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]

Global Net Lease, Inc. (NYSE:GNL) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Jim Nelson - CEO Chris Masterson - CFO Conference Call Participants Bryan Maher - B. Reilly Securities John Massocca - Ladenburg Thalmann Mitch Germain - JMP Securities Michael Gorman - BTIG Todd Thomas - KeyBanc Capital Markets Operator Hello, and welcome to the Global Net Lease Fourth Quarter and Full Year 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructi ...

GNL OD GLOBAL NET LEASE 2 Long-Term Leases With Embedded Cash Based Rental Growth From Primarily Investment GradeRated Tenants: 60.5%(2) of portfolio annualized straight-line ("SLR") rent is derived from Investment Grade rated tenants 3 Accretive Acquisition Program Focused on Industrial and Distribution: Since 2020, over 82% of GNL's acquisitions have been industrial or distribution, increasing GNL's exposure to a highly dependable asset class 6 FOURTH QUARTER 2022 PORTFOLIO HIGHLIGHTS FOURTH QUARTER 2022 ...

Property Portfolio - As of September 30, 2022, the company owned 310 properties with a total of 39.5 million rentable square feet, which were 98.6% leased[248] - 66% of the company's properties were located in the U.S. and Canada, while 34% were in Europe, with 56% classified as industrial/distribution properties[248] - The average remaining lease term across the portfolio was 8.1 years as of September 30, 2022[248] - The portfolio includes properties leased to tenants such as McDonald's, FedEx, and AT&T, with varying average remaining lease terms[256] - The company's portfolio comprised 56% industrial/distribution properties, 41% office properties, and 3% retail properties as of September 30, 2022[248] Financial Performance - Net income attributable to common stockholders increased to $9.7 million for Q3 2022, compared to $2.4 million in Q3 2021, reflecting significant growth in profitability[261] - Revenue from tenants was $92.6 million for Q3 2022, down from $95.8 million in Q3 2021, primarily due to a $2.2 million termination fee recorded in the previous year[263] - For the three months ended September 30, 2022, revenues were $97.5 million, reflecting an increase of $4.9 million on a constant currency basis compared to the same period last year[264] - Net income attributable to common stockholders was $9.4 million for the nine months ended September 30, 2022, compared to a net loss of $0.9 million for the same period in 2021[284] - Revenue from tenants was $284.9 million for the nine months ended September 30, 2022, slightly up from $284.7 million in the prior year[286] Lease and Rental Income - 61.3% of the rental income on an annualized straight-line basis was derived from "Investment Grade" rated tenants, with 34.4% having actual investment grade ratings[250] - The company collected approximately 100% of the original cash rent due for Q3 2022, consistent with previous quarters in 2022 and 2021[251] - Approximately 94.3% of the company's leases contain rent escalation provisions, with an average cumulative increase of 1.2% per year[376] - The 12-month CPI increase for all items as of September 30, 2022, was 8.2%, impacting leases without indexed escalation provisions[376] Strategic Initiatives - The company focuses on acquiring and managing a globally diversified portfolio of commercial real estate properties, emphasizing sale-leaseback transactions[247] - The company continues to focus on expanding its leasing activities, as evidenced by the recent lease renewals and tenant expansions[260] - Property acquisitions since September 30, 2021, partially offset the revenue decline from tenants, highlighting the impact of strategic growth initiatives[263] - The company executed two lease renewals and one tenant expansion totaling approximately 0.8 million square feet, generating $14.8 million in net new straight-line rent[260] Expenses and Costs - Property operating expenses increased to $7.8 million for the three months ended September 30, 2022, up from $6.7 million in the same period last year[265] - Operating fees paid to related parties rose to $10.1 million for the three months ended September 30, 2022, compared to $9.9 million in the prior year[266] - General and administrative expenses were $4.1 million for the three months ended September 30, 2022, an increase from $3.9 million in the same period last year[271] - Equity-based compensation expense increased to $3.1 million for the three months ended September 30, 2022, compared to $2.7 million in the prior year[272] - Depreciation and amortization expense decreased to $37.8 million for the three months ended September 30, 2022, down from $41.7 million in the same period last year[274] Cash Flow and Financing - Net cash provided by operating activities was $159.6 million for the nine months ended September 30, 2022, reflecting net income of $24.7 million and adjustments for non-cash items of $122.0 million[305] - Net cash used in investing activities was $47.2 million for the nine months ended September 30, 2022, consisting of property acquisitions of $33.9 million and capital expenditures of $19.2 million[307] - Net cash used in financing activities was $58.9 million for the nine months ended September 30, 2022, resulting from net payments of mortgage notes payable and dividends paid to stockholders[309] - The company has secured mortgage notes payable of $1.3 billion as of September 30, 2022, with approximately $58.2 million in principal repaid during the first nine months of 2022[329] Debt and Equity - As of September 30, 2022, total debt outstanding was $2.4 billion, with a weighted-average interest rate of 3.5%[324] - The company's debt leverage ratio was 54.8% as of September 30, 2022[327] - The company has an "at the market" equity offering program for Common Stock with a potential to raise $500.0 million, having sold 70,218 shares for gross proceeds of $1.1 million during the three months ended September 30, 2022[319] - Outstanding borrowings under the Revolving Credit Facility were $605.1 million as of September 30, 2022, with $78.9 million available for future borrowings[330] Impairment and Taxation - An impairment charge of $17.1 million was recorded for the nine months ended September 30, 2022, compared to $7.9 million for the same period in 2021[291] - Income tax expense increased to $3.1 million for the three months ended September 30, 2022, compared to $1.9 million in the same period last year, driven by foreign acquisitions[282] - Income tax expense increased to $8.7 million for the nine months ended September 30, 2022, from $5.9 million in 2021, primarily due to European acquisitions[304] Currency and Foreign Exchange - The company is exposed to fluctuations in foreign currency exchange rates, particularly GBP-USD and EUR-USD[372] - The foreign exchange rate fluctuations contributed to the revenue changes, emphasizing the importance of currency management in financial performance[263] - The impact of foreign currency translation on revenue from tenants for the nine months ended September 30, 2022, was $9.928 million, indicating the significance of currency fluctuations on financial performance[364]

Financial Data and Key Metrics Changes - In Q3 2022, core FFO grew by 9.6% year-over-year to $48.3 million or $0.47 per share, while AFFO was $41.3 million or $0.40 per share [8][19] - Revenue for Q3 2022 was recorded at $92.6 million, with a net income attributable to common stockholders of $9.7 million [18][19] - On a constant currency basis, revenues would have increased by $1.2 million to $93.8 million, and year-over-year, revenues would have been up by $4.9 million to $97.5 million [8][18] Business Line Data and Key Metrics Changes - The company completed two lease renewals and one tenant expansion project totaling nearly 850,000 square feet, bringing year-to-date activity to 3.6 million square feet [10] - Year-to-date renewal and expansion leasing added $117 million of net new straight-line rent over a new weighted average remaining lease term of 9.3 years [11] - The portfolio composition at the end of Q3 2022 was 56% industrial and distribution, 41% office, and 3% retail, compared to 52%, 43%, and 5% respectively at the end of Q3 2021 [14] Market Data and Key Metrics Changes - The portfolio consists of 310 properties with a weighted average remaining lease term of 8.1 years, with 66% located in the U.S. and Canada and 34% in the UK and Western Europe [12] - Over 94% of leases feature annual rental increases, with approximately 64% having fixed rate escalations [13] Company Strategy and Development Direction - The company is focusing on increasing portfolio concentration in industrial and distribution assets, which now represent 56% of the portfolio [7][14] - The strategy includes divesting non-core retail assets and acquiring highly dependable single-tenant industrial and distribution properties in North America and Europe [16] - The company aims to reduce net debt to the low to mid-6s range, currently at 8 times net debt to trailing 12-month adjusted EBITDA [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's performance, highlighting strong tenant credit and successful leasing activity [24] - The company is cautious about capital deployment due to economic uncertainties, including inflation and potential recession [34] - Management believes the portfolio is well-positioned for future growth and capital appreciation [7][24] Other Important Information - The company recorded $33.3 million in acquisitions year-to-date and has a pipeline of $32 million in potential acquisitions [15] - The company has a well-cushioned interest coverage ratio of 3.3 times and ended the quarter with net debt of $2.2 billion at a weighted average interest rate of 3.5% [20][21] Q&A Session Summary Question: Impact of foreign currency on AFFO per share - The impact on AFFO was a decrease of about $2.6 million primarily due to foreign exchange [28] Question: Consideration of more hedges - The company has a consistent hedging strategy focused on net cash flows and is evaluating the potential to increase hedging [29] Question: Goals for asset divestiture - The company aims to divest non-core assets, primarily retail, and may also consider selling properties if tenants are moving out [31] Question: Future leverage goals - The company aims to reduce leverage to the low to mid-6s range but is cautious about capital deployment in the current economic climate [33][34] Question: Lease renewals and rent escalators - New leases are incorporating larger escalators of 2% to 4%, with no pushback from tenants on these increases [36] Question: Tenant credit health in Europe - The company has no concerns regarding tenant credit health, as most tenants are investment grade and paying rents on time [38] Question: Future acquisitions in Europe - The company is being cautious but is seeing attractive opportunities at decent prices [39] Question: Breakdown of asset sales - A small property was sold for approximately $3 million, with two additional properties under agreement totaling over $110 million [42] Question: Plan for upcoming debt maturity - The company is evaluating options for refinancing upcoming debt and will make decisions closer to the due date [50][51]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 (Mark One) 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) (State or other jurisdi ...

Global Net Lease, Inc. (NYSE:GNL) Q2 2022 Earnings Conference Call August 4, 2022 1:00 PM ET Company Participants Louisa Quarto - Executive Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley Mitch Germain - JMP Securities James Villard - Ladenburg Thalmann Operator Greetings and welcome to the Global Net Lease’s Second Quarter 2022 Earnings Call. [Operator Instructions] As a reminder this conference is being recor ...

GNL O GOBAL NET LEASE Global Net Lease Second Quarter 2022 Investor Presentation Pictured – McLaren Campus in Woking, U.K. COMPANY HIGHLIGHTS 2 Best-in-Class, Mission Critical, Net Lease Focused Portfolio: Featuring high portfolio occupancy of 98.9% and complete Original Cash Rent collection(1) for the seventh consecutive quarter, highlighting strong overall operating performance 1 Differentiated Strategy with International Diversification: Portfolio of 237 properties in the U.S. and Canada complemented by ...

GNL OD GLOBAL NET LEASE Global Net Lease First Quarter 2022 Investor Presentation Pictured – McLaren Campus in Woking, U.K. COMPANY HIGHLIGHTS 2 Best-in-Class, Mission Critical, Net Lease Focused Portfolio: Featuring high portfolio occupancy of 98.7% and complete Original Cash Rent collection(1) for the sixth consecutive quarter, highlighting strong overall operating performance 1 Differentiated Strategy with International Diversification: Portfolio of 235 properties in the U.S. and Canada complemented by a ...

Global Net Lease, Inc. (NYSE:GNL) Q1 2022 Results Conference Call May 5, 2022 1:00 PM ET Company Participants Louisa Quarto - Executive Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley Todd Thomas - KeyBanc Capital Markets Mitch Germain - JMP Securities James Villard - Ladenburg Thalmann Operator Good afternoon, and welcome to Global Net Lease First Quarter 2022 Earnings Call. [Operator Instructions] Please note ...