Global Net Lease, Inc. · NYSE:GNL
Global Net Lease — Q2 2025 Earnings Presentation
27 slides from Global Net Lease's earnings presentation, Aug 7, 2025
Slide 1: Global Net Lease Second Quarter 2025 Investor Presentation
Global Net Lease Pictured – McLaren Campus in Woking, U.K. Second Quarter 2025 Investor Presentation
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: Projections
PROJECTIONS This presentation also includes estimated projections of future operating results. These projections are not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentatio
Slide 4: Second Quarter 2025 Accomplishments
SECOND QUARTER 2025 ACCOMPLISHMENTS In Q2 2025, GNL continued to advance its near-term strategic objectives, including completing the final two phases of the Multi-Tenant Portfolio Sale, further reducing leverage and generating high-quality earnings Reduced Net Debt by $748 million in Q2 2025 Follow
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Single-Tenant Focused: Pure-play net lease REIT with best-in-class portfolio of single-tenant assets Revolving Credit Facility Refinance: The refinancing provides an immediate 35 basis point reduction in interest rate spread, enhances liquidity to over $1 billion(1) and extends
Slide 6: Strategic Benefits of the Completed Multi-Tenant Portfolio Sale
STRATEGIC BENEFITS OF THE COMPLETED MULTI-TENANT PORTFOLIO SALE The successful completion of the Multi-Tenant Portfolio Sale in Q2 2025 accelerated GNL’s progress on debt reduction and strengthened its foundation for anticipated future growth 1 Transformed GNL into a Pure-Play Net Lease REIT 2 Simpl
Slide 7: Simplifies Operations and Enhances Portfolio Metrics
SIMPLIFIES OPERATIONS AND ENHANCES PORTFOLIO METRICS The Multi-Tenant Portfolio Sale sharpened GNL’s strategic focus as a pure-play single-tenant net lease REIT, resulting in a more resilient, higher-quality portfolio Positive Impact on Operating Metrics Pre-Transaction(1) Q2’25 Operations and Risk
Slide 8: Second Quarter 2025 Financial Highlights
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS GNL has increased the low end of its AFFO per Share guidance to a new range of $0.92 to $0.96 and reaffirms its Net Debt to Adjusted EBITDA range of 6.5x to 7.1x Debt Capitalization ($mm) Q2’25 Earnings Summary ($mm) Q2’25 Total Secured Debt $1,378 Net Loss A
Slide 9: Efficient Balance Sheet Strategy & Execution
EFFICIENT BALANCE SHEET STRATEGY & EXECUTION Proactive Balance Sheet Management(1) ▪ GNL’s primary strategic focus is on continuing to lower leverage, as a stronger Decreased Net Debt by $2.0 balance sheet is key to reducing capital costs, reinforcing financial stability and $5,005 $4,843 billion si
Slide 10: Revolving Credit Facility Refinancing
REVOLVING CREDIT FACILITY REFINANCING GNL capitalized on an opportune time to refinance its Revolving Credit Facility, following the successful approximately $1.8 billion Multi-Tenant Portfolio Sale, substantial leverage reduction and S&P’s recent credit rating upgrade ✓ GNL received strong demand f
Slide 11: Successfully Executing Disposition Plan & Using Net Proceeds to Reduce Leverage
SUCCESSFULLY EXECUTING DISPOSITION PLAN & USING NET PROCEEDS TO REDUCE LEVERAGE Expected # of Disposition Price Cash Wtd. Avg. Lease Term Disposition Name Closing Properties (in mm) Cap Rate(1) Remaining(2) Closed (as of 8/1/25): Pizza Hut (Retail) Closed: Q1’25 11 $19.8 – – Burger King (Retail) Clo
Slide 12: GNL Portfolio Snapshot
GNL PORTFOLIO SNAPSHOT GNL is a fully integrated, internally managed platform with a strategically assembled portfolio focused exclusively on single-tenant assets $6.0B 1.5% 911 Real Estate Gross Asset Value(1) Average Annual Rental Increase Properties $1.0B 44M Liquidity(2) Rentable Square Feet 60%
Slide 13: Well Positioned Portfolio with Strong Key Metrics
WELL POSITIONED PORTFOLIO WITH STRONG KEY METRICS Industrial & Single-Tenant Total Portfolio Distribution + Retail + Office Number of 911 200 647 64 Properties Square Feet 44.0 30.5 6.9 6.6 (millions) SLR(1) $456 $216 (47%) $118 (26%) $122 (27%) ($ millions) % Leased(2) 98% 99% 97% 95% WALT(3) 6.2 Y
Slide 14: High-Quality Single-Tenant Net Lease Portfolio
HIGH-QUALITY SINGLE-TENANT NET LEASE PORTFOLIO An investment-grade anchored portfolio strategically underpinned by financially stable, recession-resilient tenants spanning a wide range of critical sectors Top Ten Tenants (% of SLR)(1) Tenant Industry Diversification (% of SLR)(1) Actual: Baa2 5.0% A
Slide 15: Geographically Diversified with a Global Presence
GEOGRAPHICALLY DIVERSIFIED WITH A GLOBAL PRESENCE Geographic Presence FIN NEW PACIFIC BRUNSWICK NORTHWEST NB WA MIDWEST ME NETH NORTHEAST MT ND VT NH LUX OR MA UK MN NY ID SD WI RI MI GER WY NJ CT PA IA DE MID- CI NE OH NV IL IN MD UT WV VA DC ATLANTIC CA CO NC KS MO KY FR NC TN OK SC PACIFIC AZ AR
Slide 16: Attractive Lease Maturity Schedule
ATTRACTIVE LEASE MATURITY SCHEDULE Unique investment mix of stable, long-term, single-tenant net-leased assets results in a favorable lease maturity schedule and a Weighted Average Remaining Lease Term of 6.2 years(1) Retail Single-Tenant Office Lease Maturity Schedule by Property Type (% of Total S
Slide 17: Continued Leasing Momentum Driven by Strong Asset Management Capabilities
CONTINUED LEASING MOMENTUM DRIVEN BY STRONG ASSET MANAGEMENT CAPABILITIES Leasing momentum continued in Q2 2025 with 9 lease renewals and new leases, representing over 200,000 square feet and over $4 million of straight-line rent Q2 2025(1) Single-Tenant Leasing and Renewal Activity Leasing / Renewa
Slide 18: Industrial & Distribution Overview
INDUSTRIAL & DISTRIBUTION OVERVIEW Segment Highlights Lease Maturity Schedule (% of Total SF) 47% 200 30.5M 6.4 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 39.3% 23% 99% 6.4 Years CPI Increases(1) Leased WALT 11.3% 6.2% 7.8% 58% 91% 1.6% 3.0% 2.2% Average Annual IG Te
Slide 19: Retail Overview
RETAIL OVERVIEW Segment Highlights Lease Maturity Schedule (% of Total SF) 26% 647 6.9M 7.1 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 8.8% $118M 97% 7.1 Years SLR Leased WALT 1.7% 2.1% 46% 81% 1.2% 0.5% 1.0% 1.4% Average Annual IG Tenants(1) Rent Escalators(1) Renta
Slide 20: Single-Tenant Office Overview
SINGLE-TENANT OFFICE OVERVIEW Segment Highlights Lease Maturity Schedule (% of Total SF) 27% 64 6.6M 4.1 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet $122M 95% 77% SLR Leased IG Tenants(1) 5.0% 2.5% 2.3% 1.5% 1.8% 1.3% 1.7% Average Annual 89% 64% Rent Escalators(1) Mis
Slide 21: Leadership Overview
LEADERSHIP OVERVIEW Management Board of Directors Michael Weil, Chief Executive Officer & President Directors Previously served as CEO of The Necessity Retail Rob Kauffman, Non-Executive Chairperson of the Board of Directors REIT Co-founder of Fortress Investment Group and previously worked as a
Slide 22: Appendix: Financial Definitions
APPENDIX: FINANCIAL DEFINITIONS 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 Inter
Slide 23: Appendix: Financial Definitions
APPENDIX: FINANCIAL DEFINITIONS 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
Slide 24: Appendix: Financial Definitions
APPENDIX: FINANCIAL DEFINITIONS Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations (Cont’d) Adjusted Funds From Operations (cont’d) In calculating AFFO, we also exclude certain expenses which under GAAP are characterized as operating expenses in determining operatin
Slide 25: Appendix: Financial Definitions
APPENDIX: FINANCIAL DEFINITIONS 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
Slide 26: Non-GAAP Reconciliations
NON – GAAP RECONCILIATIONS (Amounts in thousands) Three Months Ended 30-Jun-25 Net loss $(24,143) Depreciation and amortization 45,636 Interest expense 53,348 Income tax expense 2,995 Discontinued operations adjustments 6,375 EBITDA 84,211 Impairment charges 9,812 Equity-based compensation 3,338 Mer
Slide 27: Non-GAAP Reconciliations
NON – GAAP RECONCILIATIONS (Amounts in thousands) Three Months Ended 30-Jun-25 Net loss attributable to common stockholders (in accordance with GAAP) $(35,079) Impairment charges 9,812 Depreciation and amortization 45,636 Gain on dispositions of real estate investments (1,537) Discontinued operation