Group 1 - Brad Thomas, along with HOYA Capital, leads the investing group iREIT®+HOYA Capital, focusing on REITs, BDCs, MLPs, Preferreds, and other income-oriented alternatives [1] - The team of analysts has over 100 years of combined experience, including backgrounds as a hedge fund manager, due diligence officer, portfolio manager, PhD, military veteran, and advisor to a former U.S. President [1] - Brad Thomas has over 30 years of real estate investing experience, having acquired, developed, or brokered over $1 billion in commercial real estate transactions [2] Group 2 - Brad Thomas has been featured in major media outlets such as Barron's, Bloomberg, and Fox Business, and is the author of four books, including "REITs For Dummies" [2]

Core Insights - Global Net Lease, Inc. successfully executed its 2024 strategic disposition plan, closing transactions totaling $835 million, which exceeded the high end of its guidance of $650 million to $800 million [1][2] - The closed transactions achieved a cash cap rate of 7.1%, reaching the high end of the targeted cap rate range, thereby reinforcing the company's financial position and enhancing its balance sheet [2] - The CEO emphasized the importance of reducing outstanding debt and lowering the Net Debt to Adjusted EBITDA ratio through the sale of non-core assets with near-term debt or lease maturities [2] Financial Performance - The total amount from closed transactions was $835 million, which is significantly above the previously set guidance range [1][2] - The cash cap rate of 7.1% reflects a strong performance in asset disposition, indicating effective management of the company's portfolio [2] Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) focused on acquiring and managing income-producing net lease assets across the United States and parts of Europe [3]

Core Points - Global Net Lease, Inc. (GNL) declared quarterly dividends on its preferred stock, with specific amounts for each series [1] - The dividends are as follows: $0.453125 for Series A, $0.4296875 for Series B, $0.46875 for Series D, and $0.4609375 for Series E, all payable on January 15, 2025 [1] - Record dates for the dividends are set for January 3, 2025, for all series [1] Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) listed on the NYSE [2] - The company focuses on acquiring and managing a global portfolio of income-producing net lease assets primarily in the United States and Western and Northern Europe [2]

GNL O GOBAL NET LEASE AND THE STATE THE THE THE THE THE FEATURE THE FOR Global Net Lease Third Quarter 2024 Investor Presentation Pictured – McLaren Campus in Woking, U.K. FORWARD LOOKING STATEMENTS 1 This presentation contains statements that are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing and consideration related to our anticipated acquisitions and dispostions, the intent, ...

Financial Data and Key Metrics Changes - For Q3 2024, the company recorded revenue of $197 million, down from $203 million in Q2 2024, and a net loss attributable to common stockholders of $77 million compared to a loss of $47 million in the previous quarter [20] - AFFO was $74 million or $0.32 per share in Q3 2024, compared to $77 million or $0.33 per share in Q2 2024 [20] - The outstanding debt balance was $5 billion at the end of Q3, down by $157 million from the end of Q2 [20] Business Line Data and Key Metrics Changes - The company successfully reduced outstanding net debt by $445 million in 2024, including $162 million in Q3, primarily through asset dispositions [5] - The company achieved a net debt to adjusted EBITDA ratio of 8.0 times at the end of Q3 2024, down from 8.4 times at the start of the year [5][21] - Occupancy rates increased from 93% in Q1 to 96% in Q3 2024, reflecting strong asset management [13] Market Data and Key Metrics Changes - The company reported a 200 basis point increase in investment grade or implied investment grade tenants, rising from 59% to 61% [8] - 80% of straight line rent is earned in North America, while 20% is earned in Europe [18] Company Strategy and Development Direction - The company aims to capture $650 million to $800 million in closed dispositions for 2024, up from an initial target of $400 million to $600 million [6] - The strategy includes reducing leverage, improving net debt to adjusted EBITDA, and increasing portfolio occupancy [4][15] - The company is focused on selling non-core assets and those with shorter remaining lease terms to enhance portfolio quality [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate external macro challenges due to the diverse composition of its net lease portfolio [16] - The company reaffirmed its AFFO per share guidance range of $1.30 to $1.40 and net debt to adjusted EBITDA range of 7.4 times to 7.8 times for the remainder of 2024 [22] Other Important Information - The company successfully executed five short-term leases totaling approximately 100,000 square feet, which did not materially impact overall portfolio occupancy [14] - The company has no debt maturities until July 2025, having addressed 100% of the debt scheduled to mature in 2024 [15] Q&A Session Summary Question: About the letter of consent for office assets in the Netherlands - The property is currently occupied, and the buyer plans to reposition it after the lease expires in 2026, with the company continuing to collect full rent until then [25] Question: On the strategy for future lease expirations in office assets - The strategy is case by case, engaging early with tenants and potential buyers to make informed decisions [26] Question: Regarding the company's vault and non-core vacant assets - The ongoing strategy focuses on lease-up and renewals to extend the vault organically, with some vacant assets included in the disposition strategy [29] Question: On the AFFO guidance range - The company maintains a wide AFFO guidance range due to the ongoing focus on debt reduction and successful dispositions [30] Question: About the 2025 debt maturities and associated properties - Specific details on the disposition pipeline related to 2025 debt maturities are not disclosed ahead of time [31] Question: On the increase in cost synergies - The increase in synergies from $75 million to $85 million is attributed to the rolling off of transition services expenses and effective cost management [32] Question: On the asset sales and future disposition strategy - The company plans to continue its disposition strategy to lower net debt to EBITDA and maintain a strong portfolio [34] Question: On market valuation and credit for performance - Management is confident in the company's execution and believes that the market will eventually recognize its value [36] Question: On the evolution of the disposition pipeline - The company regularly reviews its portfolio to identify non-core assets for sale, focusing on long-term benefits [40] Question: On the demand for U.S. vs. European office assets - Demand is driven by market conditions, tenant credit quality, and lease terms [41] Question: On future acquisition strategies - The company is currently focused on reducing leverage and will consider acquisitions when the market conditions are favorable [50] Question: On potential joint ventures for asset monetization - While joint ventures are not currently being contemplated, management remains open to strategic options in the future [52]

Financial Performance - The company reported a net loss attributable to common stockholders of $76.6 million for the three months ended September 30, 2024, compared to a net loss of $142.5 million for the same period in 2023 [174]. - Net loss attributable to common stockholders was $157.9 million for the nine months ended September 30, 2024, compared to a net loss of $179.8 million for the same period in 2023, representing a decrease of approximately 12.5% [194]. - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $(76,571) thousand, compared to $(142,488) thousand for the same period in 2023 [233]. - Core FFO attributable to common stockholders for the three months ended September 30, 2024, was $53,940 thousand, an increase from $31,542 thousand in the same period of 2023 [233]. - AFFO attributable to common stockholders for the three months ended September 30, 2024, was $73,856 thousand, compared to $46,929 thousand for the same period in 2023 [233]. Revenue Growth - Total consolidated revenue from tenants increased to $196.6 million for the three months ended September 30, 2024, up from $118.2 million in the same period in 2023 [174]. - Total consolidated revenue from tenants increased to $605.9 million for the nine months ended September 30, 2024, up from $308.3 million in 2023, reflecting a growth of approximately 96.5% [195]. - Revenue from the Industrial & Distribution segment was $59.7 million for the three months ended September 30, 2024, compared to $53.8 million for the same period in 2023 [176]. - Revenue from the Industrial & Distribution segment was $183.1 million for the nine months ended September 30, 2024, compared to $157.9 million in 2023, marking an increase of about 15.9% [196]. - Revenue from the Multi-Tenant Retail segment surged to $196.1 million in 2024 from $13.4 million in 2023, indicating a significant increase of approximately 1,462.7% [198]. Property and Portfolio Details - As of September 30, 2024, the company owned 1,223 properties with a total of 61.9 million rentable square feet, which were 96% leased, and had a weighted-average remaining lease term of 6.3 years [164]. - The portfolio composition as of September 30, 2024, included 33% Industrial & Distribution, 27% Multi-Tenant retail, 22% Single Tenant retail, and 18% Office properties [164]. - The company’s properties are primarily located in the U.S. and Canada (80%) and Europe (20%) based on annualized rental income [164]. - Approximately 60.5% of the company's rental income on an annualized straight-line basis was derived from Investment Grade rated tenants as of September 30, 2024 [164]. Expenses and Charges - Total consolidated property operating expenses rose to $33.5 million in Q3 2024 from $13.6 million in Q3 2023, reflecting a full quarterly period of expenses from properties acquired from RTL [180]. - The company recorded an impairment charge of approximately $38.6 million in Q3 2024 for 21 properties, compared to $65.7 million in Q3 2023 for four properties [186]. - General and administrative expenses increased to $12.6 million in Q3 2024 from $7.0 million in Q3 2023, mainly due to internalization of management functions [186]. - Interest expense rose to $77.1 million in Q3 2024 from $41.2 million in Q3 2023, attributed to higher non-cash amortization expenses from the REIT Merger [191]. - Depreciation and amortization expense increased to $85.4 million in Q3 2024 from $49.2 million in Q3 2023, due to the impact of the REIT Merger [188]. Cash Flow and Financing Activities - Net cash provided by operating activities was $224.7 million for the nine months ended September 30, 2024, up from $88.0 million in 2023, despite a net loss of $125.1 million [213]. - Net cash provided by investing activities was $515.3 million for the nine months ended September 30, 2024, primarily from net proceeds of $547.6 million from dispositions [214]. - Net cash used in financing activities was $730.3 million for the nine months ended September 30, 2024, driven by principal payments on mortgage notes payable of $275.2 million and dividends paid to common stockholders of $208.7 million [215]. - As of September 30, 2024, total gross debt outstanding was $5.0 billion, with a weighted-average interest rate of 4.8% [222]. - The debt leverage ratio was 64.0% as of September 30, 2024, down from 65.0% at December 31, 2023 [222]. Dividend Policy and Shareholder Returns - The Board approved a reduction in the Common Stock dividend rate to an annual rate of $1.10 per share, effective from April 2024, down from $1.60 per share in 2023 [235]. - Total dividends and distributions for the nine months ended September 30, 2024, amounted to $241,595,000, compared to $74,452,000 for the same period in 2023, reflecting a significant increase [238]. - The company intends to maintain its status as a REIT, which requires distributing at least 90% of its REIT taxable income annually [241]. Strategic Acquisitions and Internalization - The company completed the acquisition of The Necessity Retail REIT and internalized its advisory and property management functions on September 12, 2023 [165]. - The company completed the Internalization Merger, resulting in the termination of external management agreements and a shift to internal management functions [172]. Foreign Currency Exposure - The company is exposed to foreign currency exchange rate fluctuations and utilizes derivatives to manage this exposure [240]. - The company is exposed to foreign currency fluctuations and may use derivatives to manage this risk, particularly in GBP-USD and EUR-USD exchange rates [240].

EXHIBIT 99.2 Global Net Lease, Inc. Supplemental Information Quarter ended September 30, 2024 (unaudited) Global Net Lease, Inc. Supplemental Information | --- | --- | |--------------------------------------------------------|-------| | | | | Quarter ended September 30, 2024 (Unaudited) | | | Table of Contents | | | Item | Page | | Non-GAAP Definitions | 4 | | Key Metrics | 6 | | Consolidated Balance Sheets | 7 | | Consolidated Statements of Operations | 8 | | Non-GAAP Measures | 9 | | Debt Overview | 11 | ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-37390 Global Net Lease, Inc. (Exact name of registrant as specified in its charter) Maryland 45-2771978 (St ...

Global Net Lease Inc. (NYSE:GNL) Q2 2024 Earnings Conference Call August 7, 2024 11:00 AM ET Company Participants Jordyn Schoenfeld - CPA Michael Weil - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants John Kim - BMO Capital Markets Bryan Maher - B. Riley Securities Upal Rana - KeyBanc Capital Markets Mitch Germain - Citizens JMP Operator Greetings. Welcome to the Global Net Lease Second Quarter 2024 Earnings Call. At this time, all participants are in a listen- ...