Global Net Lease, Inc. · NYSE:GNL
Global Net Lease — Q1 2026 Earnings Presentation
30 slides from Global Net Lease's earnings presentation, May 7, 2026
Slide 1: Global Net Lease First Quarter 2026 Investor Presentation
Global Net Lease First Quarter 2026 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: Acquisition of Modiv Industrial
Acquisition of Modiv Industrial
Slide 4: Transaction Rationale & Strategic Benefits
Acquisition of Modiv Industrial Transaction Rationale & Strategic Benefits Immediate Earnings Accretion with Attractive Embedded Synergies ▪ Transaction is expected to be immediately 4% accretive to AFFO per share ▪ Expected to result in the elimination of duplicative G&A expenses and other cost syn
Slide 5: Transaction Overview
Acquisition of Modiv Industrial Transaction Overview • Global Net Lease, Inc. (“GNL”) to acquire Modiv Industrial Inc. (“MDV”) in all-stock transaction • Transaction valued at enterprise value of approximately $535 million Transaction Structure • GNL intends to fully repay all of Modiv’s existing ba
Slide 6: Modiv Portfolio Summary
Acquisition of Modiv Industrial Modiv Portfolio Summary Complementary high-quality industrial net lease assets enhance GNL’s existing mission-critical industrial portfolio Top Ten Portfolio Tenants 40 14 4.2M Tenant Property Industry Credit WALT % of Properties States Square Feet Type Ratings (Years
Slide 7: Long-Dated, Well Laddered Lease Maturities
Acquisition of Modiv Industrial Long-Dated, Well Laddered Lease Maturities MDV's extended portfolio WALT of 15.0 years would meaningfully extend GNL’s WALT and enhance portfolio durability and cash flow visibility 91.0% 15.0 Years Weighted Average Lease Term(1) Modiv’s attractive lease maturity sche
Slide 8: Enhanced Portfolio Composition
Acquisition of Modiv Industrial Enhanced Portfolio Composition Pro forma GNL enhanced through the acquisition of MDV’s pure-play, single-tenant industrial portfolio Su Total Pro Forma Portfolio Number of Properties 809 + 40 849 Number of States 48 + 14 48 Square Feet (millions) 40.3 + 4.2 44.5 Indus
Slide 9: First Quarter 2026
First Quarter 2026 Investor Presentation
Slide 10: Continued Execution of Strategic Goals in Q1'26
Q1 2026 in Review Continued Execution of Strategic Goals in Q1’26 GNL continues to deliver consistent results, reflecting the Company’s disciplined execution of its strategic initiatives Year-to-date $132 closed plus disposition pipeline(1), of which 68% is comprised of office sales, further advanci
Slide 11: A Year of Significant Improvements
Q1 2026 in Review A Year of Significant Improvements GNL's non-core disposition program, highlighted by the Multi-Tenant Retail Portfolio Sale, targeted assets with below-average lease terms and lower-credit tenancy. The sale elevated portfolio quality and accelerated deleveraging, positioning GNL f
Slide 12: Track Record of Delivering on Strategic Goals
Execution Track Record Track Record of Delivering on Strategic Goals GNL undertook a broad set of actions that collectively repositioned the Company – elevating overall quality through a more streamlined portfolio, a materially lower leverage profile, enhanced liquidity and improved credit metrics S
Slide 13: Track Record of Delivering on Strategic Goals (Cont'd)
Execution Track Record Track Record of Delivering on Strategic Goals (Cont’d) GNL Management executed a disciplined strategy designed to reposition GNL’s path forward, generate measurable balance sheet and portfolio improvements, ` and meaningfully expand strategic flexibility heading into the next
Slide 14: What's Ahead in 2026
2026 Strategic Priorities What’s Ahead in 2026 Shifting Focus to Growth 1 ▪ ▪ Shifting from a deleveraging and disposition-driven strategy to accretive recycling of capital to drive earnings growth Maintain a disciplined approach toward capital allocation and leverage Selectively Sell Assets with a
Slide 15: Global Portfolio of Mission-Critical Assets
Real Estate Portfolio Overview Global Portfolio of Mission-Critical Assets Fully-integrated, internally managed platform with a strategically assembled single-tenant portfolio Annualized SLR by Segment 809 40M 97% Retail 27% Industrial & Distribution Properties Square Feet Occupancy 47% Office 26% 5
Slide 16: Q1 2026 Financial Highlights
Financial Foundation Q1 2026 Financial Highlights GNL's Q1 2026 AFFO per Share was $0.21, driven by lower G&A expense in the quarter. GNL remains confident in its performance and reaffirms its 2026 AFFO per Share Guidance Range of $0.80 – $0.84. Debt Capitalization ($MM) Earnings Summary ($MM) Total
Slide 17: Proactive Balance Sheet Management
Financial Foundation Proactive Balance Sheet Management Strategic Focus: Well-Laddered Debt Maturities (5) ▪ Maintain Improved Leverage Levels As GNL enters the next phase of its corporate strategy focused on $500 durable earnings growth, the Company intends to execute this transition through a disc
Slide 18: Global Presence. Durable Portfolio.
Real Estate Portfolio Global Presence. Durable Portfolio. Industrial and Total Portfolio Distribution Retail Office Number of Properties 809 185 + 573 + 51 Square Feet (millions) 40.3 28.2 + 6.5 + 5.5 SLR(1) (millions) $403 $187 (47%) + $109 (27%) + $106 (26%) U.S. | Europe Exposure%(2) 74% | 26% 83
Slide 19: 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 5.7% Top Ten Tenants (% of SLR)(1) Tenant Industry Diversification (% of SLR)(1) Actual: Baa2 5.7% Financial Services 9% Actual: Ba2 3.6% Freight & L
Slide 20: 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 believes its positioned to respond to unique market dynamics, optimize value, and manage risk. GNL engages directly with t
Slide 21: Driving Leasing Momentum Through Active Asset Management
Real Estate Portfolio Driving Leasing Momentum Through Active Asset Management Executed a 5-year lease renewal with FedEx in Q1'26 at their Q1’26 Single-Tenant Leasing and Renewal Activity ~58,000-square-foot distribution facility, with a 9.0% SLR renewal spread New Leases + Renewals Completed 8 Exe
Slide 22: 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) 52.0% 38.2% 5.9 Years Weighted Average Remaining Lease Term(1) 15.9% 11.0% 12.1% 9.8% 4.
Slide 23: Industrial & Distribution Overview
Real Estate Portfolio Industrial & Distribution Overview Lease Maturity Schedule (% of SLR) 47% 185 28.2M 6.0 Years Weighted Average Lease Term Total Portfolio Properties Square Feet 38.2% 14% 97% 6.0 Years 2.1% 3.4% 7.0% 12.1% 7.1% CPI Increases(1) Leased WALT 2026 2027 2028 2029 2030 2031+ 65% 92%
Slide 24: Retail Overview
Real Estate Portfolio Retail Overview Lease Maturity Schedule (% of SLR) 27% 573 6.5M 6.7 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 8.5% $109M 97% 6.7 Years 0.1% 1.6% 2.3% 1.5% 2.1% SLR Leased WALT 2026 2027 2028 2029 2030 2031+ 48% 77% 1.0% Top Five Retail Tenants
Slide 25: Office Overview
Real Estate Portfolio Office Overview Lease Maturity Schedule (% of SLR) 26% 51 5.5M 4.2 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 5.2% $106M 99% 80% 2.2% 1.9% 1.7% 2.3% 0.6% SLR Leased IG Tenants(1) 2026 2027 2028 2029 2030 2031+ 1.5% 88% 62% Top Five Office Tenant
Slide 26: 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 27: 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 28: 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 29: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 31-Mar-26 Net loss $(5,078) Depreciation and amortization 41,612 Interest expense 39,191 Income tax expense 1,642 EBITDA 77,367 Impairment charges 11,115 Equity-based compensation 4,042 Acquisition, transaction and other cos
Slide 30: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 31-Mar-26 Net loss attributable to common stockholders (in accordance with GAAP) $(16,014) Impairment charges 11,115 Depreciation and amortization 41,612 Gain on dispositions of real estate investments (7,879) Discontinued o