Global Net Lease, Inc. · NYSE:GNL
Global Net Lease — Q3 2025 Earnings Presentation
24 slides from Global Net Lease's earnings presentation, Nov 6, 2025
Slide 1: Global Net Lease Third Quarter 2025 Investor Presentation
Global Net Lease Third Quarter 2025 Investor Presentation Pictured: Home Depot in Lake Park, Georgia
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing, ability to consummate and consideration related
Slide 3: Q3 2025 Highlights: Delivering on our Promises
Overview Q3 2025 Highlights: Delivering on our Promises GNL continues to deliver consistent results, reflecting the Company’s disciplined execution of its strategic initiatives Driven by GNL’s successful completion of major strategic initiatives — including the approximately BBB- Corporate Credit Ra
Slide 4: Track Record of Delivering on Strategic Goals
Overview Track Record of Delivering on Strategic Goals Since the Internalization in 2023, GNL Management has delivered on its strategic objectives: Strengthened corporate governance, continued execution on its disposition plan, reduced leverage, simplified the portfolio and repositioned GNL as a pur
Slide 5: Track Record of Delivering on Strategic Goals (Cont’d)
Overview Track Record of Delivering on Strategic Goals (Cont’d) GNL Management continues to drive long-term value creation through active asset management and strong leasing performance, including attractive renewal ` spreads and lease-up with credit-worthy tenants, delivering consistent results for
Slide 6: Global Portfolio of Mission-Critical Assets
Overview Global Portfolio of Mission-Critical Assets Fully-integrated, internally managed platform with a strategically assembled single-tenant portfolio Annualized SLR by Segment Retail 852 43M 97% 26% Industrial & Distribution Properties Square Feet Occupancy 48% Office 26% 6.2 Years 87% 60% Geogr
Slide 7: Q3 2025 Financial Highlights
Financial Foundation Q3 2025 Financial Highlights GNL has increased its full-year 2025 AFFO per Share guidance to a new range of $0.95 to $0.97 and reaffirmed its 2025 Net Debt to Adjusted EBITDA guidance range of 6.5x to 7.1x Debt Capitalization ($MM) Earnings Summary ($MM) Total Secured Debt $1,36
Slide 8: Proactive Balance Sheet Management
Financial Foundation Proactive Balance Sheet Management Strategic Focus: 0.8x Improvement in Net ▪ Lower Leverage 8.0x Debt to Adjusted GNL plans to continue to prioritize reducing leverage, EBITDA(1) strengthening financial stability and positioning the Company to advance its long-term growth strat
Slide 9: Prudent, Well-Laddered Debt Maturities
Financial Foundation Prudent, Well-Laddered Debt Maturities No significant debt maturities until 2027 enhances GNL’s financial stability and strategic flexibility $500 $664 $500 $659 3.4 Years Weighted Average Debt Maturity(1) 48% $316 $163 $133 $0 $95 Matures 2029+ 2025 2026 2027 2028 2029 Thereaft
Slide 10: Disciplined Dispositions That Reduce Leverage
Disposition Initiative Disciplined Dispositions That Reduce Leverage Wtd. Avg. Lease Term Disposition Name Expected Closing # of Properties Disposition Price ($mm) Cash Cap Rate(1) Remaining(2) Closed (as of 10/31/25): Pizza Hut (Retail) Closed: Q1’25 – Q3’25 18 $23.1 – – Burger King (Retail) Closed
Slide 11: Global Presence. Durable Portfolio.
Real Estate Portfolio Global Presence. Durable Portfolio. Industrial and Total Portfolio Distribution Retail Office Number of Properties 852 197 + 596 + 59 Square Feet (millions) 42.9 29.9 + 6.7 + 6.4 SLR(1) (millions) $439 $212 (48%) + $112 (26%) + $115 (26%) U.S. | Europe Exposure%(2) 70% | 30% 75
Slide 12: Industry-Leading, Credit-Worthy Tenants
Real Estate Portfolio Industry-Leading, Credit-Worthy Tenants Top ten tenants represent only 29% of SLR with no single tenant accounting for more than 5.2% Top Ten Tenants (% of SLR)(1) Tenant Industry Diversification (% of SLR)(1) Actual: Baa2 5.2% Auto Manufacturing 10% Actual: NR 4.7% Financial S
Slide 13: Global Footprint, Local Execution
Real Estate Portfolio Global Footprint, Local Execution GNL’s geographically diverse portfolio combines global scale with local expertise. Spanning multiple regions, the Company is positioned to respond to unique market dynamics, optimize value, and manage risk. GNL engages directly with tenants to
Slide 14: Driving Leasing Momentum Through Active Asset Management
Real Estate Portfolio Driving Leasing Momentum Through Active Asset Management Executed a 10-year lease Q3 2025 Single-Tenant Leasing and Renewal Activity renewal with GE Aviation at their 369,000-square-foot office building New Leases + Renewals Completed 12 Executed a 6-year lease Q3 2025 Renewal
Slide 15: Attractive Lease Maturity Schedule
Real Estate Portfolio Attractive Lease Maturity Schedule Stable, long-term, single-tenant net leased assets results in a favorable lease maturity schedule Lease Maturity Schedule by Property Type (% of Total SF) 56.7% 41.2% 6.2 Years Weighted Average Remaining Lease Term(1) 15.6% 9.5% 11.9% 11.7% 0.
Slide 16: Industrial & Distribution Overview
Real Estate Portfolio Industrial & Distribution Overview Tenant Industry Diversification (% of SLR) 48% 197 29.8M 6.4 Years Weighted Average Lease Term Total Portfolio Properties Square Feet 41.2% 23% 97% 6.4 Years 0.0% 2.3% 6.5% 8.1% 11.7% CPI Increases(1) Leased WALT 2025 2026 2027 2028 2029 2030+
Slide 17: Retail Overview
Real Estate Portfolio Retail Overview Tenant Industry Diversification (% of SLR) 26% 596 6.7M 6.9 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 9.3% $112M 97% 6.9 Years 0.1% 0.9% 1.6% 2.2% 1.5% SLR Leased WALT 2025 2026 2027 2028 2029 2030+ 49% 80% 1.1% Top Five Retail
Slide 18: Office Overview
Real Estate Portfolio Office Overview Lease Maturity Schedule (% of SLR) 26% 59 6.4M 4.7 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 6.1% $115M 94% 77% 0.4% 2.5% 1.4% 1.6% 2.4% SLR Leased IG Tenants(1) 2025 2026 2027 2028 2029 2030+ 1.5% 87% 64% Top Five Office Tenant
Slide 19: Select Office Portfolio Case Studies
Real Estate Portfolio Select Office Portfolio Case Studies GE Aviation | 369,000 Square Feet GSA | 26,533 Square Feet Government Entity | 99,995 Square Feet Grand Rapids, Michigan Lakewood, Colorado Guipavas, France In July 2025, GNL secured a 10-year lease GNL executed a 20-year lease renewal with
Slide 20: Executive Team: Leading With Experience. Executing With Discipline.
Leadership Executive Team: Leading With Experience. Executing With Discipline. Michael Weil Chris Masterson Jesse Galloway Ori Kravel Jason Slear Chief Executive Officer Chief Financial Officer Executive Vice President & Chief Operating Officer Executive Vice President & President General Counsel Ov
Slide 21: Board of Directors: Partnering with Management. Focused on Shareholders.
Leadership Board of Directors: Partnering with Management. Focused on Shareholders. Rob Kauffman M. Therese Antone Lisa Kabnick Leslie Michelson Michael J.U. Monahan Non-Executive Chairperson Independent Director Independent Director Independent Director Independent Director Co-founder of Fortress C
Slide 22: Financial Definitions
Appendix Financial Definitions Non-GAAP Financial Measures This presentation includes various performance indicators and non-GAAP financial measures that we use to help us evaluate our performance, ability to incur and service debt, financial condition and results of operations. These non-GAAP finan
Slide 23: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 30-Sep-25 Net loss $(60,116) Depreciation and amortization 44,780 Interest expense 45,307 Income tax expense 3,092 EBITDA 33,063 Impairment charges 55,433 Equity-based compensation 3,059 Merger, transaction and other costs 1
Slide 24: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 30-Sep-25 Net loss attributable to common stockholders (in accordance with GAAP) $(71,051) Impairment charges 55,433 Depreciation and amortization 44,780 Loss on dispositions of real estate investments 5,797 Discontinued ope