Form 8-K

8-K — Global Net Lease, Inc.

Accession: 0001104659-26-055648

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001526113

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2613446d4_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613446d4_ex99-1.htm)

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UNITED STATES

SECURITIES AND

EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

May 5, 2026

Global Net Lease, Inc.

(Exact name of registrant as specified in its

charter)

Maryland

001-37390

45-2771978

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

650

Fifth Avenue, 30th Floor

New York, New York

10019

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code: (332) 265-2020

(Former name or former address, if changed

since last report.)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered

pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which

registered

Common

Stock, $0.01 par value per share

GNL

New

York Stock Exchange

7.25%

Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

GNL

PR A

New

York Stock Exchange

6.875%

Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL

PR B

New

York Stock Exchange

7.50%

Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL

PR D

New

York Stock Exchange

7.375%

Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

GNL

PR E

New

York Stock Exchange

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item

7.01 Regulation FD Disclosure.

Investor

Presentation

May 5, 2026, Global Net Lease, Inc. (the “Company”) prepared an investor presentation that officers and other representatives

of the Company intend to present at conferences and meetings. A copy of the investor presentation is furnished as Exhibit 99.1 of this

Current Report on Form 8-K. The information set forth in this Item 7.01 of this Current Report on Form 8-K and in the attached Exhibit

99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information

set forth in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed incorporated by reference into

any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language

in such filing.

The statements

in this Current Report on Form 8-K that are not historical facts may be forward-looking statements within the meaning of the Private Securities

Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially

different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,”

“expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,”

“intends,” “would,” “could,” “should” and similar expressions are intended to identify

forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements

are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could

cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties

include the risks that any potential future acquisition, including the Modiv transaction, or disposition by the Company is subject to

market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all.

Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to

differ materially from those presented in its forward-looking statements are set forth in the “Risk Factors” and “Quantitative

and Qualitative Disclosures About Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports

on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important

factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as

of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed

assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number

Description

99.1

Investor

Presentation.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

GLOBAL NET LEASE, INC.

Date:

May 5, 2026

By:

/s/ Edward M. Weil, Jr.

Name:

Edward M. Weil, Jr.

Title:

Chief Executive Officer and President (Principal Executive Officer)

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613446d4_ex99-1.htm · Sequence: 2

Exhibit 99.1

Global Net Lease

First Quarter 2026 Investor Presentation

Pictured: Home Depot in Lake Park, Georgia

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 to our anticipated acquisitions and dispositions, the intent, belief or current expectations of us, our operating partnership and members of our management team,

our business and growth strategies, and our investment and financing activities, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,”

“seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” or similar expressions are intended to identify forward-looking statements, although

not all forward-looking statements contain these identifying words.

These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results contemplated by the

forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv acquisition, or disposition by us is subject to market conditions, capital availability and

timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual results to differ

materially from those presented in our forward-looking statements are set forth under “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and

Qualitative Disclosures about Market Risk” sections in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 25, 2026,

our Quarterly Reports on Form 10-Q, our periodic reports on Form 8-K and our other filings with SEC as such risks, uncertainties and other important factors may be updated from time to time in our subsequent reports.

Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of

unanticipated events or changes to future operating results over time, unless required by law.

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 presentation of financial projections. This information is not fact and should not be relied upon as being necessarily indicative of future results; the projections

were prepared in good faith by management and are based on numerous assumptions that may prove to be wrong. All such statements, including but not limited to estimates of value accretion, synergies, run-rate or

annualized figures and results of future operations after making adjustments to give effect to assumed future operations reflect assumptions as to certain business decisions and events that are subject to change. As a

result, actual results may differ materially from those contained in the estimates. Accordingly, there can be no assurance that the estimates will be realized, or that the projections described in this presentation will be

realized at all.

This presentation also contains estimates and information concerning our industry and tenants, including market position, market size and growth rates of the markets in which we operate, that are based on industry

publications and other third-party reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the

accuracy or completeness of the data contained in these publications and reports. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described

in the “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures about Market Risk” sections of our Annual Report on Form

10-K, our Quarterly Reports on Form 10-Q, our periodic reports on Form 8-K and all of our other filings with the SEC, as such risks, uncertainties and other important factors may be updated from time to time in our

subsequent reports.

Credit Ratings

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each rating agency has its own methodology of assigning ratings and, accordingly,

each rating should be evaluated independently of any other rating.

Q1'26 Investor Presentation 2

Acquisition of

Modiv Industrial

Transaction Rationale & Strategic Benefits

Q1'26 Investor Presentation 4

Acquisition of Modiv Industrial

1. Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

2. Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

3. Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the

tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than

50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated, and 22% implied investment grade rated.

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 synergies, totaling $6 million of identified synergies expected to be

captured annually

Leverage-Neutral Transaction Maintains Balance Sheet and Liquidity Strength

▪ All-stock transaction was structured to be leverage neutral, requiring no new external capital to complete the transaction

▪ The transaction structure preserves balance sheet strength and financial flexibility, positioning GNL to invest in strategic growth initiatives and continue

driving down leverage over the long-term

High-Quality Industrial Net Lease Portfolio

▪ GNL will be acquiring a high-quality net lease portfolio concentrated in mission-critical industrial assets, supported by an attractive weighted average lease

term of 15.0 years(1) and 2.4% average annual rent escalations(2)

▪ Long-duration lease profile extends GNL’s weighted average lease term from 5.9 years in Q1’26 to 6.7 years(1) on a pro forma basis, enhancing both

portfolio durability and cash flow visibility

Strengthened Portfolio Quality & Diversification

▪ Acquisition further strengthens GNL’s overall portfolio mix by significantly increasing exposure to high-quality mission-critical industrial assets while

meaningfully reducing office concentration

▪ The portfolio features a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade rated tenants(3)

Enhanced Platform to Support Long-Term Growth and Shareholder Value

▪ The acquisition will enhance GNL’s overall scale, diversification, and capital flexibility, anticipated to position the Company’s platform to efficiently access

capital, pursue strategic investments, and support sustainable long-term growth and value creation

+4%

AFFO Accretion

0.0x

Additional Leverage

2.4%

Average Annual

Rent Escalation

45%

Investment-Grade

Tenants

$5B+

Pro Forma Platform

Transaction Structure

• Global Net Lease, Inc. (“GNL”) to acquire Modiv Industrial Inc. (“MDV”) in all-stock transaction

• Transaction valued at enterprise value of approximately $535 million

• GNL intends to fully repay all of Modiv’s existing balance sheet debt and pay off Modiv’s preferred stock using its Revolving Credit

Facility and cash on hand, requiring no new external capital to complete the transaction

• Post-closing, existing GNL stockholders are expected to own approximately 89% of the combined company and Modiv

stockholders are expected to own approximately 11%

Consideration

• Holders of Modiv common stock and operating partnership units (“OP Units”) will receive 1.975 newly-issued shares of GNL

common stock or OP Units for each share of Modiv common stock or OP Unit they hold at closing of the transaction, representing

a total consideration of approximately $18.82 per Modiv share based on GNL’s closing share price as of May 1st, 2026

◼ $18.82 implied offer price represents a 17% premium to Modiv’s closing share price on May 1st, 2026, the last full

trading day prior to the transaction announcement

◼ 28% premium to Modiv’s unaffected share price prior to its January 20th, 2026 strategic update

• $43 million of MDV Series A Cumulative Redeemable Perpetual Preferred Stock to be redeemed at liquidation preference

• Planned repayment of all outstanding MDV debt, including $250 million of unsecured bank debt and $24 million of mortgage

debt

Management and Board of

Directors • Following the transaction, there are no anticipated changes to GNL’s executive management team or Board of Directors

Expected Close • Transaction is expected to close in Q3’26, subject to customary closing conditions, including the approval of Modiv stockholders.

No approval of GNL shareholders is required

Transaction Overview

Q1'26 Investor Presentation 5

Acquisition of Modiv Industrial

Note: Market data as of May 1, 2026.

Top Ten Portfolio Tenants

Tenant Property

Type Industry Credit

Ratings

WALT

(Years)

% of

Total ABR

Industrial Infrastructure Implied Ba1 21.0 14.3%

Retail Automotive

Dealership

Implied Baa2 20.8 10.8%

Government Government Aa2 8.7 7.0%

Industrial Technology A2(3) 9.9 6.7%

Industrial Aerospace Implied Ba2 6.7 6.4%

Industrial Infrastructure Implied Ba3 17.7 5.1%

Industrial Industrial

Products

A3 8.3 5.0%

Industrial Food

Manufacturing Implied A2 7.4 4.5%

Industrial Machinery Implied Ba2 17.0 4.1%

Industrial Energy Implied B3 17.1 3.9%

Modiv Portfolio Summary

Q1'26 Investor Presentation 6

Acquisition of Modiv Industrial

98%

Properties

Square Feet

4.2M

Occupancy

States

Tenants

15.0 yrs

WALT

2.4%

IG Tenants(1)

100%

Contractual Rent

Increases(2)

45%

Average Annual

Rental Increase(2)

Note: Portfolio metrics as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

1. Refer to Investment Grade definition included in the footnotes on slide 4.

2. Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

3. Represents credit rating of parent company Fujifilm.

Complementary high-quality industrial net lease assets enhance GNL’s existing mission-critical industrial portfolio

UT CO

IL OH

Market Presence

Geographically well-diversified

portfolio, providing exposure to

key industrial markets across

the United States and

enhancing overall portfolio

resilience and stability

0.0%

3.0% 2.0% 4.0% 2.0%

91.0%

2026 2027 2028 2029 2030 2031+

Modiv’s attractive lease maturity schedule will extend GNL’s pro

forma WALT to 6.7 years(2), an increase from 5.9 years in Q1’26

Long-Dated, Well Laddered Lease Maturities

Q1'26 Investor Presentation 7

Acquisition of Modiv Industrial

MDV's extended portfolio WALT of 15.0 years would meaningfully extend GNL’s WALT and enhance

portfolio durability and cash flow visibility

1. Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

2. Pro forma metric based on square feet.

3. Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

15.0 Years

Weighted Average

Lease Term(1)

2.4%

Average Annual

Rental Increase(3)

>90%

of Portfolio ABR Expires

After 2030

Pro forma GNL enhanced through the acquisition of MDV’s pure-play, single-tenant industrial portfolio

Enhanced Portfolio Composition

Q1'26 Investor Presentation 8

Acquisition of Modiv Industrial

Note: Portfolio metrics as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

1. Metric based on square feet.

2. Pro forma metric based on annualized SLR for GNL and Annual Base Rent for MDV.

3. GNL and MDV % IG tenants includes both actual and implied credit rating.

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

Industrial / Retail / Office 47% / 27% / 26% 82% / 11% / 7% 50% / 26% / 24%

% Leased(1) 97% + 98% 97%

WALT(1) 5.9 Years + 15.0 Years 6.7 Years

Percent IG Rated Tenants(2)(3) 64% + 45% 63%

Contractual Rent Increases(2) 87% + 100% 88%

Average Annual Rent Increase(2) 1.5% + 2.4% 1.6%

First Quarter 2026

Investor Presentation

Continued Execution of Strategic Goals in Q1’26

Year-to-date $132 closed plus disposition pipeline(1), of which 68% is comprised of office sales,

further advancing the Company’s strategic initiative to reduce its office exposure; sales include $38

million of occupied assets closed or under contract at a 7.9% cash cap rate(2), with the remaining

dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1

million of annualized NOI drag

Q1'26 Investor Presentation 10

Q1 2026 in Review

$132MYTD Closed +

Disposition

Pipeline

$1.3B

5.1%

YoY Decrease in

Annualized G&A

Expense

Through its strategic disposition plan, GNL has successfully reduced its Net Debt balance by

$1.3 billion, significantly strengthening its balance sheet, lowering cost of capital, enhancing financial

flexibility and serving as a platform to support strategic initiatives and sustainable performance

GNL continues to showcase strong asset management capabilities through robust leasing activity,

achieving a 5.1% renewal spread, highlighted by a 10.8% spread on a Tractor Supply renewal and a

9.0% spread on a FedEx distribution facility, further highlighting the mission-critical nature of its

portfolio and the attractive mark-to-market opportunities it offers

Following the successful repositioning of the portfolio, including the $1.8 billion multi-tenant portfolio sale,

GNL reduced its annualized G&A expense by 25% year-over-year to $49 million from $65 million in

Q1’25, driven by portfolio simplification and operational efficiencies

GNL continues to deliver consistent results, reflecting the Company’s disciplined execution of its strategic initiatives

1. Year-to-date disposition pipeline totaling $132 million as of May 1, 2026. Closed plus active disposition pipeline includes $75 million of closed sales and $57 million under signed purchase and sale agreements (“PSA”). There can be no assurances that the transactions under such

PSA will be consummated on the above terms, if at all.

2. Excludes dark properties.

25%

Decrease in Net

Debt Since Q1’25

Q1’26 Renewal

Leasing Spread

Q1’25 Q1’26 Positive Impact on Portfolio/Operating Metrics

A Year of Significant Improvements

Q1'26 Investor Presentation 11

Q1 2026 in Review

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 for durable, long-term earnings growth.

Enhanced Cash Flow

Through Simplified Portfolio

% IG

Rated Tenants(1) 60% 64%

Stronger Tenant Credit

Quality Through Strategic

Portfolio Optimization

Portfolio

Occupancy 95% 97%

Proactive Asset Management

Leading to Incremental Value

Within GNL’s Portfolio

Office

Occupancy 95% 99%

Annualized G&A

Expense $65M $49M

Capital

Expenditures $9.8M $1.6M

Outstanding

Debt Balance $3,868M $2,564M

+400bps

+200bps

+400bps

($16M)

($8.2M)

($1,304M)

1. Metric based on Annualized SLR as of March 31, 2025 and 2026. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

Greater Financial

Flexibility with Reduced

Debt Service Costs

Mission-Critical Office Assets

Anchoring Portfolio Stability

Increased Cash Flow

Generation from a Streamlined

Platform

Track Record of Delivering on Strategic Goals

Q1'26 Investor Presentation 12

Successful Disposition

Program

Since launching its disposition

program, GNL has completed

approximately $3.5 billion in sales,

highlighted by the $1.8 billion Multi-Tenant Retail Portfolio sale, which

accelerated debt reduction efforts and

materially strengthened the balance

sheet and portfolio

Significant Leverage

Reduction

By strategically deploying proceeds

from non-core asset sales toward

accelerated debt paydown, GNL

reduced its net debt balance by $1.3

billion, from $3.7 billion in Q1'25 to

$2.4 billion in Q1'26, significantly

strengthening the balance sheet and

enhancing financial flexibility

Accretive Share

Repurchase Program

GNL deploys a portion of net

proceeds from non-core asset sales

to accretively repurchase shares,

having repurchased 19.7 million

shares for $158 million at a weighted

average price of $8.05(1)

Execution Track Record

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

1. Represents share repurchases from January 1, 2025 through May 1, 2026.

Q1'26 Investor Presentation 13

Execution Track Record

Achieved 5.1% Renewal

Leasing Spread

GNL continued to showcase its strong

asset management capabilities

through robust leasing activity,

achieving a 5.1% renewal spread in

Q1’26 by taking a proactive approach

with tenants, while further highlighting

the mission-critical nature of its

portfolio and the attractive mark-to-market opportunities it offers

Refinanced Revolving

Credit Facility

GNL successfully executed a $1.8

billion refinancing of its Revolving

Credit Facility, delivering an

immediate 35 basis point reduction in

interest rate spread, boosting liquidity

and extending the Company’s

weighted average debt maturity,

providing greater financial flexibility

Lowered G&A Expense

and Capex

Through the $1.8 billion sale of its

Multi-Tenant Retail Portfolio, GNL has

successfully repositioned itself as a

pure-play single-tenant net lease

REIT, enabling a reduction in G&A

expenses and a material decrease in

capital expenditures as operations

were streamlined

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 growth

Shifting Focus to Growth

▪ 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

What’s Ahead in 2026

Selectively Sell Assets with a Focus on Reducing Office Exposure

▪ Currently under contract to sell a 33,000-square-foot GSA office property for $13 million at a 7.2% cash cap rate

▪ Sold a vacant office property for $45 million in Q1’26, eliminating over $1 million of annualized negative NOI drag

Redeployment of Sale Proceeds Into Accretive Acquisitions

▪ GNL is currently under contract to acquire a 100,000-square-foot single-tenant industrial asset occupied by a Fortune 50

investment-grade tenant for $14 million at an 8.2% cash cap rate

Q1'26 Investor Presentation 14

2026 Strategic Priorities

Reaffirmed 2026

Financial Guidance

$0.80 – $0.84

AFFO per Share(1)

6.5x – 6.9x

Net Debt to

Adjusted EBITDA(1)(2)

$250M – $350M

Gross Transaction

Volume(3)

1. We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the

inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and

amortization from new acquisitions and other non-recurring expenses.

2. Adjusted EBITDA annualized based on forecasted Adjusted EBITDA for the quarter ended December 31, 2026 multiplied by four. Annualized figures based on assumed future operations that reflect assumptions as to certain business decisions and events that are subject to

change. There can be no assurance that these annualized figures will prove to be accurate.

3. 2026 full year guidance based on gross transaction volume of $250 million and $350 million, inclusive of both dispositions and acquisitions.

U.S. / Canada

74%

Europe

26%

Geographic Distribution

Global Portfolio of Mission-Critical Assets

Q1'26 Investor Presentation 15

Real Estate Portfolio Overview

809

Properties

Industrial &

Distribution

47%

Office

26%

Retail

27%

Annualized SLR by Segment

40M

Square Feet

97%

Occupancy

5.9 Years

Weighted Average

Remaining Lease Term(1)

87%

Contractual Rent

Increases(2)

64%

Investment Grade

Tenants(1)(3)

Note: Portfolio metrics as of March 31, 2026.

1. Metric calculated based on annualized SLR as of March 31, 2026.

2. The percentage of leases with rent increases is based on straight line rent as of March 31, 2026. Refer to SLR definition included in the footnotes on slide 18. Contractual cash base rent increases average 1.5% per year and

include fixed percent or actual increases, or country CPI-indexed increases, which may include certain floors or caps on rental increases. As of March 31, 2026, and based on straight-line rent, approximately 62.3% are fixed-rate

increases, 20.1% are based on the Consumer Price Index, 4.3% are based on other measures and 13.3% do not contain any escalation provisions.

3. As used herein, Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor

parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of

default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on annualized SLR and as of March 31, 2026, GNL's

portfolio was 33.5% actual investment grade rated and 30.9% implied investment grade rated.

Fully-integrated, internally managed platform with a strategically assembled single-tenant portfolio

Earnings Summary ($MM)

Revenue from Tenants $109.3

Net loss Attributable to Common Stockholders ($16.0)

NOI(1) $96.4

Cash NOI(1) $96.8

Adjusted Funds from Operations (AFFO)(1) $43.9

Adjusted Funds from Operations (AFFO)(1) per Share $0.21

Weighted Average Diluted Shares Outstanding 214.0

Debt Capitalization ($MM)

Total Secured Debt $1,274

3.75% Senior Notes $500

4.50% Senior Notes $500

Revolving Credit Facility $290

Total Unsecured Debt $1,290

Total Debt $2,564

Interest Coverage Ratio(2) 3.0x

Weighted Average Interest Rate Cost(3) 4.1%

Q1 2026 Financial Highlights

Q1'26 Investor Presentation 16

Financial Foundation

1. AFFO, Adjusted EBITDA, NOI and Cash NOI are non-GAAP financial measures, see Non-GAAP Financial Measures in the Appendix.

2. The interest coverage ratio is calculated by dividing actual adjusted EBITDA for Q1 2026 by cash paid for interest (calculated based on interest expense less the non-cash portion of interest expense).

3. Weighted-average interest rate cost is based on the outstanding principal balance.

4. Represents total debt outstanding of $2.6 billion, less cash and cash equivalents of $125.5 million.

5. Excludes the effect of discounts and deferred financing costs, net.

6. Gross asset value is defined as total assets plus accumulated depreciation and amortization as of March 31, 2026.

7. Liquidity includes $785.6 million of availability under the Revolving Credit Facility and $125.5 million of cash and cash equivalents as of March 31, 2026.

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.

$2,439

Net Debt(4)(5)

$5,129

Gross Asset

Value(6)

7.2x

Net Debt(4)(5) to

Adjusted EBITDA(1)

$911

Liquidity(7)

47.6%

Net Debt(4)(5) /

Gross Asset Value(6)

99%

Fixed Rate

Debt

$94 $131

$271

$645

$133

$290

$500

2026 2027 2028 2029 2030 Thereafter

Well-Laddered Debt Maturities

Mortgage Debt Revolving Credit Facility Senior Notes

Proactive Balance Sheet Management

Strategic Focus:

▪ Maintain Improved Leverage Levels

As GNL enters the next phase of its corporate strategy focused on

durable earnings growth, the Company intends to execute this transition

through a disciplined, balanced approach to capital allocation while

maintaining financial flexibility

▪ Reduce Cost of Capital

Continue to manage borrowings efficiently under the Revolving Credit

Facility to take advantage of its lower interest rate spreads across

currencies, generating approximately 170 basis points of interest rate

savings(7)

▪ Further Strengthen Capital Structure

GNL continues to actively monitor the overall bond market as it evaluates

the opportunity for a potential investment-grade bond issuance

Q1'26 Investor Presentation 17

Financial Foundation

$911M

Liquidity(4)

$1.5B

Capacity on

Revolving Credit

Facility

7.2x

Net Debt(2)(3) to

Adjusted EBITDA(1)

BBB-Fitch Corporate

Rating

Since Q1’25, Reduced

Net Debt(2)(3) by $1.3B

1. Adjusted EBITDA is a non-GAAP measure, see Non-GAAP Financial Measures in the Appendix.

2. Represents total debt outstanding of $2.6 billion, less cash and cash equivalents of $125.5 million.

3. Excludes the effect of discounts and deferred financing costs, net.

4. Liquidity includes $785.6 million of availability under the Revolving Credit Facility and $125.5 million of cash and cash equivalents as of March 31, 2026.

5. Excludes the effect of discounts and deferred financing costs, net. Current balances as of March 31, 2026 are shown in the year the debt matures.

6. Assumes GNL exercises its two 6-month extension options on its Revolving Credit Facility.

7. Based on rates as of March 31, 2026.

(5)

(6)

Global Presence. Durable Portfolio.

Total Portfolio Industrial and

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% | 17% 83% | 17% 50% | 50%

% Leased(3) 97% 97% + 97% + 99%

WALT(2) 5.9 Years 6.0 Years + 6.7 Years + 4.2 Years

Percent IG Rated Tenants(2)(4) 64% 65% + 48% + 80%

Rent Escalations(2) 87% 92% + 77% + 88%

Average Annual Rent Increase(2) 1.5% 1.7% + 1.0% + 1.5%

Q1'26 Investor Presentation 18

Real Estate Portfolio

Note: Portfolio metrics as of March 31, 2026.

1. Calculated as of March 31, 2026, using annualized rent (“SLR”) converted from local currency into USD as of March 31, 2026 for the in-place lease on the property on a straight-line basis, includes tenant concessions such as free rent, as applicable.

2. Metric based on annualized SLR as of March 31, 2026.

3. Metric calculated based on square feet as of March 31, 2026.

4. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

GNL’s competitive advantage of having a global presence and diversified portfolio provides flexibility to focus on

attractive opportunities in multiple segments and markets that the Company believes will contribute long-term

value to GNL shareholders

47%

Other

Pharmacy

Government

Discount Retail

Aerospace

Distribution

Consumer Goods

Auto Manufacturing

Healthcare

Freight & Logistics

Financial Services

Tenant Industry Diversification (% of SLR)(1)

2.1%

2.2%

2.3%

2.4%

2.5%

2.9%

3.6%

5.7%

Top Ten Tenants (% of SLR)(1)

Industry-Leading, Credit-Worthy Tenants

Q1'26 Investor Presentation 19

Real Estate Portfolio

80.0%

Of Top 10 Tenants

are Investment-Grade Rated(4)

Note: Portfolio metrics as of March 31, 2026.

1. Metric based on annualized SLR as of March 31, 2026. Refer to SLR definition included in the footnotes on slide 18.

2. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

3. “Other” represents the aggregate of all industries with less than three percent exposure.

4. Calculated by adding the Investment Grade tenants’ percentage of SLR and dividing by the total SLR percentage of the top ten tenants.

High-quality portfolio

supported by financially

strong, recession-resistant tenants across

essential sectors

Top ten tenants represent only 29% of SLR with no single tenant accounting for more than 5.7%

Actual: Baa2

Implied: Baa3

Actual: Baa1

Actual: Baa3

Actual: Aa3

Actual: Aa1

Actual: Ba2

Represents Investment-Grade Tenant(2)

(3)

Actual: NR

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

tenants to support operational

needs and long-term

objectives, structuring

customized solutions that drive

stability, sustainable growth,

and lasting value.

Q1'26 Investor Presentation 20

Real Estate Portfolio

United States / Canada | 74.1% of Total SLR

Southeast – 18.3% Pacific Southwest – 3.5%

Midwest – 24.1% Northeast – 8.2%

Mid-Atlantic – 10.4% Pacific Northwest – 0.8%

Southwest – 8.1% Canada – 0.7%

Europe | 25.9% of Total SLR

United Kingdom – 9.7% France – 1.8%

Netherlands – 4.6% Channel Islands – 1.5%

Finland – 3.5% Luxembourg – 1.5%

Germany – 2.7% Italy – 0.6%

Note: Data as of March 31, 2026.

Driving Leasing Momentum Through Active

Asset Management

Q1'26 Investor Presentation 21

Real Estate Portfolio

Q1’26 Single-Tenant Leasing and Renewal Activity

New Leases + Renewals Completed 8

Q1 2026 SLR Renewal Spread(1) 5.1%

Straight-Line Rent on Renewals $1.6 million

Square Feet on Renewals 141,071

Weighted Average Lease Term on Renewals 5.8 Years

Executed a 5-year lease renewal

with FedEx in Q1'26 at their

~58,000-square-foot distribution

facility, with a 9.0% SLR renewal

spread

Executed a 5-year lease renewal

with Tractor Supply in Q1'26 for

~25,000 square feet, with a 10.8%

SLR renewal spread

Executed two lease renewals with

Dollar General in Q1'26 totaling

~18,000 square feet, with an 8.0%

SLR renewal spread

Leasing activity from1/1/2026 through 3/31/2026.

1. Calculated using Straight-Line Rent.

2.1% 3.4%

7.0%

12.1%

7.1%

38.2%

0.1%

1.6% 2.3% 1.5% 2.1%

8.5%

2.2% 1.9% 1.7% 2.3%

0.6%

5.2%

2026 2027 2028 2029 2030 2031+

Lease Maturity Schedule by Property Type (% of Total SF)

Industrial and Distribution Retail Office

Attractive Lease Maturity Schedule

Q1'26 Investor Presentation 22

Real Estate Portfolio

Note: Data as of March 31, 2026.

1. Weighted average remaining lease term in years is based on square feet as of March 31, 2026.

5.9 Years

Weighted Average

Remaining Lease Term(1)

4.4%

52.0%

6.9%

11.0%

15.9%

9.8%

Stable, long-term, single-tenant net leased assets results in a favorable lease maturity schedule

Top Five Industrial & Distribution Tenants

Tenant Credit Rating Country % of

Total SLR

Actual: Baa2 U.S. / Canada 5.7%

Actual: Ba2 U.S. / Italy 3.6%

Implied: Baa3 U.S. 2.5%

Actual: Baa2 U.S. 2.3%

Actual: Baa1 U.S. 2.1%

Top 5 Tenants 77.8% IG Rated(2)(3) 16.2%

Industrial & Distribution Overview

Q1'26 Investor Presentation 23

Real Estate Portfolio

United States

81%

United Kingdom

12%

Europe

5% Canada

Geographic Breakdown (% of Total SLR)

47%

Total Portfolio

185

Properties

28.2M

Square Feet

14%

CPI Increases(1)

97%

Leased

6.0 Years

WALT

65%

IG Tenants(1)

92%

Rent Escalators(1)

1.7%

Average Annual

Rental Increase(1)

2.1% 3.4% 7.0% 12.1% 7.1%

38.2%

2026 2027 2028 2029 2030 2031+

Lease Maturity Schedule (% of SLR)

6.0 Years Weighted Average Lease Term

Note: Portfolio Metrics as of March 31, 2026.

1. Based on annualized SLR. Refer to SLR definition included in footnotes on slide 18.

2. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

3. Calculated by adding the Investment Grade tenants’ percentage of SLR and dividing by the total SLR percentage of the top five tenants.

Top Five Retail Tenants

Tenant Credit Rating Country % of

Total SLR

Actual: Baa3 U.S. 2.4%

Actual: Baa1 U.S. 2.2%

Actual: NR U.K. 2.1%

Implied: Baa3 U.S. 2.0%

Actual: Ba1 U.S. 1.4%

Top 5 Tenants 65.3% IG Rated(2)(3) 10.1%

0.1%

1.6% 2.3% 1.5% 2.1%

8.5%

2026 2027 2028 2029 2030 2031+

Lease Maturity Schedule (% of SLR)

Retail Overview

Q1'26 Investor Presentation 24

Real Estate Portfolio

United States

83%

United Kingdom

12%

Europe

Geographic Breakdown (% of Total SLR)

27%

Total Portfolio(1)

573

Properties

6.5M

Square Feet

$109M

SLR

97%

Leased

6.7 Years

WALT

48%

IG Tenants(1)

77%

Rent Escalators(1)

1.0%

Average Annual

Rental Increase (1)

6.7 Years Weighted Average Lease Term

Note: Portfolio Metrics as of March 31, 2026.

1. Based on annualized SLR. Refer to SLR definition included in footnotes on slide 18.

2. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

3. Calculated by adding the Investment Grade tenants’ percentage of SLR and dividing by the total SLR percentage of the top five tenants.

Top Five Office Tenants

Tenant Credit Rating Country % of

Total SLR

Actual: Aa3 Netherlands 2.9%

Actual: Aa1 U.S. 2.9%

Actual: A Luxembourg 1.5%

Actual: Ba2 U.S. 1.3%

Implied: Baa2 U.S. 1.1%

Top 5 Tenants 86.6% IG Rated(3)(4) 9.7%

Office Overview

Q1'26 Investor Presentation 25

Real Estate Portfolio

United States

50%

Europe

34%

United Kingdom

16%

Geographic Breakdown (% of Total SLR)

26%

Total Portfolio(1)

Properties

5.5M

Square Feet

$106M

SLR

99%

Leased

80%

IG Tenants(1)

1.5%

Average Annual

Rental Increase(1)

88%

Rent Escalators(1)

62%

Mission Critical(2)

2.2% 1.9% 1.7% 2.3%

0.6%

5.2%

2026 2027 2028 2029 2030 2031+

Lease Maturity Schedule (% of SLR)

4.2 Years Weighted Average Lease Term

Note: Portfolio Metrics as of March 31, 2026.

1. Based on annualized SLR. Refer to SLR definition included in footnotes on slide 18.

2. Mission critical includes HQ, Lab, and R&D facilities and is calculated based on square feet.

3. Refer to Investment Grade Rating definition included in the footnotes on slide 15.

4. Calculated by adding the Investment Grade tenants’ percentage of SLR and dividing by the total SLR percentage of the top five tenants.

Executive Team: Leading With Experience.

Executing With Discipline.

Michael Weil

Chief Executive Officer

& President

Over 20 years of experience

leading public REITs and real

estate platforms, managing

nearly $30 billion across

healthcare, retail, office, and

industrial assets, and guiding

organizations through mergers

& acquisitions, IPOs, and

internalizations

Q1'26 Investor Presentation 26

Leadership

Chris Masterson

Chief Financial Officer

Over 20 years of finance and

accounting experience,

including senior leadership as

CFO of multiple public REITs,

with prior experience at

Goldman Sachs and KPMG

Jesse Galloway

Executive Vice President &

General Counsel

Over 25 years of legal and

executive experience

representing major real estate

companies and financial

institutions, including 10 years

as General Counsel and 15

years in private practice

Ori Kravel

Chief Operating Officer

Over 15 years of experience

in corporate strategy, capital

markets, and operations

within the public REIT sector,

having executed over $15

billion in capital markets

transactions and $30 billion in

M&A transactions

Jason Slear

Executive Vice President

Over 20 years of experience

in acquisitions, dispositions,

and leasing, with a track

record of sourcing and closing

more than $10 billion in single-tenant net lease transactions

and over 10 million square

feet of leasing activity

Board of Directors: Partnering with

Management. Focused on Shareholders.

Q1'26 Investor Presentation 27

Leadership

Rob Kauffman

Non-Executive Chairperson

Co-founder of Fortress

Investment Group and

previously worked as a

Managing Director at UBS,

a Principal at BlackRock

Financial and at Lehman

Brothers

M. Therese Antone

Independent Director

Currently serves as

Chancellor of Salve Regina

University, a position she has

held since her appointment in

2009, and as Commissioner

of the Rhode Island Ethics

Commission

Lisa Kabnick

Independent Director

Retired Partner at Troutman

Pepper Hamilton Sanders

LLP, and has also served as a

member of the Board of

Directors of The Philadelphia

Inquirer since 2015

Leslie Michelson

Independent Director

Currently serves as Lead

Independent Director of

Franklin BSP Lending

Corporation and formerly held

the position of Chairman and

CEO of Private Health

Management, Inc.

Michael J.U. Monahan

Independent Director

Currently serves as a Vice

Chair at CBRE, where he has

worked for more than 25

years, and previously held

positions at Jones Lang

Wootton and Cushman &

Wakefield

Stanley Perla

Independent Director

Previously served as a member

of the Board of Directors and

Chair of the Audit Committee of

Madison Harbor Balanced

Strategies, Inc., and is a former

Partner at Ernst & Young,

where he worked for 35 years

P. Sue Perrotty(1)

Independent Director

Previously served as

President and Chief Executive

Officer of AFM Financial

Services and Tower Health

and held the role of Executive

Vice President and head of

Global Operations at First

Union Corp for 28 years

Gov. Edward G. Rendell(1)

Independent Director

Previously served two terms

as the 45th Governor of the

Commonwealth of

Pennsylvania, and also

served as Mayor of

Philadelphia

Leon C. Richardson

Independent Director

Founder, President, and Chief

Operating Officer of The

Chemico Group, one of the

largest minority-owned

chemical management and

distribution companies in the

U.S., and also serves on the

Stellantis Advisory Council

and the GM Inclusion Board

Michael Weil

Director

Chief Executive Officer of

Global Net Lease, Inc., since

2023, and a member of the

Board of Directors since 2012.

Previously served as CEO of

The Necessity Retail REIT

and as President of the Board

of Directors of the Real Estate

Investment Securities

Association (now ADISA)

1. Subsequent to Q1’26, Governor Rendell and Sue Perrotty announced their intention to retire from the Board following the 2026 Annual Meeting of Stockholders.

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 financial

measures include Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating

Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated

with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI does not reflect an adjustment for straight-line rent, but AFFO does include this adjustment.

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI and Cash NOI and pro forma presentations of the foregoing are financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted

accounting principles in the United States of America (“GAAP”). Definitions of such non-GAAP measures can be found in the Company’s Q1 2026 earnings release for the quarter ended March 31, 2026, furnished as exhibit 99.1 to the Current Report

on Form 8-K filed by Global Net Lease, Inc. (the “Company” or “GNL”) on May 5, 2026. Reconciliations of such non-GAAP measures for Q1 2026 to their nearest comparable GAAP measures can be found in the Appendix found within. Any non-GAAP financial measures used in this presentation are in addition to, and not meant to be considered superior to, or a substitute for, GNL’s financial statements prepared in accordance with GAAP. Additional information with respect to the Company

is contained in its filings with the SEC and is available at the SEC's website, www.sec.gov, and on the Company’s website, https://www.globalnetlease.com/.

Caution on Use of Non-GAAP Measures

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our

operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP

measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do) or may interpret the current NAREIT definition differently than we do or may calculate Core FFO

or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real

estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between

periods and between other REITs in our peer group.

Q1'26 Investor Presentation 28

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 costs 4,387

Gain on dispositions of real estate investments (7,879)

Gain on derivative instruments (3,065)

Loss on extinguishment and modification of debt 1,707

Other income (174)

Write offs of straight-line rent 2

Discontinued operations adjustments (3,283)

Adjusted EBITDA 84,219

General and administrative 12,144

Write offs of straight-line rent (2)

Discontinued operations adjustments —

NOI 96,361

Amortization of above- and below- market leases and ground lease intangibles and right-of-use

assets, net 1,106

Straight-line rent (680)

Cash NOI 96,787

Cash Paid for Interest:

Interest Expense – continuing operations $39,191

Non-cash portion of interest expense (2,260)

Amortization of discounts on mortgages and senior notes (9,041)

Total Cash Paid for Interest $27,890

Q1'26 Investor Presentation 29

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 operations FFO adjustments (748)

FFO (as defined by NAREIT) attributable to stockholders 28,086

Acquisition, transaction and other costs 4,387

Loss on extinguishment and modification of debt 1,707

Core FFO attributable to stockholders 34,180

Non-cash equity-based compensation 4,042

Non-cash portion of interest expense 2,260

Amortization related to above- and below- market lease intangibles and right-of-use assets, net 1,106

Straight-line rent (680)

Eliminate unrealized gains on foreign currency transactions(1) (3,517)

Amortization of discounts on mortgages and senior notes 9,041

Eliminate gains related to multi-tenant disposition receivable(2) (2,536)

Adjusted funds from operations (AFFO) attributable to common stockholders $43,896

Weighted-average shares outstanding – Basic and Diluted 214,040

Net loss per share attributable to common shareholders $(0.08)

FFO per share $0.13

Core FFO per share $0.16

AFFO per share $0.21

Dividends declared $41,159

Q1'26 Investor Presentation 30

Appendix

1. For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2026, the gain on derivative instruments was $3.1 million, which consisted of unrealized gains of $3.5 million and realized losses of $0.4 million.

2. Represents adjustments to the fair value of the embedded derivative feature of the multi-tenant disposition receivable. We do not consider these adjustments to be indicative of our normal operating performance and have, accordingly, increased or (decreased) AFFO for these amounts.

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