# EDGAR Filing Document

**Accession Number:** 0001526113
**File Stem:** 0001526113-25-000019
**Filing Date:** 2025-8
**Character Count:** 119151
**Document Hash:** bdeb76917e8e90d6480cbd72cc9772e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001526113-25-000019.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001526113-25-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Net Lease, Inc.
- **CENTRAL INDEX KEY:** 0001526113
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 452771978
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37390
- **FILM NUMBER:** 251189968

**BUSINESS ADDRESS:**
- **STREET 1:** 650 FIFTH AVE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** (332) 265-2020

**MAIL ADDRESS:**
- **STREET 1:** 650 FIFTH AVE
- **STREET 2:** 30TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Realty Capital Global Trust, Inc.
- **DATE OF NAME CHANGE:** 20120810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Realty Capital Global Daily Net Asset Value Trust, Inc.
- **DATE OF NAME CHANGE:** 20111014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Realty Capital Global Trust, Inc.
- **DATE OF NAME CHANGE:** 20110719

?xml version='1.0' encoding='ASCII'? gnl-20250806

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 6, 2025** 

**Global Net Lease, Inc.** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-37390** | **45-2771978** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

 **650 Fifth Avenue, 30th Floor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York, New York 10019** 

____________________________________________________________________________________________________________ __________________________________________________________________________________________________

(Address of Principal Executive Offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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: | Securities registered pursuant to section 12(b) of the Act: | 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 6, 2025, Global Net Lease, Inc. (the "Company") issued a press release announcing its results of operations for the quarter ended June 30, 2025, and supplemental financial information for the quarter ended June 30, 2025, 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 6, 2025, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2025, and supplemental financial information for the quarter ended June 30, 2025, 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 associated with any potential future acquisition or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company's actual results to differ materially from those presented in its forward-looking statements are set forth in the "Risk Factors" and "Quantitative and Qualitative Disclosures About Market Risk" sections in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](ex991gnlearningsrelease630.htm)</u> | Press release dated August 6, 2025 |
| <u>[99.2](ex992-gnlsupplementalinfor.htm)</u> | Quarterly supplemental information for the quarter ended June 30, 2025 |
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Global Net Lease, Inc.**

---

| | | | |
|:---|:---|:---|:---|
| Date: August 6, 2025 | By: | /s/ Edward M. Weil, Jr. | /s/ Edward M. Weil, Jr. |
|  |  | Name: | Edward M. Weil, Jr. |
|  |  | Title: | *Chief Executive Officer and President* |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 99.1**

![image3a29.gif](image3a29.gif)**&nbsp;&nbsp;&nbsp;&nbsp;**

FOR IMMEDIATE RELEASE

**GLOBAL NET LEASE REPORTS SECOND QUARTER 2025 RESULTS**

*–Closed Final Phases of Multi-Tenant Portfolio Sale Completing Transformation into Pure-Play Net Lease REIT*

*–Reduced Net Debt by $748 Million, and Improved Net Debt to Adjusted EBITDA to 6.6x*

*–Completed $1.8 Billion Refinancing of Revolving Credit Facility, Lowering Cost of Capital by 35 Basis Points and Extending Weighted Average Debt Maturity to 3.7 Years*

*–Raises Low End of 2025 AFFO Guidance; New Range of $0.92 to $0.96 Per Share*

**New York, August 6, 2025** - Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company"), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended June 30, 2025.

**<u>Second Quarter 2025 Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GNL successfully closed the final two phases of the sale of its multi-tenant retail portfolio, simplifying operations, enhancing portfolio quality and driving greater operational efficiencies, including $6.5 million in annual G&A savings and an approximate $30 million reduction in recurring capex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the completion of the multi-tenant retail portfolio sale and substantial debt reduction, GNL received an upgrade from S&P Global, which raised its corporate credit rating to BB+ and issue-level rating on the Company's unsecured notes to investment-grade BBB-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue was $124.9 million, compared to $145.5 million in second quarter 2024, primarily reflecting asset dispositions, including the multi-tenant retail portfolio sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to common stockholders was $35.1 million, compared to a net loss of $46.6 million in second quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core Funds from Operations ("Core FFO") was $7.1 million compared to $50.9 million in second quarter 2024, primarily as a result of asset dispositions, including the multi-tenant retail portfolio sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Funds from Operations ("AFFO")<sup>1</sup> was $53.1 million, or $0.24 per share, compared to $76.7 million in second quarter 2024, or $0.33 per share, primarily a result of asset dispositions, including the multi-tenant retail portfolio sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduced Net Debt by $2.0 billion since second quarter 2024, including $748 million in second quarter 2025, improving Net Debt to Adjusted EBITDA from 8.1x to 6.6x over the same period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2025 closed plus disposition pipeline totals $2.2 billion<sup>2</sup> at a cash cap rate of 8.4% and a weighted average lease term of 5.0 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executed a $1.8 billion refinancing of the Revolving Credit Facility, resulting in an immediate 35 basis point reduction in the interest rate spread due to improved pricing, increased liquidity to $1.0 billion<sup>4</sup> and an extension of GNL's weighted average debt maturity to 3.7 years from 2.9 years, with the facility now maturing in 2030<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity increased to $1.0 billion<sup>4</sup> subsequent to June 30, 2025, compared to $220 million in second quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of August 1, 2025, GNL has repurchased 10.2 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.52, for a total of $76.9 million; this includes 7.7 million shares for a total of $56.5 million repurchased in second quarter 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leased over 200,000 square feet across the single-tenant portfolio, resulting in over $4.1 million of new straight-line rent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-tenant renewal leasing spread of 6.0% with a weighted average renewal term of 5.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 10.0 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 22.6% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants<sup>5</sup>

"The second quarter of 2025 marked significant progress on GNL's strategic initiatives, including the successful sale of the multi-tenant retail portfolio—which enhanced portfolio quality and eliminated the complexity of owning multi-tenant assets—the $1.8 billion refinancing of our Revolving Credit Facility, a further $748 million reduction in net debt, continued execution of our opportunistic share repurchase program, and a credit rating upgrade to BB+ by S&P," said Michael Weil, CEO of GNL. "Since the first quarter of 2024, we've executed on a series of targeted strategic goals, including the sale of over $3 billion of non-core assets,

------

which reduced leverage by nearly 2.0x turns and lowered our cost of debt by 70 basis points. We believe we are entering the second half of the year with strong momentum and remain focused on executing our strategic objectives."

------

**<u>Full Year 2025 Guidance Update</u>**<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GNL has increased the low end of its 2025 AFFO per Share guidance to a new range of $0.92 to $0.96 and reaffirms its stated Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

**<u>Summary of Results</u>**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>*(In thousands, except per share data)* | **2025** | **2024** |
| Revenue from tenants | $124905 | $145464 |
| Net loss attributable to common stockholders | $(35079) | $(46600) |
| Net loss per diluted common share | $(0.16) | $(0.20) |
| NAREIT defined FFO attributable to common stockholders | $(14400) | $36193 |
| NAREIT defined FFO per diluted common share | $(0.06) | $0.16 |
| Core FFO attributable to common stockholders | $7122 | $50855 |
| Core FFO per diluted common share | $0.03 | $0.22 |
| AFFO attributable to common stockholders | $53108 | $76692 |
| AFFO per diluted common share | $0.24 | $0.33 |

---

**<u>Property Portfolio</u>**

As of June 30, 2025, GNL's portfolio of 911 net lease properties is located in ten countries and territories, and is comprised of 44 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company now operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail and (3) Office. Portfolio metrics include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% leased with a remaining weighted-average lease term of 6.2 years<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 88% of the portfolio contains contractual rent increases based on annualized straight-line rent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 60% of portfolio's annualized straight-line rent is derived from investment grade and implied investment grade rated tenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 70% U.S. and Canada, 30% Europe (based on annualized straight-line rent)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 47% Industrial & Distribution, 26% Retail and 27% Office (based on an annualized straight-line rent)

**<u>Capital Structure and Liquidity Resources</u>**<sup>8</sup> Reflecting the terms of the recently refinanced Revolving Credit Facility, as of June 30, 2025, the Company had liquidity of $1.0 billion<sup>4</sup> and $1.1 billion<sup>4</sup> of capacity under its Revolving Credit Facility, compared to $220.3 million and $214.0 million, respectively, in second quarter 2024. The Company had net debt of $3.0 billion<sup>9</sup>, including $1.4 billion of gross mortgage debt as of June 30, 2025. It has successfully reduced its outstanding net debt balance by $748 million since first quarter 2025 and by $2.0 billion since second quarter of 2024.

As of June 30, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 85%. The Company's total combined debt had a weighted average interest rate of 4.3%, resulting in an interest coverage ratio of 2.7 times<sup>10</sup>. Weighted-average debt maturity was 2.9 years as of June 30, 2025, and, giving effect to the terms of the recently refinanced Revolving Credit Facility, increased to 3.7 years<sup>11</sup>.

------

**<u>Footnotes/Definitions</u>**

<sup>1</sup> 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.

<sup>2</sup> Closed plus disposition pipeline of $2.2 billion as of August 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.4% and $291 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements ("PSAs") or non-binding letters of intents ("LOIs"). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.

<sup>3</sup> Assumes GNL exercises its two 6-month extension options on its Revolving Credit Facility.

<sup>4</sup> Liquidity represents the aggregate amount of cash and cash equivalents and borrowing and borrowing availability under our recently refinance Revolving Credit Facility, utilizing the value of our applicable assets as of June 30, 2025 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our recently refinanced Revolving Credit Facility.

<sup>5</sup> 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, 2025. Comprised of 30.3% leased to tenants with an actual investment grade rating and 29.6% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of June 30, 2025.

<sup>6</sup> 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.

<sup>7</sup> Weighted-average remaining lease term in years is based on square feet as of June 30, 2025.

<sup>8</sup> During the three months ended June 30, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock "at-the-market" programs. However, as of August 1, 2025, the Company had repurchased 10.2 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $76.9 million; this includes 7.7 million shares for a total of $56.5 million repurchased in second quarter 2025.

<sup>9</sup> Comprised of the principal amount of GNL's outstanding debt totaling $3.1 billion less cash and cash equivalents totaling $144.8 million, as of June 30, 2025.

<sup>10</sup> The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). 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.

<sup>11</sup> Subsequent to Q2 2025, GNL refinanced its Revolving Credit Facility, which has the aggregate total commitments of approximately $1.8 billion and matures in August 2029, with two 6-month extension options. For purposes of calculating the above weighted average debt maturity, the Company utilized the June 30, 2025 Revolving Credit Facility balance and assumed the full four-year term along with the exercise of both 6-month extension options under the terms of the refinanced facility.

------

**<u>Conference Call</u>**

GNL will host a webcast and conference call on August 7, 2025 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.

**<u>Conference Call Details</u>**

*Live Call*

Dial-In (Toll Free): 1-833-816-1441

International Dial-In: 1-412-317-0533

*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

<u>Or dial in below:</u>

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 10201018

\*Available from 2:00 p.m. ET on August 7, 2025 through November 7, 2025.

**<u>Supplemental Schedules</u>** 

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.

**<u>About Global Net Lease, Inc.</u>** 

Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

**<u>Forward-Looking Statements</u>**

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 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 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 the Company's 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.

**<u>Contacts:</u>** 

Investors and Media:

Email: investorrelations@globalnetlease.com

Phone: (332) 265-2020

------

**Global Net Lease, Inc.**

**Consolidated Balance Sheets (Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Real estate investments, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $759854 | $802317 |
| &nbsp;&nbsp;&nbsp;Buildings, fixtures and improvements | 4028243 | 4120664 |
| &nbsp;&nbsp;&nbsp;Construction in progress | 1580 | 3364 |
| &nbsp;&nbsp;&nbsp;Acquired intangible lease assets | 633647 | 695597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, at cost | 5423324 | 5621942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (1056957) | (999909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 4366367 | 4622033 |
| Real estate assets held for sale | 37496 | 17406 |
| Assets related to discontinued operations | 2337 | 1816131 |
| Cash and cash equivalents | 144809 | 159698 |
| Restricted cash | 37339 | 64510 |
| Derivative assets, at fair value |  | 2471 |
| Unbilled straight-line rent | 88368 | 89804 |
| Operating lease right-of-use asset | 70761 | 66163 |
| Prepaid expenses and other assets | 89293 | 51504 |
| Multi-tenant disposition receivable, net | 90214 |  |
| Deferred tax assets | 4906 | 4866 |
| Goodwill | 46009 | 51370 |
| Deferred financing costs, net | 7017 | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $4984916 | $6955764 |
| **LIABILITIES AND EQUITY** |  |  |
| Mortgage notes payable, net  | $1312718 | $1768608 |
| Revolving credit facility | 740682 | 1390292 |
| Senior notes, net | 916864 | 906101 |
| Acquired intangible lease liabilities, net | 19863 | 24353 |
| Derivative liabilities, at fair value | 10788 | 3719 |
| Accounts payable and accrued expenses | 45878 | 52878 |
| Operating lease liability | 42244 | 40080 |
| Prepaid rent | 36625 | 13571 |
| Deferred tax liability | 7083 | 5477 |
| Dividends payable | 11943 | 11909 |
| Real estate liabilities held for sale | 379 |  |
| Liabilities related to discontinued operations | 7470 | 551818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3152537 | 4768806 |
| 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 | 3541 | 3640 |
| Additional paid-in capital | 4288338 | 4359264 |
| Accumulated other comprehensive income (loss) | 33452 | (25844) |
| Accumulated deficit | (2493192) | (2150342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 1832379 | 2186958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $4984916 | $6955764 |

---

------

**Global Net Lease, Inc.**

**Consolidated Statements of Operations (Unaudited)**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| **Revenue from tenants** | $124905 | $145464 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 12018 | 15934 |
| &nbsp;&nbsp;&nbsp;Impairment charges | 9812 | 27402 |
| &nbsp;&nbsp;&nbsp;Merger, transaction and other costs | 2002 | 1576 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11339 | 13746 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 3338 | 2340 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45636 | 56654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 84145 | 117652 |
| &nbsp;&nbsp;&nbsp;Operating income before gain on dispositions of real estate investments | 40760 | 27812 |
| &nbsp;&nbsp;&nbsp;Gain on dispositions of real estate investments | 1537 | 34114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating income | 42297 | 61926 |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (53348) | (71984) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment and modification of debt | (4348) | (13089) |
| &nbsp;&nbsp;&nbsp;(Loss) gain on derivative instruments | (8823) | 509 |
| &nbsp;&nbsp;&nbsp;Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness | (6324) | 300 |
| &nbsp;&nbsp;&nbsp;Other income | 1683 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other expense, net | (71160) | (83919) |
| Net loss before income taxes | (28863) | (21993) |
| Income tax (provision) benefit | (2995) | 250 |
| Loss from continuing operations | (31858) | (21743) |
| Income (loss) from discontinued operations | 7715 | (13921) |
| **Net loss** | (24143) | (35664) |
| Preferred stock dividends | (10936) | (10936) |
| **Net loss attributable to common stockholders** | $(35079) | $(46600) |
| **Basic and Diluted Loss Per Share:** |  |  |
| Net loss per share from continuing operations | $(0.19) | $(0.14) |
| Net income (loss) per share from discontinued operations | 0.03 | (0.06) |
| &nbsp;&nbsp;&nbsp;Net loss per share attributable to common stockholders — Basic and Diluted | $(0.16) | $(0.20) |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding — Basic and Diluted | 222960 | 230381 |

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**Global Net Lease, Inc.**

**Quarterly Reconciliation of Non-GAAP Measures (Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| **Adjusted EBITDA** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(24143) | $(35664) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45636 | 56654 |
| &nbsp;&nbsp;&nbsp;Interest expense | 53348 | 71984 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 2995 | (250) |
| &nbsp;&nbsp;&nbsp;Discontinued operations adjustments | 6375 | 50670 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **84211** | **143394** |
| &nbsp;&nbsp;&nbsp;Impairment charges | 9812 | 27402 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 3338 | 2340 |
| &nbsp;&nbsp;&nbsp;Merger, transaction and other costs | 2002 | 1576 |
| &nbsp;&nbsp;&nbsp;Gain on dispositions of real estate investments | (1537) | (34114) |
| &nbsp;&nbsp;&nbsp;Loss (gain) on derivative instruments | 8823 | (530) |
| &nbsp;&nbsp;&nbsp;Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 6324 | (300) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment and modification of debt | 4348 | 13090 |
| &nbsp;&nbsp;&nbsp;Other income | (1683) | (345) |
| &nbsp;&nbsp;Expenses attributable to European tax restructuring <sup>[1]</sup> |  | 16 |
| &nbsp;&nbsp;Transition costs related to the REIT Merger and Internalization <sup>[2]</sup> |  | 995 |
| &nbsp;&nbsp;&nbsp;Discontinued operations adjustments | (2279) | 44 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **113359** | **153568** |
| **Net operating income (NOI)** |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 11339 | 13746 |
| &nbsp;&nbsp;Expenses attributable to European tax restructuring <sup>[1]</sup> |  | (16) |
| &nbsp;&nbsp;Transition costs related to the Merger and Internalization <sup>[2]</sup> |  | (995) |
| &nbsp;&nbsp;&nbsp;Discontinued operations adjustments | 1395 | 1450 |
| &nbsp;&nbsp;**NOI**  | **126093** | **167753** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization related to above- and below- market lease intangibles and right-of-use assets, net | 1232 | 1901 |
| &nbsp;&nbsp;&nbsp;Straight-line rent | (2959) | (5349) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash NOI**  | $**124366** | $**164305** |
| **Cash Paid for Interest:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - continuing operations | $53348 | $71984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - discontinued operations | 6374 | 17831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of interest expense | (2499) | (2580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts on mortgages and senior notes | (14609) | (24080) |
| **Total cash paid for interest** | $**42614** | $**63155** |

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<sup>_____________</sup>

[1] Amount in 2024 relates to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

[2] Amount in 2024 includes costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

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**Global Net Lease, Inc.**

**Quarterly Reconciliation of Non-GAAP Measures (Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| **Net loss attributable to stockholders (in accordance with GAAP)** | $(35079) | $(46600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 9812 | 27402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 45636 | 56654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on dispositions of real estate investments | (1537) | (34114) |
| &nbsp;&nbsp;&nbsp;Discontinued operations FFO adjustments | (33232) | 32851 |
| **FFO (defined by NAREIT)** | **(14400)** | **36193** |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger, transaction and other costs | 2002 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment and modification of debt | 4348 | 13090 |
| &nbsp;&nbsp;&nbsp;Discontinued operations Core FFO adjustments | 15172 | (4) |
| **Core FFO attributable to common stockholders**  | **7122** | **50855** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash equity-based compensation | 3338 | 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of interest expense | 2499 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization related to above- and below-market lease intangibles and right-of-use assets, net | 1232 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent | (2959) | (5349) |
| &nbsp;&nbsp; Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 6324 | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminate unrealized losses (gains) on foreign currency transactions <sup>[1]</sup> | 7177 | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts on mortgages and senior notes | 14609 | 24080 |
| &nbsp;&nbsp;Expenses attributable to European tax restructuring <sup>[2]</sup> |  | 16 |
| &nbsp;&nbsp;Transition costs related to the REIT Merger and Internalization <sup>[3]</sup> |  | 995 |
| &nbsp;&nbsp;Forfeited disposition deposit <sup>[4]</sup> |  | (196) |
| &nbsp;&nbsp;Eliminate losses related to multi-tenant disposition receivable <sup>[5]</sup> | 13766 |  |
| **Adjusted funds from operations (AFFO) attributable to common stockholders** | $**53108** | $**76692** |

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__________

[1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended June 30, 2025, loss on derivative instruments was $8.8 million, which consisted of unrealized losses of $7.2 million and realized losses of $1.6 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million.

[2] Amount in 2024 relates to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[3] Amount in 2024 includes costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[4] Represents a forfeited deposit from a potential buyer of one of our properties, which 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.

[5] 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 AFFO for this amount.

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The following table provides operating financial information for the Company's reportable segments:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Industrial & Distribution:** |  |  |  |  |
| &nbsp;&nbsp;Revenue from tenants | $54997 | $61437 | $113008 | $123432 |
| &nbsp;&nbsp;Property operating expense | 4235 | 4916 | 9507 | 9566 |
| &nbsp;&nbsp;&nbsp;**Net Operating Income** | $**50762** | $**56521** | $**103501** | $**113866** |
| **Retail** <sup>(1), (2)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Revenue from tenants | $35357 | $40686 | $72314 | $83281 |
| &nbsp;&nbsp;Property operating expense | 3002 | 4032 | 6893 | 9124 |
| &nbsp;&nbsp;&nbsp;**Net Operating Income** | $**32355** | $**36654** | $**65421** | $**74157** |
| **Office** <sup>(2)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Revenue from tenants | $34551 | $34671 | $71998 | $69767 |
| &nbsp;&nbsp;Property operating expense | 4781 | 4120 | 9571 | 9378 |
| &nbsp;&nbsp;&nbsp;**Net Operating Income** | $**29770** | $**30551** | $**62427** | $**60389** |
| **Multi-Tenant Retail** <sup>(3)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;Revenue from tenants | $— | $8670 | $— | $16864 |
| &nbsp;&nbsp;Property operating expense |  | 2866 |  | 5662 |
| &nbsp;&nbsp;&nbsp;**Net Operating Income** | $**—** | $**5804** | $**—** | $**11202** |

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________

<sup>(1)</sup> Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition.

<sup>(2)</sup> Prior period amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type.

<sup>(3)</sup> Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.

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**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.

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.

*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

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

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

*Adjusted Funds From Operations*

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

**Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest** 

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, 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, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

## Exhibit 99.2

**EXHIBIT 99.2**

**Global Net Lease, Inc.**

**Supplemental Information**

Quarter ended June 30, 2025 (unaudited)

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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| | |
|:---|:---|
| **Table of Contents**<br>**Item** |<br>**Page** |
| Non-GAAP Definitions | 4 |
| Key Metrics | 6 |
| Consolidated Balance Sheets | 7 |
| Consolidated Statements of Operations | 8 |
| Non-GAAP Measures | 9 |
| Debt Overview | 11 |
| Future Minimum Lease Rents | 12 |
| Top Twenty Tenants | 13 |
| Diversification by Property Type | 14 |
| Diversification by Tenant Industry | 15 |
| Diversification by Geography | 16 |
| Lease Expirations | 17 |
| Please note that totals may not add due to rounding. |  |

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**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 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 the Company's 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.

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Non-GAAP Financial Measures**

This section discusses non-GAAP financial measures we use to evaluate our performance, including Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), Adjusted Funds from Operations ("AFFO"), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), Net Operating Income ("NOI"), Cash Net Operating Income ("Cash NOI") and Cash Paid for Interest. While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI as defined herein, does not reflect an adjustment for straight-line rent but AFFO does include this adjustment. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

***Caution on Use of Non-GAAP Measures***

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI and Cash Paid For Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT") definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

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

*Funds From Operations*

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

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

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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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.

*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 acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

*Adjusted Funds From Operations*

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, 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.

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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***Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid For Interest***

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization 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, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Key Metrics**

***As of and for the three months ended June 30, 2025***

***Amounts in thousands, except per share data, ratios and percentages***

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| | | |
|:---|:---|:---|
| **Financial Results** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from tenants | $124905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(35079) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted net loss per share attributable to common stockholders <sup>[1]</sup> | $(0.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash NOI <sup>[2]</sup> | $124366 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA <sup>[2]</sup> | $113359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AFFO attributable to common stockholders <sup>[2]</sup> | $53108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends per share - second quarter <sup>[3]</sup> | $0.19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend yield - annualized, based on quarter end share price | 10.1 | % |
| **Balance Sheet and Capitalization** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross asset value <sup>[4]</sup> | $6041873 | $6041873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt <sup>[5] [6]</sup>  | $2973271 | $2973271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consolidated debt <sup>[6]</sup>  | $3118080 | $3118080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4984916 | $4984916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity <sup>[7]</sup> | $790013 | $790013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding as of June 30, 2025 (thousands) | 221224 | 221224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt to gross asset value | 49.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt to annualized adjusted EBITDA <sup>[8]</sup> | 6.6 | x |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average interest rate cost <sup>[9]</sup> | 4.3 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average debt maturity (years) <sup>[10]</sup> | 2.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Coverage Ratio <sup>[11]</sup> | 2.7 | x |
| **Real Estate Portfolio** | **Total** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of properties | 911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Square footage (millions) | 44.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased | 98 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average remaining lease term (years) <sup>[12]</sup> | 6.2 |  |

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<u>Footnotes:</u>

[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, 2025.

[5]Represents total debt outstanding of $3.1 billion, less cash and cash equivalents of $144.8 million.

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

[7]Liquidity includes $645.2 million of availability under the credit facility and $144.8 million of cash and cash equivalents as of June 30, 2025.

[8]Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended June 30, 2025 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 the interest expense less 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.

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Consolidated Balance Sheets (*Amounts in thousands)***

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| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Real estate investments, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $759854 | $802317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings, fixtures and improvements | 4028243 | 4120664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 1580 | 3364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired intangible lease assets | 633647 | 695597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, at cost | 5423324 | 5621942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation and amortization | (1056957) | (999909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 4366367 | 4622033 |
| Real estate assets held for sale | 37496 | 17406 |
| Assets related to discontinued operations | 2337 | 1816131 |
| Cash and cash equivalents | 144809 | 159698 |
| Restricted cash | 37339 | 64510 |
| Derivative assets, at fair value |  | 2471 |
| Unbilled straight-line rent | 88368 | 89804 |
| Operating lease right-of-use asset | 70761 | 66163 |
| Prepaid expenses and other assets | 89293 | 51504 |
| Multi-tenant disposition receivable, net | 90214 |  |
| Deferred tax assets | 4906 | 4866 |
| Goodwill | 46009 | 51370 |
| Deferred financing costs, net | 7017 | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $4984916 | $6955764 |
| **LIABILITIES AND EQUITY** |  |  |
| Mortgage notes payable, net | $1312718 | $1768608 |
| Revolving credit facility | 740682 | 1390292 |
| Senior notes, net | 916864 | 906101 |
| Acquired intangible lease liabilities, net | 19863 | 24353 |
| Derivative liabilities, at fair value | 10788 | 3719 |
| Accounts payable and accrued expenses | 45878 | 52878 |
| Operating lease liability | 42244 | 40080 |
| Prepaid rent | 36625 | 13571 |
| Deferred tax liability | 7083 | 5477 |
| Dividends payable | 11943 | 11909 |
| Real estate liabilities held for sale | 379 |  |
| Liabilities related to discontinued operations | 7470 | 551818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 3152537 | 4768806 |
| Commitments and contingencies |  |  |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.25% Series A cumulative redeemable preferred stock | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.875% Series B cumulative redeemable perpetual preferred stock | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.50% Series D cumulative redeemable perpetual preferred stock | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.375% Series E cumulative redeemable perpetual preferred stock | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 3541 | 3640 |
| Additional paid-in capital | 4288338 | 4359264 |
| Accumulated other comprehensive income (loss) | 33452 | (25844) |
| Accumulated deficit | (2493192) | (2150342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | 1832379 | 2186958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $4984916 | $6955764 |

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Consolidated Statements of Operations**

***Amounts in thousands, except per share data***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31, 2024** | **September 30,<br>2024** |
| **Revenue from tenants** | $124905 | $132415 | $137783 | $138666 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property operating | 12018 | 13953 | 15430 | 15164 |
| &nbsp;&nbsp;&nbsp;Impairment charges | 9812 | 60315 | 20098 | 38483 |
| &nbsp;&nbsp;&nbsp;Merger, transaction and other costs | 2002 | 1579 | 1792 | 1901 |
| &nbsp;&nbsp;&nbsp;General and administrative | 11339 | 16203 | 13012 | 10937 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 3338 | 3093 | 2309 | 2309 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45636 | 56334 | 50248 | 52746 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment |  | 7134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 84145 | 158611 | 102889 | 121540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) before gain (loss) on dispositions of real estate investments | 40760 | (26196) | 34894 | 17126 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on dispositions of real estate investments | 1537 | (1678) | 21326 | (4280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 42297 | (27874) | 56220 | 12846 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (53348) | (53437) | (59604) | (59504) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment and modification of debt | (4348) | (418) | (2413) | (317) |
| &nbsp;&nbsp;&nbsp;(Loss) gain on derivative instruments | (8823) | (3856) | 6853 | (4747) |
| &nbsp;&nbsp;&nbsp;Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness | (6324) | (6351) | 1917 |  |
| &nbsp;&nbsp;&nbsp;Other income | 1683 | 48 | 694 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (71160) | (64014) | (52553) | (64492) |
| **Net loss (income) before income tax** | **(28863)** | **(91888)** | **3667** | **(51646)** |
| Income tax expense | (2995) | (3280) | (962) | (1312) |
| (Loss) income from continuing operations | **(31858)** | **(95168)** | **2705** | **(52958)** |
| Income (loss) from discontinued operations | 7715 | (94211) | (9227) | (12677) |
| **Net loss** | (24143) | (189379) | (6522) | (65635) |
| Preferred stock dividends | (10936) | (10936) | (10936) | (10936) |
| **Net loss attributable to common stockholders** | $**(35079)** | $**(200315)** | $**(17458)** | $**(76571)** |
| **Basic and Diluted Loss Per Share:** |  |  |  |  |
| Net loss per share from continuing operations | $(0.19) | $(0.46) | $(0.04) | $(0.28) |
| Net income (loss) per share from discontinued operations | 0.03 | (0.41) | (0.04) | (0.06) |
| **Net loss per share attributable to common stockholders — Basic and Diluted**  | $(0.16) | $(0.87) | $(0.08) | $(0.33) |
| **Weighted average shares outstanding — Basic and Diluted** | 222960 | 230264 | 230596 | 230463 |

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Non-GAAP Measures**

***Amounts in thousands, except per share data***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31, 2024** | **September 30,<br>2024** |
| **EBITDA:** | | | | |
| &nbsp;&nbsp;&nbsp;Net loss | $(24143) | $(189379) | $(6522) | $(65635) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 45636 | 56334 | 50248 | 52746 |
| &nbsp;&nbsp;&nbsp;Interest expense | 53348 | 53437 | 59604 | 59504 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 2995 | 3280 | 962 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations adjustments | 6375 | 47219 | 50402 | 50343 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | **84211** | **(29109)** | **154694** | **98270** |
| &nbsp;&nbsp;&nbsp;Impairment charges | 9812 | 60315 | 20098 | 38583 |
| &nbsp;&nbsp;&nbsp;Equity-based compensation | 3338 | 3093 | 2309 | 2309 |
| &nbsp;&nbsp;&nbsp;Merger, transaction and other costs | 2002 | 1579 | 1792 | 1901 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on dispositions of real estate investments | (1537) | 1678 | (21326) | 4280 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on derivative instruments | 8823 | 3856 | (6853) | 4742 |
| &nbsp;&nbsp;&nbsp;Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 6324 | 6351 | (1917) |  |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment and modification of debt | 4348 | 418 | 2412 | 317 |
| &nbsp;&nbsp;&nbsp;Other income | (1683) | (48) | (1414) | (76) |
| &nbsp;&nbsp;&nbsp;Transition costs related to the REIT Merger and Internalization <sup>[1]</sup> |  |  | 527 | 138 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment <sup>[2]</sup> |  | 7134 |  |  |
| &nbsp;&nbsp;&nbsp;Discontinued operations adjustments | (2279) | 83149 | (62) | 125 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **113359** | **138416** | **150260** | **150589** |
| &nbsp;&nbsp;&nbsp;General and administrative | 11339 | 16203 | 13012 | 10937 |
| &nbsp;&nbsp;&nbsp;Transition costs related to the Merger and Internalization <sup>[1]</sup> |  |  | (527) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations adjustments | 1395 | 1255 | 751 | 1661 |
| &nbsp;&nbsp;&nbsp;**NOI** | **126093** | **155874** | **163496** | **163049** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization related to above- and below-market lease intangibles and right-of-use assets, net | 1232 | 160 | 1572 | 1805 |
| &nbsp;&nbsp;&nbsp;Straight-line rent | (2959) | (5235) | (3896) | (5343) |
| &nbsp;&nbsp;&nbsp;**Cash NOI** | $**124366** | $**150799** | $**161172** | $**159511** |
| **Cash Paid for Interest:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - continuing operations | $53348 | $53437 | $59604 | $59504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense - discontinued operations | 6374 | 17457 | 17630 | 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of interest expense | (2499) | (2486) | (2510) | (2496) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of discounts on mortgages and senior notes | (14609) | (13960) | (15017) | (14156) |
| &nbsp;&nbsp;&nbsp;**Total cash paid for interest** | $**42614** | $**54448** | $**59707** | $**60478** |

---

________

[1]Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor; and (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

[2] This is a non-cash item and is added back as it is not considered indicative of operating performance.

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Non-GAAP Measures**

***Amounts in thousands, except per share data***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** |
| **Funds from operations (FFO):** | | | | |
| Net loss attributable to common stockholders (in accordance with GAAP) | $(35079) | $(200315) | $(17458) | $(76571) |
| Impairment charges | 9812 | 60315 | 20098 | 38483 |
| Depreciation and amortization | 45636 | 56334 | 50248 | 52746 |
| (Gain) loss on dispositions of real estate investments | (1537) | 1678 | (21326) | 4280 |
| Discontinued operations FFO adjustments | (33232) | 114949 | 32772 | 32784 |
| **FFO (as defined by NAREIT) attributable to common stockholders** | **(14400)** | **32961** | **64334** | **51722** |
| Merger, transaction and other costs | 2002 | 1579 | 1792 | 1901 |
| Loss on extinguishment and modification of debt | 4348 | 418 | 2412 | 317 |
| Discontinued operations Core FFO adjustments | 15172 | 9 |  |  |
| **Core FFO attributable to common stockholders** | **7122** | **34967** | **68538** | **53940** |
| Non-cash equity-based compensation | 3338 | 3093 | 2309 | 2309 |
| Non-cash portion of interest expense | 2499 | 2486 | 2510 | 2496 |
| Amortization related to above and below-market lease intangibles and right-of-use assets, net | 1232 | 160 | 1572 | 1805 |
| Straight-line rent | (2959) | (5235) | (3896) | (5343) |
| Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness | 6324 | 6351 | (1917) |  |
| Eliminate unrealized losses (gains) on foreign currency transactions <sup>[1]</sup> | 7177 | 3304 | (6289) | 4360 |
| Amortization of discounts on mortgages and senior notes | 14609 | 13960 | 15017 | 14156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transition costs related to the REIT Merger and Internalization <sup>[2]</sup> |  |  | 527 | 138 |
| Forfeited disposition deposit <sup>[3]</sup> |  |  | (74) | (5) |
| Goodwill impairment <sup>[4]</sup> |  | 7134 |  |  |
| Eliminate losses related to multi-tenant disposition receivable <sup>[5]</sup> | 13766 |  |  |  |
| **Adjusted funds from operations (AFFO) attributable to common stockholders** | $**53108** | $**66220** | $**78297** | $**73856** |
| **Weighted average common shares outstanding — Basic and Diluted** | **222960** | **230264** | **230596** | **230463** |
| Net loss per share attributable to common shareholders | $(0.16) | $(0.87) | $(0.08) | $(0.33) |
| FFO per diluted common share | $(0.06) | $0.14 | $0.28 | $0.22 |
| Core FFO per diluted common share | $0.03 | $0.15 | $0.30 | $0.23 |
| AFFO per diluted common share | $0.24 | $0.29 | $0.34 | $0.32 |
| Dividends declared to common stockholders | $43429 | $64027 | $63484 | $63722 |

---

________

[1]For AFFO purposes, we add back unrealized (gain) loss. 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. For the three months ended March 31, 2025, the loss on derivative instruments was $3.9 million which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million.

[2]Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor; and (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

[3] Represents a forfeited deposit from a potential buyer of one of our properties, which 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.

[4] This is a non-cash item and is added back as it is not considered indicative of operating performance.

[5] 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 AFFO for this amount.

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Debt Overview** <sup>[1]</sup>

***As of June 30, 2025***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of Maturity** | **Number of Encumbered Properties** <sup>[2]</sup> | **Weighted-Average Debt Maturity (Years)** <sup>[2]</sup> | **Weighted-Average Interest Rate** <sup>[3]</sup> | **Total Outstanding Balance** <sup>[4]</sup> *(In thousands)* | **Percent** |
| **Non-Recourse Debt** | | | | | |
| 2025 (remainder) |  |  | —% | $549 |  |
| 2026 | 68 | 0.9 | 3.8% | 94814 |  |
| 2027 | 10 | 2.4 | 4.4% | 163191 |  |
| 2028 | 117 | 3.1 | 4.1% | 315525 |  |
| 2029 | 122 | 3.9 | 4.8% | 670135 |  |
| Thereafter | 78 | 5.9 | 3.2% | 133184 |  |
| **Total Non-Recourse Debt** | **395** | **3.5** | **4.4%** | **1377398** | **44%** |
| **Recourse Debt** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2026 - Revolving Credit Facility |  | 1.8 | 4.5% | 740682 |  |
| &nbsp;&nbsp;&nbsp;2027 - 3.75% Senior Notes |  | 2.5 | 3.8% | 500000 |  |
| &nbsp;&nbsp;&nbsp;2028 - 4.50% Senior Notes |  | 3.3 | 4.5% | 500000 |  |
| **Total Recourse Debt** |  | **2.4** | **4.3%** | **1740682** | **56%** |
| **Total Debt** |  | **2.9** | **4.3%** | $**3118080** | **100%** |
| **Total Debt by Currency** |  |  |  | **Percent** |  |
| USD |  |  |  | 80% |  |
| EUR |  |  |  | 19% |  |
| GBP |  |  |  | —% |  |
| CAD |  |  |  | 1% |  |
| **Total** |  |  |  | **100%** |  |

---

<u>Footnotes:</u>

[1]Excludes two mortgages that are classified within discontinued operations on the Company's consolidated balance sheet as of March 31, 2025.

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

[3]As of June 30, 2025, the Company's total combined debt was 85% fixed rate or swapped to a fixed rate and 15% floating rate.

[4]Excludes the effect of mortgage discounts and deferred financing costs, net. Current balances as of June 30, 2025 are shown in the year the debt matures.

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Future Minimum Lease Rents** 

***As of June 30, 2025***

***Amounts in thousands***

---

| | |
|:---|:---|
| | **Future Minimum<br>Base Rent Payments** <sup>[1]</sup> |
| 2025 (remainder) | $226558 |
| 2026 | 437622 |
| 2027 | 391235 |
| 2028 | 356338 |
| 2029 | 302000 |
| 2030 | 238261 |
| Thereafter | 1175083 |
| &nbsp;&nbsp;&nbsp;Total | $3127097 |

---

<u>Footnotes:</u>

[1]Base rent assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Diversification by Property Type/Segment**

***As of June 30, 2025***

***Amounts in thousands, except percentages***

**<u>Based on Annualized Straight-Line Rent:</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> |
|<br>**Property Type/Segment** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Square Feet** | **Sq. ft. Percent** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Square Feet** | **Sq. ft. Percent** |
| Industrial & Distribution | $216472 | 47% | 30490 | 69% | $129474 | 45% | 18352 | 67% |
| Retail | 117586 | 26% | 6894 | 16% | 69180 | 24% | 4389 | 16% |
| Office | 121916 | 27% | 6637 | 15% | 90317 | 31% | 4567 | 17% |
| **Total** | $**455974** | **100%** | **44021** | **100%** | $**288971** | **100%** | **27308** | **100%** |

---

<u>Footnotes:</u>

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

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

**<u>Based on Annualized Base Rent:</u>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> |
|<br>**Property Type/Segment** | **Annualized Base Rent** <sup>[1]</sup> | **Base Rent Percent** | **Square Feet** | **Sq. ft. Percent** | **Annualized Base Rent** <sup>[1]</sup> | **Base Rent Percent** | **Square Feet** | **Sq. ft. Percent** |
| Industrial & Distribution | $211895 | 47% | 30490 | 69% | $125234 | 45% | 18352 | 67% |
| Retail | 114547 | 26% | 6894 | 16% | 68471 | 24% | 4389 | 16% |
| Office | 122043 | 27% | 6637 | 15% | 88973 | 31% | 4567 | 17% |
| **Total** | $**448485** | **100%** | **44021** | **100%** | $**282678** | **100%** | **27308** | **100%** |

---

[1]Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

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

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Diversification by Tenant Industry** 

***As of June 30, 2025***

***Amounts in thousands, except percentages***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Unencumbered Portfolio** <sup>[3]</sup> | **Unencumbered Portfolio** <sup>[3]</sup> | **Unencumbered Portfolio** <sup>[3]</sup> | **Unencumbered Portfolio** <sup>[3]</sup> |
|<br>**Industry Type** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Leased Square Feet** | **Sq. ft. Percent** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Leased Square Feet** | **Sq. ft. Percent** |
| Auto Manufacturing | $44102 | 10% | 4237 | 10% | $26695 | 9% | 1736 | 7% |
| Financial Services | 43542 | 10% | 2444 | 6% | 42256 | 15% | 2234 | 8% |
| Freight | 25933 | 6% | 2766 | 6% | 15417 | 5% | 1683 | 6% |
| Healthcare | 25470 | 6% | 1133 | 3% | 16359 | 6% | 753 | 3% |
| Consumer Goods | 22255 | 5% | 4705 | 11% | 20670 | 7% | 4036 | 15% |
| Discount Retail | 16227 | 4% | 1880 | 4% | 4794 | 2% | 506 | 2% |
| Aerospace | 15321 | 3% | 1405 | 3% | 2575 | 1% | 151 | 1% |
| Technology | 14603 | 3% | 733 | 2% | 10634 | 4% | 588 | 2% |
| Logistics | 14590 | 3% | 2269 | 5% | 4760 | 2% | 1443 | 5% |
| Government | 13464 | 3% | 488 | 1% | 12140 | 4% | 455 | 2% |
| Retail Banking | 13025 | 3% | 438 | 1% | 7176 | 2% | 238 | 1% |
| Gas/Convenience | 11527 | 3% | 385 | 1% | 5830 | 2% | 197 | 1% |
| Energy | 11447 | 3% | 904 | 2% | 10180 | 4% | 757 | 3% |
| Other <sup>[2]</sup> | 184468 | 38% | 19242 | 45% | 109485 | 37% | 11714 | 44% |
| **Total** | $**455974** | **100%** | **43029** | **100%** | $**288971** | **100%** | **26491** | **100%** |

---

<u>Footnotes:</u>

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

[2]Other includes 62 industry types as of June 30, 2025.

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

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Top Twenty Tenants** 

***As of June 30, 2025***

***Amounts in thousands, except percentages***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tenant / Lease Guarantor** | **Property Type/Segment** | **Tenant Industry** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** |
| FedEx | Industrial & Distribution | Freight | $22889 | 5.0% |
| McLaren | Industrial & Distribution | Auto Manufacturing | 21074 | 4.6% |
| Whirlpool | Industrial & Distribution | Consumer Goods | 14688 | 3.2% |
| Government Services Administration (GSA) | Office | Government | 11595 | 2.5% |
| ING Bank | Office | Financial Services | 11366 | 2.5% |
| FCA USA | Industrial & Distribution | Auto Manufacturing | 10147 | 2.2% |
| Dollar General | Retail | Discount Retail | 9764 | 2.1% |
| Broadridge Financial Solutions | Industrial & Distribution | Financial Services | 9332 | 2.0% |
| Truist Bank | Retail | Retail Banking | 9164 | 2.0% |
| The Kroger Co. of Michigan | Industrial & Distribution | Logistics | 8500 | 1.9% |
| Finnair | Industrial & Distribution | Aerospace | 8449 | 1.9% |
| Fresenius | Retail | Healthcare | 7950 | 1.7% |
| Home Depot | Industrial & Distribution | Home Improvement | 6589 | 1.4% |
| Boots UK Limited | Retail | Pharmacy | 6446 | 1.4% |
| Deutsche Bank | Office | Financial Services | 6267 | 1.4% |
| Tokmanni | Industrial & Distribution | Discount Retail | 6048 | 1.3% |
| Crown Crest | Industrial & Distribution | Retail Food Distribution | 5978 | 1.3% |
| Tidal Wave Auto Spa | Retail | Auto Services | 5548 | 1.2% |
| Walgreens | Industrial & Distribution | Pharmaceuticals | 5299 | 1.2% |
| Encompass Health | Office | Healthcare | 5286 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  | 192379 | 42.0% |
| Remaining portfolio |  |  | 263595 | 58.0% |
| **Total Portfolio** |  |  | $**455974** | **100%** |

---

<u>Footnotes:</u>

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

------

---

| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

---

**Diversification by Geography — *As of June 30, 2025 (Amounts in thousands, except percentages)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Total Portfolio** | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> | **Unencumbered Portfolio** <sup>[2]</sup> |
|<br>**Region** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Square Feet** | **Sq. ft. Percent** | **Annualized SL Rent** <sup>[1]</sup> | **SL Rent Percent** | **Square Feet** | **Sq. ft. Percent** |
| **United States** | $**316049** | **69.5%** | **32928** | **74.6%** | $**163543** | **56.4%** | **17672** | **64.4%** |
| &nbsp;&nbsp;&nbsp; Michigan | 52123 | 11.4% | 5347 | 12.1% | 15103 | 5.2% | 1445 | 5.3% |
| &nbsp;&nbsp;&nbsp; Texas | 27283 | 6.0% | 2072 | 4.7% | 15141 | 5.2% | 1214 | 4.4% |
| &nbsp;&nbsp;&nbsp; Ohio | 24271 | 5.3% | 4436 | 10.1% | 17773 | 6.2% | 3178 | 11.6% |
| &nbsp;&nbsp;&nbsp; Georgia | 17859 | 3.9% | 1726 | 3.9% | 7084 | 2.5% | 910 | 3.3% |
| &nbsp;&nbsp;&nbsp; Illinois | 16419 | 3.6% | 1594 | 3.6% | 11358 | 3.9% | 933 | 3.4% |
| &nbsp;&nbsp;&nbsp; South Carolina | 12568 | 2.8% | 1562 | 3.5% | 6995 | 2.4% | 877 | 3.2% |
| &nbsp;&nbsp;&nbsp; Alabama | 11978 | 2.6% | 1053 | 2.4% | 4374 | 1.5% | 758 | 2.8% |
| &nbsp;&nbsp;&nbsp; Tennessee | 10619 | 2.3% | 1254 | 2.8% | 7525 | 2.6% | 718 | 2.6% |
| &nbsp;&nbsp;&nbsp; Florida | 9561 | 2.1% | 444 | 1.0% | 4236 | 1.5% | 179 | 0.7% |
| &nbsp;&nbsp;&nbsp; New Jersey | 9396 | 2.1% | 417 | 0.9% | 1070 | 0.4% | 68 | 0.3% |
| &nbsp;&nbsp;&nbsp; Missouri | 9248 | 2.0% | 876 | 2.0% | 3887 | 1.3% | 408 | 1.5% |
| &nbsp;&nbsp;&nbsp; North Carolina | 9113 | 2.0% | 1940 | 4.4% | 5277 | 1.8% | 1615 | 5.9% |
| &nbsp;&nbsp;&nbsp; New York | 8331 | 1.8% | 1049 | 2.4% | 3227 | 1.1% | 294 | 1.1% |
| &nbsp;&nbsp;&nbsp; California | 7699 | 1.7% | 1002 | 2.3% | 6410 | 2.2% | 731 | 2.7% |
| &nbsp;&nbsp;&nbsp; Indiana | 7014 | 1.5% | 1308 | 3.0% | 3453 | 1.2% | 451 | 1.7% |
| &nbsp;&nbsp;&nbsp; Pennsylvania | 6826 | 1.5% | 530 | 1.2% | 3346 | 1.2% | 98 | 0.4% |
| &nbsp;&nbsp;&nbsp; Kentucky | 6689 | 1.5% | 647 | 1.5% | 3836 | 1.3% | 400 | 1.5% |
| &nbsp;&nbsp;&nbsp; Massachusetts | 6656 | 1.5% | 673 | 1.5% | 6656 | 2.3% | 673 | 2.5% |
| &nbsp;&nbsp;&nbsp; Mississippi | 4835 | 1.1% | 479 | 1.1% | 1615 | 0.6% | 142 | 0.5% |
| &nbsp;&nbsp;&nbsp; Connecticut | 4598 | 1.0% | 402 | 0.9% | 3236 | 1.1% | 337 | 1.2% |
| &nbsp;&nbsp;&nbsp; Iowa | 3867 | 0.8% | 402 | 0.9% | 3653 | 1.3% | 390 | 1.4% |
| &nbsp;&nbsp;&nbsp; Kansas | 3827 | 0.8% | 319 | 0.7% | 73 | —% | 3 | —% |
| &nbsp;&nbsp;&nbsp; Arkansas | 3571 | 0.8% | 137 | 0.3% | 3329 | 1.2% | 126 | 0.5% |
| &nbsp;&nbsp;&nbsp; Louisiana | 3507 | 0.8% | 257 | 0.6% | 2143 | 0.7% | 142 | 0.5% |
| &nbsp;&nbsp;&nbsp; Minnesota | 3189 | 0.7% | 333 | 0.8% | 1339 | 0.5% | 220 | 0.8% |
| &nbsp;&nbsp;&nbsp; Colorado | 3007 | 0.7% | 115 | 0.3% | 3007 | 1.0% | 115 | 0.4% |
| &nbsp;&nbsp;&nbsp; West Virginia | 3005 | 0.7% | 334 | 0.8% | 973 | 0.3% | 97 | 0.4% |
| &nbsp;&nbsp;&nbsp; New Hampshire | 2779 | 0.6% | 339 | 0.8% | 2380 | 0.8% | 256 | 0.9% |
| &nbsp;&nbsp;&nbsp; Oklahoma | 2699 | 0.6% | 158 | 0.4% | 722 | 0.2% | 36 | 0.1% |
| &nbsp;&nbsp;&nbsp; Virginia | 2662 | 0.6% | 173 | 0.4% | 2037 | 0.7% | 142 | 0.5% |
| &nbsp;&nbsp;&nbsp; Wisconsin | 2602 | 0.6% | 227 | 0.5% | 1932 | 0.7% | 166 | 0.6% |
| &nbsp;&nbsp;&nbsp; Maine | 2021 | 0.4% | 64 | 0.1% | 2021 | 0.7% | 64 | 0.2% |
| &nbsp;&nbsp;&nbsp; North Dakota | 1906 | 0.4% | 193 | 0.4% | 1745 | 0.6% | 168 | 0.6% |
| &nbsp;&nbsp;&nbsp; Nebraska | 1758 | 0.4% | 113 | 0.3% | 512 | 0.2% | 12 | —% |
| &nbsp;&nbsp;&nbsp; South Dakota | 1489 | 0.3% | 101 | 0.2% | 1368 | 0.5% | 76 | 0.3% |
| &nbsp;&nbsp;&nbsp; Rhode Island | 1436 | 0.3% | 86 | 0.2% | 1436 | 0.5% | 86 | 0.3% |
| &nbsp;&nbsp;&nbsp; Utah | 1357 | 0.3% | 50 | 0.1% | 329 | 0.1% | 12 | —% |
| &nbsp;&nbsp;&nbsp; Vermont | 1319 | 0.3% | 235 | 0.5% | 84 | —% | 22 | 0.1% |
| &nbsp;&nbsp;&nbsp; Maryland | 1288 | 0.3% | 135 | 0.3% | 153 | 0.1% | 8 | —% |
| &nbsp;&nbsp;&nbsp; New Mexico | 1178 | 0.3% | 93 | 0.2% | 580 | 0.2% | 35 | 0.1% |
| &nbsp;&nbsp;&nbsp; Wyoming | 1157 | 0.3% | 84 | 0.2% | 291 | 0.1% | 15 | 0.1% |
| &nbsp;&nbsp;&nbsp; Idaho | 731 | 0.2% | 35 | 0.1% | 291 | 0.1% | 13 | —% |
| &nbsp;&nbsp;&nbsp; Montana | 633 | 0.1% | 65 | 0.1% | 113 | —% | 4 | —% |
| &nbsp;&nbsp;&nbsp; Nevada | 596 | 0.1% | 24 | 0.1% | 417 | 0.1% | 12 | —% |
| &nbsp;&nbsp;&nbsp; Alaska | 424 | 0.1% | 9 | —% | 424 | 0.1% | 9 | —% |
| &nbsp;&nbsp;&nbsp; Arizona | 366 | 0.1% | 22 | —% |  | —% |  | —% |
| &nbsp;&nbsp;&nbsp; Delaware | 340 | 0.1% | 10 | —% | 340 | 0.1% | 10 | —% |
| &nbsp;&nbsp;&nbsp; Washington, DC | 249 | 0.1% | 4 | —% | 249 | 0.1% | 4 | —% |
| United Kingdom | 70571 | 15.5% | 4791 | 10.9% | 70573 | 24.4% | 4787 | 17.5% |
| Netherlands | 18369 | 4.0% | 1007 | 2.3% | 18369 | 6.4% | 1007 | 3.7% |
| Finland | 14500 | 3.2% | 1457 | 3.3% |  | —% |  | —% |
| Germany | 11422 | 2.5% | 1584 | 3.6% | 11422 | 4.0% | 1584 | 5.8% |
| France | 7325 | 1.6% | 1416 | 3.2% | 7325 | 2.5% | 1416 | 5.2% |
| Luxembourg | 6267 | 1.4% | 156 | 0.4% | 6267 | 2.2% | 156 | 0.6% |
| Channel Islands | 6193 | 1.4% | 114 | 0.3% | 6193 | 2.1% | 114 | 0.4% |
| Canada | 3040 | 0.7% | 372 | 0.8% | 3040 | 1.1% | 372 | 1.4% |
| Italy | 2238 | 0.2% | 196 | 0.6% | 2239 | 0.9% | 200 | 1% |
| **Total** | $**455974** | **100%** | **44021** | **100%** | $**288971** | **100%** | **27308** | **100%** |

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<u>Footnotes:</u>

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.37 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 as of June 30, 2025 for illustrative purposes, as applicable.

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| |
|:---|
| **Global Net Lease, Inc.** |
| **Supplemental Information** |
| **Quarter ended June 30, 2025 (Unaudited)** |

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**Lease Expirations** 

***As of June 30, 2025***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year of Expiration** | **Number of Leases Expiring** | **Annualized SL Rent** <sup>[1]</sup> | **Annualized SL Rent Percent** | **Leased Square Feet** | **Percent of Rentable Square Feet Expiring** |
|  |  | *(In thousands)* |  | *(In thousands)* |  |
| 2025 (Remainder) | 49 | $22964 | 5.0% | 2300 | 5.3% |
| 2026 | 43 | 36869 | 8.1% | 2461 | 5.7% |
| 2027 | 100 | 38171 | 8.4% | 3953 | 9.2% |
| 2028 | 137 | 49567 | 10.9% | 5021 | 11.7% |
| 2029 | 135 | 60978 | 13.4% | 6468 | 15.0% |
| 2030 | 94 | 48145 | 10.6% | 3829 | 8.9% |
| 2031 | 48 | 24823 | 5.4% | 4680 | 10.9% |
| 2032 | 53 | 28439 | 6.2% | 2493 | 5.8% |
| 2033 | 31 | 29119 | 6.4% | 2432 | 5.7% |
| 2034 | 28 | 15878 | 3.5% | 1220 | 2.8% |
| 2025 | 10 | 10366 | 2.3% | 964 | 2.2% |
| 2036 | 41 | 9144 | 2.0% | 869 | 2.0% |
| 2037 | 24 | 3870 | 0.8% | 125 | 0.3% |
| 2038 | 64 | 14499 | 3.2% | 1458 | 3.4% |
| 2039 | 26 | 13417 | 2.9% | 1650 | 3.8% |
| 2040 | 42 | 6698 | 1.5% | 213 | 0.5% |
| Thereafter (>2040) | 52 | 43027 | 9.4% | 2893 | 6.8% |
| **Total** | **977** | $**455974** | **100%** | **43029** | **100%** |

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<u>Footnotes:</u>

[1]Annualized rental income converted from local currency into USD as of June 30, 2025 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.