UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 (State ...

EXHIBIT 99.2 Global Net Lease, Inc. Supplemental Information Quarter ended December 31, 2023 (unaudited) Global Net Lease, Inc. Supplemental Information Quarter ended December 31, 2023 (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 | 12 | | Future Minimum Lease Rents | 13 | | Top Twenty Tenants | 14 | | Diversification by Pr ...

Financial Data and Key Metrics Changes - For Q3 2023, the company recorded revenue of $118.2 million and a net loss attributable to common stockholders of $142.5 million [113] - Core FFO was $31.5 million or $0.24 per share, and AFFO was $46.9 million or $0.36 per share [113] - The company ended the quarter with net debt of $5.2 billion at a weighted average interest rate of 4.7% [21] - The weighted-average debt maturity at the end of Q3 2023 was 3.4 years [21] - The company reduced its quarterly dividend per share from $0.40 pre-merger to $0.354, reducing the amount of cash needed to fund the dividend by approximately $42 million on an annualized basis [112] Business Line Data and Key Metrics Changes - The single-tenant retail segment contributed $153 million to annualized straight-line rent, with 69% of tenants rated investment grade or implied investment grade [16] - The multi-tenant suburban retail segment contributed $199 million in annualized straight-line rent [16] - The industrial and distribution segment contributed $229 million to annualized straight-line rent, with 93% of leases including favorable rent escalations [40] - The executed leases at the end of Q3 2023 will raise occupancy in the multi-tenant portfolio to 92.9%, up from 89.5% at the end of Q2 2023 [9] Market Data and Key Metrics Changes - Geographically, 81% of straight-line rent is earned in North America, while 19% comes from Europe [15] - 61% of the straight-line rent in the portfolio comes from Sunbelt markets, which continue to grow [8] Company Strategy and Development Direction - The company aims to unlock significant value in the coming quarters and become the preeminent net lease company [23] - The merger and internalization have created the third largest publicly-traded net lease REIT based on gross asset value [14] - The company plans to focus on strategic dispositions to de-lever its balance sheet and use proceeds to pay down variable rate debt [43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth trajectory and the benefits of the internalized structure [47] - The company is on track to achieve $75 million of annualized cost savings from the merger and internalization [39] - Management noted that the current interest rate environment impacts the portion of debt that is not fixed or swapped [42] Other Important Information - The company expects to provide formal 2024 guidance around the time of the upcoming 10-K [20] - The company has a liquidity of $319.4 million, including $133.4 million in cash and cash equivalents [21] Q&A Session Summary Question: Will the company provide historical data for modeling purposes? - Management will get back regarding the availability of historical data for modeling [49] Question: What is the projected net debt to EBITDA ratio for Q4? - The projected net debt to EBITDA ratio is expected to be 7.6 times [30] Question: Can you provide insight on the asset sales and their timing? - The company confirmed that $185 million in asset sales has been completed year-to-date, with $50 million expected to close in 2024 [33][58] Question: How will the company achieve the anticipated synergies from the merger? - Management indicated that the $21 million in additional synergies will be realized over time, with expectations to have all synergies in place by Q3 2024 [64] Question: What is the outlook for occupancy rates in the multi-tenant segment? - Management aims to optimize occupancy rates between 94% and 96% for the multi-tenant segment [72]

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 September 30, 2023 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 45-277197 ...

Global Net Lease, Inc. (NYSE:GNL) Q2 2023 Earnings Conference Call August 3, 2023 1:00 PM ET Company Participants Curtis Parker - Senior Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley FBR Barry Oxford - Colliers Mitch Germain - JMP Securities Todd Thomas - KeyBanc Operator Good afternoon, and welcome to the Global Net Lease Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is b ...

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, 2023 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. (Address of principal executive offices) (Zip Code) (Exact name of registrant ...

REIT Merger and Internalization Update(1) Global Net Lease signed definitive agreement to merge with The Necessity Retail REIT (Nasdaq: RTL) Transaction is expected to close in September 2023 Net debt to adjusted annualized EBITDA expected to be reduced to 7.6x in Q4'23 Approximately $75 million in expected annual cost savings Cash Rent collected includes both contractual rents and deferred rents paid during the period. 2. Note: Metrics as of June 30, 2023, unless otherwise noted. 1. Refer to slide 4 for ad ...

Global Net Lease, Inc. (NYSE:GNL) Q1 2023 Results Conference Call May 10, 2023 1:00 PM ET Company Participants Curtis Parker - Senior Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley FBR Michael Gorman - BTIG John Massocca - Ladenburg Thalmann Mitch Germain - JMP Securities Todd Thomas - KeyBanc Capital Markets Operator Good day. And welcome to the Global Net Lease First Quarter 2023 Earnings Call. All participa ...

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 ☐ 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) (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Portfolio Overview - As of December 31, 2022, the company owned 309 properties with a total of 39.2 million rentable square feet, achieving a leasing rate of 98.0%[19] - The portfolio consisted of 56% industrial/distribution properties, 41% office properties, and 3% retail properties as of December 31, 2022[19] - As of December 31, 2022, 35% of the company's properties were located in Europe, with 65% in the U.S. and Canada[54] - The company operates in eleven different countries and leases space to 138 tenants across 51 industries[22] - The United States accounts for 71.4% of the total square footage, with 229 properties and 28,000 thousand square feet, generating an annualized straight-line rent of $217,665 thousand, representing 63.9% of the total portfolio[213] - The largest tenant industry is Auto Manufacturing, comprising 12% of the total portfolio with 16 properties and an annualized straight-line rent of $40,889 thousand[209] - The United Kingdom holds 17.4% of the total portfolio with 47 properties and 59,000 thousand square feet[213] - The average remaining lease term for properties in Canada is 17.1 years, with 7 properties totaling 372 thousand square feet[207] - The average remaining lease term for properties in the Netherlands is 6.3 years, with 4 properties totaling 1,007 thousand square feet[207] - The company has a significant presence in Michigan, with 29 properties and an annualized straight-line rent of $52,938 thousand, accounting for 15.5% of the total portfolio[213] - The total annualized straight-line rent for the entire portfolio is $340,757 thousand[209] - Future minimum base rent payments total $2,647,674,000 over the next ten years and thereafter[214] - In 2023, 20 leases are expiring with an annualized straight-line rent of $9,438,000, representing 2.8% of the total portfolio[215] - The total annualized straight-line rent for all expiring leases over the next ten years is $263,482,000, accounting for 77.4% of the portfolio[215] - The McLaren property in the UK contributes 5.0% to the total portfolio annualized straight-line rent[217] - No single tenant represents more than 10% of total portfolio rentable square footage or annualized straight-line rent as of December 31, 2022[216] Financial Performance - Cash flows provided by operations were $181.8 million for the year ended December 31, 2022, while total dividends paid amounted to $187.5 million[50] - The company collected approximately 100% of the original cash rent due for the fourth quarter of 2022, consistent with the previous three quarters[28] - The company may need to reduce dividend payments or identify other financing sources if sufficient cash from operations is not generated[51] - The company's ability to pay dividends is subject to restrictions in its debt agreements, which limit distributions to 100% of Adjusted FFO for any four consecutive fiscal quarters[48] Debt and Financing - The company had $1.2 billion in gross mortgage notes payable as of December 31, 2022[59] - Outstanding debt under the Revolving Credit Facility was $670.0 million as of December 31, 2022[60] - As of December 31, 2022, the company had total indebtedness of $2.4 billion, including $1.2 billion of secured debt and $670 million under the Revolving Credit Facility[125] - Approximately $249.5 million of the company's debt is set to mature in 2023, with a weighted average interest rate of 2.8% per annum[128] - The interest rate on borrowings under the Credit Facility increased from 2.7% as of December 31, 2021, to 4.6% as of December 31, 2022[128] - 30% of the company's total indebtedness bore interest at variable rates averaging 4.4% as of December 31, 2022[131] - The company may face increased borrowing costs due to rising interest rates from the U.S. Federal Reserve and other central banks, impacting future acquisitions[132] - The company may need to restructure or refinance its debt if unable to meet obligations, which could lead to asset sales or unfavorable terms[127] - The company faces restrictions from covenants in its debt agreements, which limit operational flexibility and could hinder growth opportunities[135] - A breach of covenants could lead to an event of default, potentially causing debt to become immediately due and payable[137] - A lowering of debt ratings by agencies could increase future borrowing costs and reduce access to capital[139] Tenant and Lease Information - 60.5% of the rental income was derived from "Investment Grade" rated tenants, with 34.9% from actual investment grade tenants and 25.6% from implied investment grade tenants[23] - The weighted-average remaining lease term was 8.0 years as of December 31, 2022, down from 8.3 years in the previous year[24] - Approximately 94.5% of leases included rent escalation provisions, averaging a cumulative increase of 1.2% per year[24] - 40% of the company's tenants were either not evaluated or ranked below "investment grade" as of December 31, 2022, indicating a higher risk of lease defaults[84] - The company generated 18% of its annualized rental income from net leases with a remaining lease term of more than ten years as of December 31, 2022[85] - The concentration of properties in Michigan (16%), Texas (7%), and Ohio (6%) accounted for a total of 29% of the company's consolidated annualized rental income from the United States and Canada[72] - The auto manufacturing and financial services industries each accounted for 12% of the company's consolidated annualized rental income as of December 31, 2022, indicating significant exposure to these sectors[74] Market and Economic Conditions - The commercial real estate market is highly competitive, impacting occupancy levels and rental rates[32] - Market and economic challenges may adversely impact the company's operating results and financial condition, affecting tenant businesses and rental payments[52] - The ongoing military conflict between Russia and Ukraine may exacerbate inflation and lead to volatility in commodity prices, impacting the company's financial condition[55] - The COVID-19 pandemic has caused disruptions that may continue to impact tenants' ability to pay rent, affecting the company's cash flow[69] - Rising expenses could reduce cash flow, with potential increases in property taxes, utility costs, and insurance impacting overall profitability[93] - The real estate market is influenced by economic conditions, financing availability, and interest rates, affecting the ability to sell properties at desired prices[91] - Prolonged vacancies could lead to reduced revenues and lower cash available for dividends[87] Regulatory and Tax Considerations - The company’s REIT qualification is crucial for tax purposes, and failure to maintain it could lead to significant tax liabilities and reduced earnings available for distribution[170][171][172] - To maintain REIT status, the company must distribute at least 90% of its REIT taxable income annually, which may limit investment opportunities and require borrowing under unfavorable conditions[174] - The company may incur tax liabilities that could reduce cash available for distribution to stockholders, including a potential 100% tax on net income from prohibited transactions[173] - The company is subject to a 4% nondeductible excise tax on any distributions that fall short of certain income thresholds, which could impact overall returns to stockholders[174] - The company may face a 100% penalty tax on net income from property sales deemed as inventory or held primarily for sale, which could restrict property disposal activities[176] - The company must ensure that at least 75% of its assets consist of qualified REIT real estate assets to maintain REIT qualification, which may force liquidation of attractive investments[186] - The board of directors has the authority to revoke the company's REIT qualification without stockholder approval, which could lead to corporate-level taxes and reduced distributions[187] - The company may face adverse legislative or regulatory tax changes that could increase tax liability and reduce operating flexibility[188] - Future legislation could potentially reduce the tax advantages currently enjoyed by REITs, impacting the company's market position[189] Management and Operational Risks - The company relies on its Advisor and real estate professionals to identify investments, with no assurance of success in achieving financial objectives[44] - The company relies heavily on single tenants, making it vulnerable to their financial stability, as any default could materially reduce revenues[76] - The ongoing litigation with Blackwells Onshore could be costly and time-consuming, potentially distracting management from operations[65] - The company has limited rights to terminate agreements with the Advisor and Property Manager, with termination fees potentially reaching up to 2.5 times the previous year's compensation[114] - The company relies on the Advisor and Property Manager for essential services, and any adverse changes in their financial health could impact operations[113] - The company does not maintain key person life insurance for its executive officers, which could pose risks if key personnel leave[112] - The company may acquire or originate commercial real estate debt, exposing it to additional risks and uncertainties[121]