Global Net Lease, Inc. · NYSE:GNL
Global Net Lease — Q3 2026 Earnings Presentation
28 slides from Global Net Lease's earnings presentation, Nov 4, 2026
Slide 1: Global Net Lease Third Quarter 2026 Investor Presentation
G l oba l Net Lease Thi r d Qua r te r 2 0 2 6 In v e s to r Pre s e n ta t i on P i c t u r ed : Ho m e De p o t i n La k e P a r k , G eo r g ia
Slide 2: Forward Looking Statements
Forward Lookin g Statements T h i s p r e s en t a t i on c on t a i n s s t a t e m en t s t h a t a r e no t h i s t o r i c a l f a c t s and m a y b e f o r w a r d - l oo k i ng s t a t e m en t s w i t h i n t h e m ean i ng o f t h e Pr i v a t e S e c u r i t i e s L i t i ga t i on Re fo r
Slide 3: Third Quarter 2026 Investor Presentation
Th i rd Quarte r 2026 Invest o r Presentati on
Slide 4: Continued Execution of Strategic Goals in Q3'26
Conti n ued Execution of Strategic Goals in Q3’26 C lo s ed t he 40 - p r op e r t y $535 m illi on M od i v I ndu st ri a l ac q u i s i t io n in Augus t 2026, adding a por t f olio w i t h a 15 . 0 - y ea r W A L T a n d 2 . 4 % a v e r a g e a n nu a l r e n t i n c r ease s t ha t i s f u ll y
Slide 5: Track Record of Delivering on Strategic Goals
T rack Recor d of D e liv e rin g on Strategic Goals Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 5 Accre t i v e Mo d i v A c quis i tion C lo s ed t he $535 m illion a c qui s i t ion o f M odi v I ndustrial in Augus t 2026 a t an appro x i m a t e 7 . 6% c a s h c ap ra t e , adding 40 indu s t
Slide 6: Track Record of Delivering on Strategic Goals (Cont'd)
T rack Recor d of D e liv e rin g on Strategic Goals ( C on t’ d) Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 6 S uccessful Dispos i tion Program Sin c e laun c hing i ts di s po s i t io n progra m , G N L ha s c o m ple t ed appro x i m a t el y $3 . 6 billion in s ale s, highligh t e d b y t he
Slide 7: Execution Track Record
` Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 7 Execu t i on T rac k Re c ord A c hie v ed 4 . 9 % R e n e w al Leas i ng S pread G N L c on t inu e d t o s ho w c a s e i ts st rong a ss e t m anage m en t c apabilit i e s t hrough robu s t lea s ing a ct i v i t y , a c hie v ing a 4 . 9% rene w
Slide 8: GNL is raising its AFFO per Share Guidance to $0.83–$0.85
GN L is rais i n g its 2 0 2 6 AF F O p e r S h ar e G u i d a nc e to $ 0 .8 3 – $0.8 5 , reflecting contin u ed s t rong executio n acr o ss t h e p o rt f o l i o Positive Revisi o n to 2026 Financ i al Guidance Ini t ial 2026 Fi n ancial G ui d ance Re v ised Fi n ancial G ui d ance ( Q 2’26) A
Slide 9: Active Capital Recycling
Active Cap i tal Recyc l ing Op p ort u n i stic ass e t sa l es h a ve r e d u ce d offic e ex p os u re w h i l e i m pr o vi n g p o rt f o l i o q u a l ity No te : D i s po s i t i on da t a a s o f Oc tobe r 30 , 2026. 1 . Cas h c a p r a t e s c a l c u l a t e d ba s ed o n c l o s ed d i s
Slide 10: Actively Reducing Office Exposure
Y e a r - t o - d a te sa l es h a ve r e d u ce d offic e ex p os u re, w ith a d d i tio n a l ass e ts u n d e r co n tract a n d b e i n g m ark e ted Actively Re d ucin g O f fice Exposure 2 7% Off i ce % o f S LR , S t ar t o f 2 0 26 2 3% Off i ce % o f S L R , Q 3 ’ 26 2026 O f f i c e D i s
Slide 11: No Debt Maturities Until Late 2027
No De b t Maturities U n til Late 2027 Fin a nc i n g d e cis i o n s m a d e l a st ye a r h a ve i n su l at e d GN L ’ s b o rrowin g costs f ro m t h e rise i n lo n g - ter m rat es $0 of debt maturing before No v ember 2027 F i x e d - r ate or s w a p p e d t o f i x ed 86% R e v o l v i n g
Slide 12: Proactive Balance Sheet Management
Proactive Balance Sheet Manage m ent Stra t egic Focus : R e d u cin g L e v e r age R e ma i ns a Cor e Prior i ty GN L pla n s to foc u s o n r e d ucin g le v e r a g e o v e r th e lon g te r m , di r ecti n g disposit i on p r oceeds toward debt r e pa y me n t whi l e maintaining its in v est
Slide 13: Earnings Summary and Debt Capitalization
Ea r n i ng s S u mma r y ($ M M) R e v enu e f r o m T e nants $11 2 .9 N e t l oss A tt r i bu t ab l e t o C o m m on S t oc k ho l ders ( $67.1) N O I (3 ) $98.5 C as h N O I (3 ) $98.6 A d j us t ed F u nds f r o m O pera t i ons ( A F F O ) (3 ) $48.3 A djusted F u n d s f rom O p e ra ti o n
Slide 14: Modiv Acquisition: Rationale & Strategic Benefits
Mod i v Acquis i tion: Ratio n ale & Strategic Benefits Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 14 Mod i v A c qu isi t i on 1 . M od i v’s m e t r i c b a s ed o n s q ua r e fee t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i
Slide 15: Global Portfolio of Mission-Critical Assets
U.S. / Ca n ada 76% E u r ope 24% Geographi c D i s t ribu t ion Globa l Portfolio o f M i ssio n - Cr i tical Assets Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 15 Rea l E s tat e P ortfo l io 835 P r op e r t i es I n du s tr i a l & Di s tr i bu t i on 51% O f f i ce 23% R e t a il 26% Annuali
Slide 16: Global Presence. Durable Portfolio.
Globa l Presence. Dur a ble Port f ol i o. T o ta l P o r tf o li o Indu s tri a l & Di s tribu t ion Ret a il Of f i ce N u mb e r o f P rop e rti e s 83 5 21 9 + 56 8 + 48 S qua r e F e e t (mil l ion s ) 43 .5 31 .9 + 6 .6 + 5 .1 SL R (1) ( mil l ions) $43 3 $ 2 2 0 ( 5 1 %) + $ 1 1 4 (2 6 %) + $
Slide 17: Industry-Leading, Credit-Worthy Tenants
47% 3% 4% 4% 4% 5% 5% 6% 6% 7% 9% O t h er P h a r m a cy T e c h n o l o gy D i s c o u n t R e t a il D i s tr i b u t i on A u t o M a nu f a c t u r i ng Co n s u m e r Go o ds He a l t h c a re I n d u s tr i a l M a nu f a c t u r i ng Fr e i gh t & Lo g i s t i cs F i n an c i a l S e r v i c
Slide 18: Global Footprint, Local Execution
Globa l Footprint, Local Execution G N L ’ s geograph ic a ll y d iv erse portfol i o c omb i ne s g l oba l sc a l e w i th l oca l e x pe r t is e. Spanning mu l t i p l e region s , the Compan y be li e v e s i t is po s i t i oned to respo n d to un i que mar k et d y nam i cs , opt i m i z e v
Slide 19: Driving Leasing Momentum Through Active Asset Management
Dr i ving Leasing Momentum Through Active Asset Management Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 19 Rea l E s tate Portfo l i o Q3’2 6 S i n g l e - T en a nt Le a sin g an d R e ne w al A ct i v i ty Rene w als Completed 10 Q3 2026 SLR Rene w al Sprea d (1) 4.9% Str a ig h t - Li n e Re n t
Slide 20: Attractive Lease Maturity Schedule
1 . 2% 2 . 9% 6 . 7% 11 . 4% 6 . 7% 43 . 9% 0 . 0 % 1 . 3 % 2 . 0 % 1 . 4 % 2 . 0% 8 . 6% 2 . 1 % 1 . 8 % 1 . 8 % 1 . 9% 0 . 6% 3 . 7% 2 0 2 6 2 0 2 7 2 0 2 8 2 0 2 9 2 0 3 0 2 0 31+ L e as e Mat u rit y Sc h e d u l e b y Pro p ert y T y p e (% of L e as e d SF) I n d u s tr i a l a n d D i s tr i
Slide 21: Industrial & Distribution Overview
T op F i v e I ndu st ri a l & D i st ri bu t ion T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : Baa2 U .S. / C a n a d a 5 . 0% A c t u a l : B a 3 U . S. 2 . 9% I m p li ed : B aa 3 U.S. 2 . 3% A c t u a l : B aa 2 U.S. 2 . 2% A c t u a l : B aa 1 U.S. 2
Slide 22: Retail Overview
T op F i v e R eta i l T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : Baa3 U .S. 2 . 3% A c t u a l : B aa 1 U.S. 2 . 0% A c t u a l : NR U.K. 2 . 0% I m p li ed : B aa 3 U.S. 1 . 8% I m p li ed : B a 2 U.S. 1 . 3% T op 5 T ena n t s 6 4 .9 % I G Rate d ( 2
Slide 23: Office Overview
T op F i v e Off i ce T e n a n ts T ena n t Cr e d i t Ra t ing C o un t r y % o f T o t al S LR A c t u a l : A2 N e t h e r l a n ds 2 . 7% A c t u a l : A a 1 U.S. 2 . 3% A c t u a l : A Lu x e m bou rg 1 . 4% A c t u a l : B a 1 U.S. 1 . 2% I m p li ed : B aa 2 U.S. 1 . 2% T op 5 T ena n t s 8
Slide 24: Executive Team: Leading With Experience. Executing With Discipline.
Executive T eam: Leading Wi t h E xperience . Executing With Discipline. M i c h a e l W e il Chi e f E x e c u ti v e O f f icer & P resi d e nt O v e r 20 y ea rs o f e x pe r i en c e le a d in g pub l i c RE I T s a nd re a l es t a t e pl a t f or m s, m a n a g i n g nea r l y $30 b i l l i on
Slide 25: Board of Directors: Partnering with Management. Focused on Shareholders.
Board of Dire c tors: Partnerin g with Management. Focused on Shareholders. Q 3 ' 26 In v e s t o r Pr e s en t a t i o n 25 Leader s h ip R o b Kauf f m an No n - E x e c u ti v e Ch a i r pe rso n C o - f o u nd er o f Fort r ess I n v es t m e n t G r o u p a n d pre v io u s l y w orke d as a M
Slide 26: Financial Definitions: Non-GAAP Financial Measures
Financ i al Defin i tions N o n - G A A P F i nan c i a l M eas ur es T h i s pre s en t a t i o n i n c l u de s v ar i o u s per f or m an c e i n d i c a t or s and no n - G A A P f i n an c i a l m ea s ure s t ha t w e u s e t o he l p u s e v a l u a t e our p e r f or m an c e , ab il i t y t
Slide 27: Non-GAAP Reconciliations
No n - GAA P Reco n cil i ations (A m oun t s i n t h ou s and s ) T h re e M o n th s En ded 3 0 - S ep - 26 Ne t l o s s $ ( 56 , 8 80) De p r e c i a t i on and a m o rt i z a t i o n 43 , 5 57 I n t e re s t e x p e n s e 3 8 , 8 10 I n c o m e t a x ( b ene f i t) e x pen s e ( 1 , 5 59) EBITDA
Slide 28: Non-GAAP Reconciliations
No n - GAA P Reco n cil i ations (A m oun t s i n t h ou s and s , e xc ep t pe r s ha r e da t a ) T h re e M o n th s En ded 3 0 - S ep - 26 Ne t l o ss a t t r i bu t a b l e t o c o mm on s t o ck ho l d e r s ( i n a cc o r dan c e w i t h G A AP) $ ( 67 , 1 29) I m pa i r m en t c ha r ge s 58