640		180,114
Restricted cash	14,352		13,949
Derivative assets, at fair value	978		7
Unbilled straight-line rent	71,952		72,919
Operating lease right-of-use asset	60,958		63,362
Prepaid expenses and other assets	53,636		60,415
Multi-tenant disposition receivable, net	2,475		27,934
Deferred tax assets	5,105		5,167
Goodwill	45,516		45,898
Deferred financing costs, net	14,465		16,812
Total Assets	$	4,066,088	$	4,347,203

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	986,880	$	1,264,604
Revolving credit facility	472,946		324,165
Senior notes, net	940,019		928,169
Acquired intangible lease liabilities, net	15,781		17,501
Derivative liabilities, at fair value	1,797		5,298
Accounts payable and accrued expenses	42,771		43,821
Operating lease liability	40,043		41,429
Prepaid rent	26,962		28,254
Deferred tax liability	17,403		17,796

Dividends payable	11,623		11,718
Real estate liabilities held for sale	164		60
Liabilities related to discontinued operations	596		890
Total Liabilities	2,556,985		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	3,440		3,490
Additional paid-in capital	4,205,625		4,249,018
Accumulated other comprehensive income	16,480		22,169
Accumulated deficit	(2,716,682)		(2,611,419)
Total Stockholders’ Equity	1,509,103		1,663,498
Total Liabilities and Equity	$	4,066,088	$	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 per share data)


	Three Months Ended June 30,
	2026		2025
Revenue from tenants	$	112,475	$	124,905

Expenses:
Property operating	13,400		12,018
Impairment charges	3,695		9,812
Merger, transaction and other costs	6,561		2,002
General and administrative	11,884		11,339
Equity-based compensation	3,942		3,338
Depreciation and amortization	41,512		45,636

Total expenses	80,994		84,145
Operating income before gain on dispositions of real estate investments	31,481		40,760
Gain on dispositions of real estate investments	23,250		1,537
Operating income	54,731		42,297
Other income (expense):
Interest expense	(38,820)		(53,348)
Loss on extinguishment and modification of debt	(11,911)		(4,348)
Loss on derivative instruments	(302)		(8,823)
Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness	1,816		(6,324)
Other income	276		1,683
Total other expense, net	(48,941)		(71,160)
Net income (loss) before income tax	5,790		(28,863)
Income tax provision	(4,775)		(2,995)
Income (loss) from continuing operations	1,015		(31,858)
Income from discontinued operations	2,471		7,715
Net income (loss)	3,486		(24,143)
Preferred stock dividends	(10,936)		(10,936)
Net loss attributable to common stockholders	$	(7,450)	$	(35,079)

Basic and Diluted Loss Per Share:
Net loss per share from continuing operations	$	(0.05)	$	(0.19)
Net income per share from discontinued operations	0.01		0.03
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.04)	$	(0.16)

Weighted average shares outstanding — Basic and Diluted	211,339		222,960

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 June 30,
	2026		2025
EBITDA and Adjusted EBITDA:
Net income (loss)	$	3,486	$	(24,143)
Depreciation and amortization	41,512		45,636
Interest expense	38,820		53,348
Income tax expense	4,775		2,995
Discontinued operations adjustments	—		6,375
EBITDA	88,593		84,211
Impairment charges	3,695		9,812
Equity-based compensation	3,942		3,338
Merger, transaction and other costs	6,561		2,002
Gain on dispositions of real estate investments	(23,250)		(1,537)
Loss on derivative instruments	302		8,823
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness	(1,816)		6,324
Loss on extinguishment and modification of debt	11,911		4,348
Other income	(275)		(1,683)

Write offs of straight-line rent	773		68
Discontinued operations adjustments	(1,621)		(2,279)
Adjusted EBITDA	88,815		113,427
Net operating income (NOI) and Cash NOI:
General and administrative	11,884		11,339
Write offs of straight-line rent	(773)		(68)
Discontinued operations adjustments	(850)		1,395
NOI	99,076		126,093
Amortization related to above- and below- market lease intangibles and right-of-use assets, net	1,088		1,232
Straight-line rent	378		(2,959)
Cash NOI	$	100,542	$	124,366

Cash Paid for Interest:
Interest Expense - continuing operations	$	38,820	$	53,348
Interest Expense - discontinued operations	—		6,374
Non-cash portion of interest expense	(2,271)		(2,499)
Amortization of discounts on mortgages and senior notes	(8,685)		(14,609)
Total cash paid for interest	$	27,864	$	42,614

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 June 30,
	2026		2025
Net loss attributable to stockholders (in accordance with GAAP)	$	(7,450)	$	(35,079)
Impairment charges	3,695		9,812
Depreciation and amortization	41,512		45,636
Gain on dispositions of real estate investments	(23,250)		(1,537)
Discontinued operations FFO adjustments	(573)		(33,232)
FFO (defined by NAREIT)	13,934		(14,400)
Merger, transaction and other costs	6,561		2,002
Loss on extinguishment and modification of debt	11,911		4,348
Discontinued operations Core FFO adjustments	—		15,172
Core FFO attributable to common stockholders	32,406		7,122
Non-cash equity-based compensation	3,942		3,338
Non-cash portion of interest expense	2,271		2,499
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	1,088		1,232
Straight-line rent	378		(2,959)
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness	(1,816)		6,324
Eliminate unrealized (gains) losses on foreign currency transactions [1]	(59)		7,177
Amortization of discounts on mortgages and senior notes	8,685		14,609

Eliminate (gains) losses related to multi-tenant disposition receivable [2]	(1,039)		13,766
Forfeited disposition deposit [3]	(154)		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	45,702	$	53,108
Net loss per share attributable to common stockholders	$	(0.04)	$	(0.16)
FFO per diluted common share	$	0.07	$	(0.06)
Core FFO per diluted common share	$	0.15	$	0.03
AFFO per diluted common share	$	0.22	$	0.24
Dividends declared to common stockholders	$	40,640	$	43,429

__________

[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended June 30, 2026, loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.1 million and realized losses of $0.4 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 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.

[3] Amount is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.

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 June 30,
(In thousands)	2026		2025
Industrial & Distribution:
Revenue from tenants	$	51,692	$	54,997
Property operating expense	5,644		4,235
Net Operating Income	$	46,048	$	50,762

Retail:
Revenue from tenants	$	29,995	$	35,357
Property operating expense	3,828		3,002
Net Operating Income	$	26,167	$	32,355

Office:
Revenue from tenants	$	30,788	$	34,551
Property operating expense	3,928		4,781
Net Operating Income	$	26,860	$	29,770

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 merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed merger, 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 merger 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 merger, 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 merger, 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 merger, 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 merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, merger, 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

EX-99.2 3 ex992-gnlsupplementalinfor.htm EX-99.2 SUPPLEMENTAL 6.30.26 Document

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2026 (unaudited)


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 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
Diversification by Property Type			13
Diversification by Tenant Industry			14
Top Twenty Tenants			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 June 30, 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.

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

Funds From Operations

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

Supplemental Information 3 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 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 merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed merger, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued merger, 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

Supplemental Information 4 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

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.

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, merger, 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.

Supplemental Information 5 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Key Metrics

As of and for the three months ended June 30, 2026

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


Financial Results
Revenue from tenants	$	112,475
Net loss attributable to common stockholders	$	(7,450)
Basic and diluted net loss per share attributable to common stockholders [1]	$	(0.04)
Cash NOI [2]	$	100,542
Adjusted EBITDA [2]	$	88,815
AFFO attributable to common stockholders [2]	$	45,702
Dividends per share - second quarter [3]	$	0.19
Dividend yield - annualized, based on quarter end share price	8.5		%

Balance Sheet and Capitalization
Gross asset value [4]	$5,055,309
Net debt [5] [6]	$2,343,509
Total consolidated debt [6]	$2,497,149
Total assets	$4,066,088
Liquidity [7]	$919,023

Common shares outstanding as of June 30, 2026	210,951

Net debt to gross asset value	46.4		%
Net debt to annualized adjusted EBITDA [8]	6.6		x

Weighted-average interest rate cost [9]	4.1		%
Weighted-average debt maturity (years) [10]	2.7
Interest Coverage Ratio [11]	3.2		x

Real Estate Portfolio
Number of properties	798
Square footage (millions)	39.7
Leased	97		%
Weighted-average remaining lease term (years) [12]	5.7

_________

[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 June 30, 2026.

[5]Represents total debt outstanding of $2.5 billion, less cash and cash equivalents of $153.6 million as of June 30, 2026.

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

[7]Liquidity includes $765.4 million of availability under the credit facility and $153.6 million of cash and cash equivalents as of June 30, 2026.

[8]Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended June 30, 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 June 30, 2026 (Unaudited)

Consolidated Balance Sheets

(Amounts in thousands)


	June 30, 2026		December 31, 2025
ASSETS
Real estate investments, at cost:
Land	$	636,934	$	659,086
Buildings, fixtures and improvements	3,468,728		3,592,121
Construction in progress	406		2,993
Acquired intangible lease assets	492,330		523,406
Total real estate investments, at cost	4,598,398		4,777,606
Less accumulated depreciation and amortization	(989,221)		(966,982)
Total real estate investments, net	3,609,177		3,810,624
Real estate assets held for sale	33,834		49,654
Assets related to discontinued operations	—		348
Cash and cash equivalents	153,640		180,114
Restricted cash	14,352		13,949
Derivative assets, at fair value	978		7
Unbilled straight-line rent	71,952		72,919
Operating lease right-of-use asset	60,958		63,362
Prepaid expenses and other assets	53,636		60,415
Multi-tenant disposition receivable, net	2,475		27,934
Deferred tax assets	5,105		5,167
Goodwill	45,516		45,898
Deferred financing costs, net	14,465		16,812
Total Assets	$	4,066,088	$	4,347,203

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	986,880	$	1,264,604
Revolving credit facility	472,946		324,165
Senior notes, net	940,019		928,169
Acquired intangible lease liabilities, net	15,781		17,501
Derivative liabilities, at fair value	1,797		5,298
Accounts payable and accrued expenses	42,771		43,821
Operating lease liability	40,043		41,429
Prepaid rent	26,962		28,254
Deferred tax liability	17,403		17,796

Dividends payable	11,623		11,718
Real estate liabilities held for sale	164		60
Liabilities related to discontinued operations	596		890
Total Liabilities	2,556,985		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	3,440		3,490
Additional paid-in capital	4,205,625		4,249,018
Accumulated other comprehensive income	16,480		22,169
Accumulated deficit	(2,716,682)		(2,611,419)
Total Stockholders’ Equity	1,509,103		1,663,498
Total Liabilities and Equity	$	4,066,088	$	4,347,203

Supplemental Information 7 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Consolidated Statements of Operations

(Amounts in thousands, except per share data)


	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Revenue from tenants	$	112,475	$	109,286	$	116,953	$	121,013

Expenses:
Property operating	13,400		12,925		12,566		12,669
Impairment charges	3,695		11,115		31,972		55,433
Merger, transaction and other costs	6,561		4,387		1,458		1,623
General and administrative	11,884		12,144		13,377		11,834
Equity-based compensation	3,942		4,042		3,024		3,059
Depreciation and amortization	41,512		41,612		44,439		44,780

Total expenses	80,994		86,225		106,836		129,398
Operating income (loss) before gain (loss) on dispositions of real estate investments	31,481		23,061		10,117		(8,385)
Gain (loss) on dispositions of real estate investments	23,250		7,879		100,625		(5,797)
Operating income (loss)	54,731		30,940		110,742		(14,182)
Other income (expense):
Interest expense	(38,820)		(39,191)		(42,626)		(45,307)
Loss on extinguishment and modification of debt	(11,911)		(1,707)		(2,335)		(4,121)
(Loss) gain on derivative instruments	(302)		3,065		(268)		2,271
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	1,816		—		—		31
Other income	276		174		780		1,820
Total other expense, net	(48,941)		(37,659)		(44,449)		(45,306)
Net income (loss) before income tax	5,790		(6,719)		66,293		(59,488)
Income tax expense	(4,775)		(1,642)		(12,434)		(3,092)
Income (loss) from continuing operations	1,015		(8,361)		53,859		(62,580)
Income (loss) from discontinued operations	2,471		3,283		(5,678)		2,464
Net income (loss)	3,486		(5,078)		48,181		(60,116)
Preferred stock dividends	(10,936)		(10,936)		(10,936)		(10,935)
Net (loss) income attributable to common stockholders	$	(7,450)	$	(16,014)	$	37,245	$	(71,051)

Basic and Diluted Loss Per Share:
Net (loss) income per share from continuing operations	$	(0.05)	$	(0.09)	$	0.19	$	(0.33)
Net income (loss) per share from discontinued operations	0.01		0.01		(0.03)		0.01
Net (loss) income per share attributable to common stockholders — Basic and Diluted	$	(0.04)	$	(0.08)	$	0.16	$	(0.32)

Weighted average shares outstanding — Basic and Diluted	211,339		214,040		219,056		220,891

Supplemental Information 8 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Non-GAAP Measures

(Amounts in thousands)


	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
EBITDA and Adjusted EBITDA:
Net income (loss)	$	3,486	$	(5,078)	$	48,181	$	(60,116)
Depreciation and amortization	41,512		41,612		44,439		44,780
Interest expense	38,820		39,191		42,626		45,307
Income tax expense	4,775		1,642		12,434		3,092

EBITDA	88,593		77,367		147,680		33,063
Impairment charges	3,695		11,115		31,972		55,433
Equity-based compensation	3,942		4,042		3,024		3,059
Merger, transaction and other costs	6,561		4,387		1,458		1,623
(Gain) loss on dispositions of real estate investments	(23,250)		(7,879)		(100,625)		5,797
Loss (gain) on derivative instruments	302		(3,065)		268		(2,271)
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness	(1,816)		—		—		(31)
Loss on extinguishment and modification of debt	11,911		1,707		2,335		4,121
Other income	(275)		(174)		(780)		(1,820)
Write offs of straight-line rent	773		2		384		3,216
Discontinued operations adjustments	(1,621)		(3,283)		5,637		(3,056)
Adjusted EBITDA	88,815		84,219		91,353		99,134
Net operating income (NOI) and Cash NOI:
General and administrative	11,884		12,144		13,377		11,834
Write offs of straight-line rent	(773)		(2)		(384)		(3,216)
Discontinued operations adjustments	(850)		—		13		101
NOI	99,076		96,361		104,359		107,853
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	1,088		1,106		1,088		1,147
Straight-line rent	378		(680)		(777)		3,433
Cash NOI	$	100,542	$	96,787	$	104,670	$	112,433

Cash Paid for Interest:
Interest Expense - continuing operations	$	38,820	$	39,191	$	42,626	$	45,307

Non-cash portion of interest expense	(2,271)		(2,260)		(1,961)		(2,681)
Amortization of discounts on mortgages and senior notes	(8,685)		(9,041)		(8,833)		(8,640)
Total cash paid for interest	$	27,864	$	27,890	$	31,832	$	33,986

Supplemental Information 9 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Non-GAAP Measures

(Amounts in thousands, except per share data)


	Three Months Ended
	June 30, 2026		March 31, 2026		December 31, 2025		September 30, 2025
Net (loss) income attributable to common stockholders (in accordance with GAAP)	$	(7,450)	$	(16,014)	$	37,245	$	(71,051)
Impairment charges	3,695		11,115		31,972		55,433
Depreciation and amortization	41,512		41,612		44,439		44,780
(Gain) loss on dispositions of real estate investments	(23,250)		(7,879)		(100,625)		5,797
Discontinued operations FFO adjustments	(573)		(748)		71		(1,214)
FFO (as defined by NAREIT) attributable to common stockholders	13,934		28,086		13,102		33,745
Merger, transaction and other costs	6,561		4,387		1,458		1,623
Loss on extinguishment and modification of debt	11,911		1,707		2,335		4,121
Discontinued operations Core FFO adjustments	—		—		2		—
Core FFO attributable to common stockholders	32,406		34,180		16,897		39,489
Non-cash equity-based compensation	3,942		4,042		3,024		3,059
Non-cash portion of interest expense	2,271		2,260		1,961		2,681
Amortization related to above and below-market lease intangibles and right-of-use assets, net	1,088		1,106		1,088		1,147
Straight-line rent	378		(680)		(777)		3,433
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness	(1,816)		—		—		(31)
Eliminate unrealized gains on foreign currency transactions [1]	(59)		(3,517)		(792)		(3,421)
Amortization of discounts on mortgages and senior notes	8,685		9,041		8,833		8,640
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]	(1,039)		(2,536)		5,541		(1,834)
Forfeited disposition deposit [4]	(154)		—		—		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	45,702	$	43,896	$	48,516	$	53,163

Weighted average common shares outstanding — Basic and Diluted	211,339		214,040		219,056		220,891

Net (loss) income per share attributable to common stockholders	$	(0.04)	$	(0.08)	$	0.16	$	(0.32)
FFO per diluted common share	$	0.07	$	0.13	$	0.06	$	0.15
Core FFO per diluted common share	$	0.15	$	0.16	$	0.08	$	0.18
AFFO per diluted common share	$	0.22	$	0.21	$	0.22	$	0.24
Dividends declared to common stockholders	$	40,640	$	41,159	$	42,055	$	42,366

_________

[1]For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended June 30, 2026, the loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.1 million and realized losses of $0.4 million. 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.

[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.

[4]Amount is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.

Supplemental Information 10 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Debt Overview

As of June 30, 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)	—	—		—	%	$	—
2027	6	1.4		4.4	%	94,132
2028	94	2.0		4.0	%	269,798
2029	49	2.9		4.9	%	527,996
2030	—	—		—	%	—
Thereafter	113	4.9		3.2	%	132,277
Total Non-Recourse Debt	262	2.8		4.4	%	1,024,203			41	%

Recourse Debt
2027 - 3.75% Senior Notes		1.5		3.8	%	500,000
2028 - 4.50% Senior Notes		2.3		4.5	%	500,000
2030 [4] - Revolving Credit Facility		4.1	[4]	3.4	%	472,946
Total Recourse Debt		2.6	[4]	3.9	%	1,472,946			59	%

Total Debt		2.7	[4]	4.1	%	$	2,497,149		100	%

Total Debt by Currency						Percent
USD						78		%
EUR						22		%
GBP						—		%
CAD						—		%
Total						100		%

_________

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

[2]As of June 30, 2026, the Company’s total combined debt was 92% fixed rate or swapped to a fixed rate and 8% floating rate.

[3]Excludes the effect of mortgage discounts and deferred financing costs, net. Current balances as of June 30, 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 June 30, 2026 (Unaudited)

Future Minimum Lease Rents

As of June 30, 2026

(Amounts in thousands)


	Future Minimum Base Rent Payments [1]
2026 (remainder)	$	188,867
2027	356,235
2028	326,855
2029	276,809
2030	216,113
2031	185,423
Thereafter	665,805
Total	$	2,216,107

_________

[1]Base rent assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.14 for EUR and C$1.00 to $0.70 for CAD as of June 30, 2026 for illustrative purposes, as applicable.

Supplemental Information 12 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Diversification by Property Type/Segment

As of June 30, 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	$	182,345	47	%	28,039	71	%	$	97,183	38	%	16,370	65	%
Retail	109,088		28	%	6,503	16	%	79,956		31	%	4,839	19	%
Office	99,407		25	%	5,115	13	%	78,371		31	%	3,955	16	%
Total	$	390,840	100	%	39,657	100	%	$	255,510	100	%	25,164	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 $1.14 for EUR and C$1.00 to $0.70 for CAD as of June 30, 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	$	181,671	47	%	28,039	71	%	$	95,711	38	%	16,370	65	%
Retail	106,971		27	%	6,503	16	%	78,703		31	%	4,839	19	%
Office	101,442		26	%	5,115	13	%	78,054		31	%	3,955	16	%
Total	$	390,084	100	%	39,657	100	%	$	252,468	100	%	25,164	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 $1.14 for EUR and C$1.00 to $0.70 as of June 30, 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 June 30, 2026 (Unaudited)

Diversification by Tenant Industry

As of June 30, 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	$	37,130	10	%	2,173	6	%	$	36,406	14	%	2,076	9	%
Freight & Logistics	29,199		7	%	3,641	9	%	18,499		7	%	2,557	11	%
Healthcare	25,166		6	%	1,117	3	%	17,278		7	%	802	3	%
Auto Manufacturing	22,284		6	%	3,193	8	%	4,878		2	%	691	3	%
Consumer Goods	22,169		6	%	4,705	12	%	20,584		8	%	4,036	17	%
Distribution	16,472		4	%	1,595	4	%	6,645		3	%	769	3	%
Discount Retail	16,144		4	%	1,880	5	%	5,314		2	%	573	2	%
Pharmacy	13,481		3	%	549	1	%	13,239		5	%	539	2	%
Technology	13,440		3	%	690	2	%	9,471		4	%	546	2	%
Aerospace	12,295		3	%	1,036	3	%	2,575		1	%	151	1	%
Government	12,175		3	%	455	1	%	12,175		5	%	455	2	%
Retail Banking	11,541		3	%	386	1	%	6,528		3	%	218	1	%
Home Improvement	11,404		3	%	1,987	5	%	9,499		4	%	1,721	7	%
Auto Services	10,579		3	%	225	1	%	7,385		3	%	148	1	%
Other [2]	137,361		36	%	14,716	39	%	85,034		32	%	8,614	36	%
Total	$	390,840	100	%	38,348	100	%	$	255,510	100	%	23,896	100	%

_________

[2]Other includes 54 industry types as of June 30, 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 June 30, 2026 (Unaudited)

Top Twenty Tenants

As of June 30, 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	$	23,168	5.9	%
Whirlpool	Industrial & Distribution	Consumer Goods	14,688		3.8	%
ING Bank	Office	Financial Services	11,438		2.9	%
General Services Administration (GSA)	Office	Government	10,317		2.6	%
FCA USA	Industrial & Distribution	Auto Manufacturing	10,147		2.6	%
Dollar General	Retail	Discount Retail	9,854		2.5	%
Broadridge Financial Solutions	Industrial & Distribution	Financial Services	9,332		2.4	%
Truist Bank	Retail	Retail Banking	8,851		2.3	%
Boots UK Limited	Retail	Pharmacy	8,536		2.2	%
The Kroger Co. of Michigan	Industrial & Distribution	Distribution	8,498		2.2	%
Finnair	Industrial & Distribution	Aerospace	8,208		2.1	%
Fresenius	Retail	Healthcare	7,961		2.0	%
Home Depot	Industrial & Distribution	Home Improvement	6,748		1.7	%
Deutsche Bank	Office	Financial Services	6,088		1.6	%
Tokmanni	Industrial & Distribution	Discount Retail	5,876		1.5	%
Crown Crest	Industrial & Distribution	Retail Food Distribution	5,773		1.5	%
Tidal Wave Auto Spa	Retail	Auto Services	5,548		1.4	%
Walgreens	Industrial & Distribution	Pharmaceuticals	5,299		1.4	%
Encompass Health	Office	Healthcare	5,286		1.4	%
Lowes	Retail	Home Improvement	4,656		1.2	%
Subtotal			176,272		45.2	%

Remaining portfolio			214,568		54.8	%

Total Portfolio			$	390,840	100	%

_________

Supplemental Information 15 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Diversification by Geography — As of June 30, 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	$	284,905	73.0	%	29,718	75	%	$	163,663	63.8	%	16,684	66.3	%
Michigan	47,187		12.1	%	4,306	10.9	%	17,719		6.9	%	1,393	5.5	%
Ohio	22,854		5.8	%	4,342	11.0	%	17,232		6.7	%	3,216	12.8	%
Texas	21,917		5.6	%	1,658	4.2	%	10,488		4.1	%	814	3.2	%
Georgia	15,666		4.0	%	1,656	4.2	%	10,187		4.0	%	1,035	4.1	%
Illinois	13,115		3.4	%	1,395	3.5	%	8,669		3.4	%	748	3.0	%
Alabama	12,072		3.1	%	1,053	2.7	%	5,259		2.1	%	777	3.1	%
South Carolina	11,338		2.9	%	1,471	3.7	%	6,757		2.6	%	838	3.3	%
Tennessee	10,116		2.6	%	1,127	2.8	%	7,224		2.8	%	601	2.4	%
North Carolina	9,692		2.5	%	1,517	3.8	%	6,716		2.6	%	1,212	4.8	%
Missouri	9,254		2.4	%	876	2.2	%	4,148		1.6	%	415	1.7	%
Florida	9,221		2.4	%	428	1.1	%	4,361		1.7	%	167	0.7	%
New York	8,351		2.1	%	1,049	2.6	%	3,247		1.3	%	294	1.2	%
California	7,699		2.0	%	838	2.1	%	6,410		2.5	%	731	2.9	%
Massachusetts	6,710		1.7	%	673	1.7	%	6,710		2.6	%	673	2.7	%
Kentucky	6,338		1.6	%	630	1.6	%	3,836		1.5	%	400	1.6	%
Pennsylvania	6,051		1.5	%	413	1.0	%	3,133		1.2	%	94	0.4	%
Indiana	5,766		1.5	%	1,221	3.1	%	3,507		1.4	%	445	1.8	%
Mississippi	4,843		1.2	%	479	1.2	%	2,028		0.8	%	157	0.6	%
New Jersey	4,719		1.2	%	271	0.7	%	1,070		0.4	%	68	0.3	%
Connecticut	4,598		1.2	%	402	1.0	%	3,236		1.3	%	337	1.3	%
Kansas	3,743		1.0	%	316	0.8	%	1,548		0.6	%	23	0.1	%
Arkansas	3,571		0.9	%	137	0.3	%	3,329		1.3	%	126	0.5	%
West Virginia	3,108		0.8	%	334	0.8	%	1,343		0.5	%	155	0.6	%
Colorado	3,047		0.8	%	115	0.3	%	3,047		1.2	%	115	0.5	%
Louisiana	2,870		0.7	%	244	0.6	%	1,506		0.6	%	129	0.5	%
New Hampshire	2,779		0.7	%	339	0.9	%	2,380		0.9	%	256	1.0	%
Iowa	2,570		0.7	%	369	0.9	%	2,356		0.9	%	358	1.4	%
Wisconsin	2,403		0.6	%	214	0.5	%	2,403		0.9	%	214	0.8	%
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	1,911		0.5	%	144	0.4	%	986		0.4	%	46	0.2	%
Minnesota	1,895		0.5	%	297	0.8	%	1,339		0.5	%	220	0.9	%
Virginia	1,697		0.4	%	94	0.2	%	1,299		0.5	%	73	0.3	%
South Dakota	1,489		0.4	%	101	0.3	%	1,368		0.5	%	76	0.3	%
Nebraska	1,482		0.4	%	106	0.3	%	237		0.1	%	5	—	%
Rhode Island	1,436		0.4	%	86	0.2	%	1,436		0.6	%	86	0.3	%
Vermont	1,319		0.3	%	235	0.6	%	84		—	%	22	0.1	%
Maryland	1,288		0.3	%	135	0.3	%	153		0.1	%	8	—	%
Utah	1,249		0.3	%	47	0.1	%	329		0.1	%	12	—	%
New Mexico	1,178		0.3	%	93	0.2	%	667		0.3	%	44	0.2	%
Wyoming	1,152		0.3	%	84	0.2	%	361		0.1	%	18	0.1	%
Idaho	744		0.2	%	35	0.1	%	291		0.1	%	13	0.1	%
Nevada	596		0.2	%	24	0.1	%	417		0.2	%	12	—	%
Montana	553		0.1	%	62	0.2	%	73		—	%	3	—	%
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	39,180		10.0	%	3,767	9.5	%	39,178		15.3	%	3,765	15.0	%
Netherlands	18,369		4.7	%	1,007	2.5	%	18,369		7.2	%	1,007	4.0	%
Finland	14,086		3.6	%	1,457	3.7	%	—		—	%	—	—	%
Germany	11,211		2.9	%	1,561	3.9	%	11,211		4.4	%	1,561	6.2	%
Luxembourg	6,088		1.6	%	156	0.4	%	6,088		2.4	%	156	0.6	%
Channel Islands	5,931		1.5	%	114	0.3	%	5,931		2.3	%	114	0.5	%
France	5,890		1.5	%	1,309	3.3	%	5,890		2.3	%	1,309	5.2	%
Canada	2,940		0.8	%	372	0.9	%	2,940		1.2	%	372	1.5	%
Italy	2,240		0.6	%	196	0.5	%	2,240		0.9	%	196	0.7	%
Total	$	390,840	100	%	39,657	100	%	$	255,510	100	%	25,164	100	%

_________

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

Supplemental Information 16 Global Net Lease, Inc.


Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2026 (Unaudited)

Lease Expirations

As of June 30, 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)	20	$	20,123	5.1	%	1,435	3.7	%
2027	92	33,216		8.5	%	2,677	7.0	%
2028	124	44,114		11.3	%	4,169	10.9	%
2029	125	58,235		14.9	%	6,015	15.7	%
2030	106	46,887		12.0	%	3,851	10.0	%
2031	73	36,631		9.4	%	5,709	14.9	%
2032	58	35,401		9.1	%	3,706	9.7	%
2033	35	28,571		7.3	%	2,465	6.4	%
2034	28	17,868		4.6	%	1,220	3.2	%
2035	9	6,385		1.6	%	847	2.2	%
2036	42	9,505		2.4	%	895	2.3	%
2037	25	3,360		0.9	%	88	0.2	%
2038	38	11,604		3.0	%	1,452	3.8	%
2039	24	13,671		3.5	%	1,669	4.4	%
2040	15	4,157		1.1	%	136	0.4	%
2041	30	13,312		3.4	%	1,156	3.0	%
Thereafter (>2041)	16	7,800		2.0	%	858	2.2	%
Total	860	$	390,840	100	%	38,348	100	%

_________

[1]Annualized rental income converted from local currency into USD as of June 30, 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.