Global Net Lease, Inc. · NYSE:GNL
Global Net Lease — Q4 2025 Earnings Presentation
25 slides from Global Net Lease's earnings presentation, Feb 26, 2026
Slide 1: Global Net Lease Fourth Quarter 2025 Investor Presentation
Global Net Lease Fourth 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: Continued Execution of Strategic Goals in Q4'25
2025 in Review Continued Execution of Strategic Goals in Q4’25 GNL continues to deliver consistent results, reflecting the Company’s disciplined execution of its strategic initiatives 32% Over the course of 2025, GNL delivered a total return of 32%, compared to 12% for its net lease GNL Total Return
Slide 4: Track Record of Delivering on Strategic Goals
2025 in Review Track Record of Delivering on Strategic Goals Throughout 2025, 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
Slide 5: Track Record of Delivering on Strategic Goals (Cont'd)
2025 in Review 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 phase of
Slide 6: A Year of Significant Improvements
2025 in Review A Year of Significant Improvements GNL’s non-core disposition program, highlighted by the Multi-Tenant Retail Portfolio Sale, focused on assets with shorter remaining lease terms than the portfolio average and exposure to lower-credit tenants. The transaction strengthened overall port
Slide 7: Outperformed Net Leased Peers
2025 in Review Outperformed Net Leased Peers GNL delivered the highest total return among net lease peers from January 1 through December 31, 2025, reflecting a meaningful period of outperformance supported by continued execution of strategic objectives 32.3% 31.1% 29.8% 24.9% 20.5% 17.2% Through di
Slide 8: 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 9: 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 820 41M 97% Retail 27% Industrial & Distribution Properties Square Feet Occupancy 46% Office 27% 6
Slide 10: Q4 2025 Financial Highlights
Financial Foundation Q4 2025 Financial Highlights GNL’s full-year 2025 AFFO per Share of $0.99 exceeded its revised guidance range of $0.95 to $0.97, while 2025 Net Debt to Adjusted EBITDA of 6.7x was toward the lower end of the guidance range of 6.5x to 7.1x Debt Capitalization ($MM) Earnings Summa
Slide 11: Proactive Balance Sheet Management
Financial Foundation Proactive Balance Sheet Management Strategic Focus: Well-Laddered Debt Maturities (6) ▪ 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 3.0 Years thro
Slide 12: Global Presence. Durable Portfolio.
Real Estate Portfolio Global Presence. Durable Portfolio. Industrial and Total Portfolio Distribution Retail Office Number of Properties 820 187 + 578 + 55 Square Feet (millions) 40.7 28.2 + 6.6 + 5.9 SLR(1) (millions) $409 $188 (46%) + $110 (27%) + $111 (27%) U.S. | Europe Exposure%(2) 74% | 26% 82
Slide 13: 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 5.6% Top Ten Tenants (% of SLR)(1) Tenant Industry Diversification (% of SLR)(1) Actual: Baa2 5.6% Financial Services 9% Actual: Ba1 3.6% Freight & L
Slide 14: 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, we believe the Company is positioned to respond to unique market dynamics, optimize value, and manage risk. GNL engages directly with
Slide 15: Driving Leasing Momentum Through Active Asset Management
Real Estate Portfolio Driving Leasing Momentum Through Active Asset Management Executed a 10-year lease 2025 Single-Tenant Leasing and Renewal Activity renewal with GE Aviation in Q3’25 at their 369,000- square-foot office building New Leases + Renewals Completed 50 Executed 7 FedEx lease 2025 Renew
Slide 16: 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) 51.2% 37.8% 6.1 Years Weighted Average Remaining Lease Term(1) 15.8% 11.0% 12.0% 9.9% 5.
Slide 17: Industrial & Distribution Overview
Real Estate Portfolio Industrial & Distribution Overview Tenant Industry Diversification (% of SLR) 46% 187 28.2M 6.2 Years Weighted Average Lease Term 37.8% Total Portfolio Properties Square Feet 14% 97% 6.2 Years 2.2% 3.4% 6.9% 12.0% 7.0% CPI Increases(1) Leased WALT 2026 2027 2028 2029 2030 2031+
Slide 18: Retail Overview
Real Estate Portfolio Retail Overview Tenant Industry Diversification (% of SLR) 27% 578 6.6M 6.9 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 8.2% $110M 97% 6.9 Years 0.3% 1.6% 2.4% 1.6% 2.1% SLR Leased WALT 2026 2027 2028 2029 2030 2031+ 52% 76% 1.0% Top Five Retail
Slide 19: Office Overview
Real Estate Portfolio Office Overview Lease Maturity Schedule (% of SLR) 27% 55 5.9M 4.3 Years Weighted Average Lease Term Total Portfolio(1) Properties Square Feet 5.2% $111M 97% 80% 3.1% 1.5% 1.7% 2.2% 0.8% SLR Leased IG Tenants(1) 2026 2027 2028 2029 2030 2031+ 1.5% 87% 62% Top Five Office Tenant
Slide 20: 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 21: 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 22: 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 23: 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 24: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 31-Dec-25 Net income $48,181 Depreciation and amortization 44,439 Interest expense 42,626 Income tax expense 12,434 EBITDA 147,680 Impairment charges 31,972 Equity-based compensation 3,024 Merger, transaction and other costs
Slide 25: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations (Amounts in thousands) Three Months Ended 31-Dec-25 Net income attributable to common stockholders (in accordance with GAAP) $37,245 Impairment charges 31,972 Depreciation and amortization 44,439 Gain on dispositions of real estate investments (100,625) Discontinued