Form 8-K

8-K — Global Net Lease, Inc.

Accession: 0001628280-26-030591

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001526113

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — gnl-20260505.htm (Primary)

EX-99 — EX-99.1 EARNINGS RELEASE 3.31.26 (ex991gnlearningsrelease331.htm)

EX-99.2 — EX-99.2 SUPPLEMENTAL 3.31.26 (ex992-gnlsupplementalinfor.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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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) (I.R.S. 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: Not Applicable

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 Symbols 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 ☐

If 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 2.02. Results of Operations and Financial Condition.

On May 5, 2026, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 7.01. Regulation FD Disclosure.

Press Release and Supplemental Information

As disclosed in Item 2.02 above, on May 5, 2026, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2026, and supplemental financial information for the quarter ended March 31, 2026, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 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 Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, 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 No. Description

99.1

Press release dated May 5, 2026

99.2

Quarterly supplemental information for the quarter ended March 31, 2026

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

EX-99 — EX-99.1 EARNINGS RELEASE 3.31.26

EX-99

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Document

EXHIBIT 99.1

GLOBAL NET LEASE REPORTS FIRST QUARTER 2026 RESULTS

–Closed Plus Disposition Pipeline Totaling $132 Million, of Which 68% Are Office Sales, Further Advancing Strategic Reduction in Office Exposure

–Reduced Net Debt by $1.3 Billion Year-Over-Year; Increased Liquidity to $911 Million and Revolving Credit Facility Capacity to $1.5 Billion

–Decreased Annualized G&A Expense by 25% Year-Over-Year, Representing $16 Million in Savings

–Entered Into Definitive Merger Agreement to Acquire Modiv Industrial in $535 Million All-Stock Transaction

–Immediate 4% Accretion Expected to AFFO in Leverage-Neutral Transaction

–Reports Q1’26 AFFO Per Share of $0.21 and Reaffirms Full-Year Guidance, Including AFFO Per Share Guidance of $0.80 to $0.84; GNL to Update Guidance Upon Closing of Modiv Acquisition

New York, May 5, 2026 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe, announced today its financial and operating results for the quarter ended March 31, 2026.

Acquisition of Modiv Industrial, Inc.

•GNL has entered into a definitive merger agreement to acquire Modiv Industrial, Inc. (“Modiv”) in an all-stock transaction with a fixed exchange ratio of 1.975, to lock in the 4% accretion, at an enterprise value of approximately $535 million

•Transaction, once closed, is expected to be immediately 4% accretive to AFFO per share, and is structured to be leverage-neutral within GNL’s stated guidance range of 6.5x to 6.9x to maintain GNL’s balance sheet strength and preserve financial flexibility

•Once closed, expected to expand GNL’s exposure to high-quality industrial assets, supported by a 15.0 year weighted average lease term1, 2.4% average annual rent escalations2, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants3

•Transaction is expected to close in third quarter of 2026, subject to customary closing conditions

First Quarter 2026 Highlights

•Revenue was $109.3 million, compared to $132.4 million in first quarter 2025, primarily reflecting the impact of asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale in 2025

•Net loss attributable to common stockholders was $16.0 million, compared to a net loss of $200.3 million in first quarter 2025

•Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share, compared to $66.2 million in first quarter 2025, or $0.29 per share

•Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $1.3 billion since first quarter of 2025

•Increased liquidity to $911.1 million and Revolving Credit Facility capacity to $1.5 billion in first quarter 2026, compared to $499.1 million and $1.4 billion, respectively, in first quarter 2025

•Year-to-date closed plus disposition pipeline totaling $132 million5, 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 rate6, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

•Repurchased 19.7 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.05, for a total of $158.2 million as of May 1, 2026; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026

•Building on the successful repositioning of the portfolio, including the $1.8 billion multi-tenant retail portfolio sale, GNL lowered its annualized G&A expense by 25% year-over-year to $49 million, down from $65 million in first quarter 2025, reflecting the benefits of portfolio simplification and operational efficiencies

•Increased portfolio occupancy to 97% compared to 95% in first quarter 2025, with office occupancy increasing to 99% in first quarter 2026 compared to 95% in first quarter of 2025

•Leased over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, resulting in over $1.6 million of new straight-line rent

•Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases

•Reduced capital expenditures to $1.6 million in the first quarter 2026 from $9.8 million in the first quarter 2025, reflecting a more streamlined portfolio and supporting enhanced cash flow

•Sector-leading tenant quality with 64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants7, an increase from 60% in first quarter 2025

“GNL’s performance in the first quarter of 2026 builds on our accomplishments in 2025, a pivotal year in which we meaningfully reduced leverage, reinforced our credit profile, and elevated the overall quality of our portfolio,” said Michael Weil, CEO of GNL. “In 2026, we are focused on capitalizing on our strong foundation and positioning to advance our focus on growth through redeployment of disposition proceeds. We are already making tangible progress in selectively reducing our office exposure, including the pending sale of a GSA-leased asset at a 7.2% cash cap rate, while redeploying proceeds into single-tenant industrial and retail investments, such as a net lease industrial asset occupied by a Fortune 50 company at an 8.2% cash cap rate, that enhance the quality and earnings power of our portfolio. The Modiv transaction reflects this same disciplined approach, bringing, following the close, a high-quality industrial net lease portfolio into GNL in a transaction that is expected to be immediately accretive and structured as leverage neutral. We believe this acquisition will accelerate our transition to earnings growth in 2026, as we move beyond our deleveraging initiative while continuing to strategically reduce our office exposure."

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Full Year 2026 Guidance8

GNL reaffirms its full-year 2026 guidance. This guidance excludes the anticipated benefit from the Modiv transaction, which will be addressed and updated upon closing.

Financial Metric 2026 Guidance

AFFO Per Share $0.80 to $0.84

Net Debt to Adjusted EBITDA 6.5x to 6.9x

2026 Guidance assumes gross transaction volume, inclusive of both dispositions and acquisitions, of $250 million to $350 million. This guidance reflects GNL’s focus on disposing of select office assets and redeploying capital into accretive acquisitions of single-tenant industrial and retail assets.

Summary of Results

Three Months Ended March 31,

(In thousands, except per share data) 2026 2025

Revenue from tenants $ 109,286 $ 132,415

Net loss attributable to common stockholders $ (16,014) $ (200,315)

Net loss per diluted common share $ (0.08) $ (0.87)

NAREIT defined FFO attributable to common stockholders $ 28,086 $ 32,961

NAREIT defined FFO per diluted common share $ 0.13 $ 0.14

AFFO attributable to common stockholders $ 43,896 $ 66,220

AFFO per diluted common share $ 0.21 $ 0.29

Property Portfolio

As of March 31, 2026, GNL’s portfolio of 809 net lease properties is comprised of approximately 40 million rentable square feet located in ten countries and territories. The Company operates in three reportable segments: (1) Industrial & Distribution, (2) Retail and (3) Office. Portfolio metrics include:

•97% leased with a remaining weighted-average lease term of 5.9 years9

•87% of the portfolio contains contractual rent increases based on annualized straight-line rent

•64% of portfolio’s annualized straight-line rent is derived from investment grade and implied investment grade rated tenants

•74% U.S. and Canada, 26% Europe (based on annualized straight-line rent)

•47% Industrial & Distribution, 27% Retail and 26% Office (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources10

As of March 31, 2026, the Company had liquidity of $911.1 million, and $1.5 billion11 of capacity under its Revolving Credit Facility, compared to $499.1 million and $1.4 billion, respectively, as of the end of first quarter 2025. The Company had net debt of $2.4 billion12, including $1.3 billion of gross mortgage debt as of March 31, 2026 and Net Debt to Adjusted EBITDA was 7.2x.

As of March 31, 2026, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 99%. The Company’s total combined debt had a weighted average interest rate of 4.1%, resulting in an interest coverage ratio of 3.0 times13. Weighted-average debt maturity was 2.7 years as of March 31, 202614.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Footnotes/Definitions

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.

4 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.

5 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.

6 Excludes dark properties.

7 As used herein, “Investment Grade Rating” 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. Ratings information is as of March 31, 2026. Comprised of 33.5% leased to tenants with an actual investment grade rating and 30.9% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of March 31, 2026.

8 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.

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

10 During the three months ended March 31, 2026, the Company did not sell any shares of Common Stock through its Common Stock “at-the-market” program. However, as of May 1, 2026, the Company had repurchased 19.7 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $158.2 million; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026.

11 Liquidity represents the aggregate amount of cash and cash equivalents and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of March 31, 2026 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. 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.

12 Comprised of the principal amount of GNL's outstanding debt totaling $2.6 billion less cash and cash equivalents totaling $125.5 million, as of March 31, 2026.

13 The interest coverage ratio is calculated by dividing Adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less non-cash portion of interest expense). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

14 Assumes we exercise both 6-month extension options on our Revolving Credit Facility.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Conference Call

GNL Management will be participating in the Wells Fargo 29th Annual Real Estate Securities Conference in Charleston, South Carolina, on Wednesday, May 6th, where the team will spend the day meeting with various investors, and therefore GNL will host its first quarter 2026 earnings call on Thursday, May 7th.

GNL will host a webcast and conference call on May 7, 2026 at 11:00 a.m. ET to discuss its financial and operating results. To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

Dial-in instructions for the conference call and the replay are outlined below.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792

International Dial-In: 1-201-689-8263

Conference Replay*

For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.

Or dial in below:

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13759488

*Available from 2:00 p.m. ET on May 7, 2026 through August 7, 2026.

Supplemental Schedules

The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Forward-Looking Statements

The statements in this press release 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 are subject to a number of risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “projects,” “potential,” “predicts,” “expects,” “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 acquisition, 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.

Contacts:

Investors and Media:

Email: investorrelations@globalnetlease.com

Phone: (332) 265-2020

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Consolidated Balance Sheets (Unaudited)

(Amounts in thousands)

March 31,

2026 December 31,

2025

ASSETS

Real estate investments, at cost:

Land $ 648,558 $ 659,086

Buildings, fixtures and improvements 3,534,839 3,592,121

Construction in progress 3,630 2,993

Acquired intangible lease assets 503,278 523,406

Total real estate investments, at cost 4,690,305 4,777,606

Less accumulated depreciation and amortization (976,371) (966,982)

Total real estate investments, net 3,713,934 3,810,624

Real estate assets held for sale 19,914 49,654

Assets related to discontinued operations — 348

Cash and cash equivalents 125,479 180,114

Restricted cash 11,979 13,949

Derivative assets, at fair value 1,223 7

Unbilled straight-line rent 72,969 72,919

Operating lease right-of-use asset 61,868 63,362

Prepaid expenses and other assets 56,516 60,415

Multi-tenant disposition receivable, net 22,013 27,934

Deferred tax assets 5,139 5,167

Goodwill 45,628 45,898

Deferred financing costs, net 15,638 16,812

Total Assets $ 4,152,300 $ 4,347,203

LIABILITIES AND EQUITY

Mortgage notes payable, net $ 1,222,275 $ 1,264,604

Revolving credit facility 290,006 324,165

Senior notes, net 934,020 928,169

Acquired intangible lease liabilities, net 16,714 17,501

Derivative liabilities, at fair value 1,727 5,298

Accounts payable and accrued expenses 29,162 43,821

Operating lease liability 40,634 41,429

Prepaid rent 26,718 28,254

Deferred tax liability 17,518 17,796

Dividends payable 11,570 11,718

Real estate liabilities held for sale 64 60

Liabilities related to discontinued operations 641 890

Total Liabilities 2,591,049 2,683,705

Commitments and contingencies — —

Stockholders' Equity:

7.25% Series A cumulative redeemable preferred stock 68 68

6.875% Series B cumulative redeemable perpetual preferred stock 47 47

7.50% Series D cumulative redeemable perpetual preferred stock 79 79

7.375% Series E cumulative redeemable perpetual preferred stock 46 46

Common stock 3,450 3,490

Additional paid-in capital 4,213,160 4,249,018

Accumulated other comprehensive income 12,993 22,169

Accumulated deficit (2,668,592) (2,611,419)

Total Stockholders’ Equity 1,561,251 1,663,498

Total Liabilities and Equity $ 4,152,300 $ 4,347,203

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Consolidated Statements of Operations (Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended March 31,

2026 2025

Revenue from tenants $ 109,286 $ 132,415

Expenses:

Property operating 12,925 13,953

Impairment charges 11,115 60,315

Acquisition, transaction and other costs 4,387 1,579

General and administrative 12,144 16,203

Equity-based compensation 4,042 3,093

Depreciation and amortization 41,612 56,334

Goodwill impairment — 7,134

Total expenses 86,225 158,611

Operating income (loss) before gain on dispositions of real estate investments 23,061 (26,196)

Gain (loss) on dispositions of real estate investments 7,879 (1,678)

Operating income (loss) 30,940 (27,874)

Other income (expense):

Interest expense (39,191) (53,437)

Loss on extinguishment and modification of debt (1,707) (418)

Gain (loss) on derivative instruments 3,065 (3,856)

Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — (6,351)

Other income 174 48

Total other expense, net (37,659) (64,014)

Net loss before income tax (6,719) (91,888)

Income tax provision (1,642) (3,280)

Loss from continuing operations (8,361) (95,168)

Income (loss) from discontinued operations 3,283 (94,211)

Net loss (5,078) (189,379)

Preferred stock dividends (10,936) (10,936)

Net loss attributable to common stockholders $ (16,014) $ (200,315)

Basic and Diluted Loss Per Share:

Net loss per share from continuing operations $ (0.09) $ (0.46)

Net income (loss) per share from discontinued operations 0.01 (0.41)

Net loss per share attributable to common stockholders — Basic and Diluted $ (0.08) $ (0.87)

Weighted average shares outstanding — Basic and Diluted 214,040 230,264

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(Amounts in thousands)

Three Months Ended March 31,

2026 2025

Adjusted EBITDA

Net loss $ (5,078) $ (189,379)

Depreciation and amortization 41,612 56,334

Interest expense 39,191 53,437

Income tax expense 1,642 3,280

Discontinued operations adjustments — 47,219

EBITDA 77,367 (29,109)

Impairment charges 11,115 60,315

Equity-based compensation 4,042 3,093

Acquisition, transaction and other costs 4,387 1,579

(Gain) loss on dispositions of real estate investments (7,879) 1,678

(Gain) loss on derivative instruments (3,065) 3,856

Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — 6,351

Loss on extinguishment and modification of debt 1,707 418

Other income (174) (48)

Goodwill impairment [1]

— 7,134

Write offs of straight-line rent 2 —

Discontinued operations adjustments (3,283) 83,149

Adjusted EBITDA 84,219 138,416

Net operating income (NOI)

General and administrative 12,144 16,203

Write offs of straight-line rent (2) —

Discontinued operations adjustments — 1,255

NOI

96,361 155,874

Amortization related to above- and below- market lease intangibles and right-of-use assets, net 1,106 160

Straight-line rent (680) (5,235)

Cash NOI

$ 96,787 $ 150,799

Cash Paid for Interest:

Interest Expense - continuing operations $ 39,191 $ 53,437

Interest Expense - discontinued operations — 17,457

Non-cash portion of interest expense (2,260) (2,486)

Amortization of discounts on mortgages and senior notes (9,041) (13,960)

Total cash paid for interest $ 27,890 $ 54,448

_____________

[1] This is a non-cash item and is added back as it is not considered indicative of operating performance.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(Amounts in thousands, except per share data)

Three Months Ended March 31,

2026 2025

Net loss attributable to stockholders (in accordance with GAAP) $ (16,014) $ (200,315)

Impairment charges 11,115 60,315

Depreciation and amortization 41,612 56,334

(Gain) loss on dispositions of real estate investments (7,879) 1,678

Discontinued operations FFO adjustments (748) 114,949

FFO (defined by NAREIT) 28,086 32,961

Acquisition, transaction and other costs 4,387 1,579

Loss on extinguishment and modification of debt 1,707 418

Discontinued operations Core FFO adjustments — 9

Core FFO attributable to common stockholders

34,180 34,967

Non-cash equity-based compensation 4,042 3,093

Non-cash portion of interest expense 2,260 2,486

Amortization related to above- and below-market lease intangibles and right-of-use assets, net 1,106 160

Straight-line rent (680) (5,235)

Unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness — 6,351

Eliminate unrealized (gains) losses on foreign currency transactions [1]

(3,517) 3,304

Amortization of discounts on mortgages and senior notes 9,041 13,960

Goodwill impairment [2]

— 7,134

Eliminate gains related to multi-tenant disposition receivable [3]

(2,536) —

Adjusted funds from operations (AFFO) attributable to common stockholders $ 43,896 $ 66,220

Net loss per share attributable to common stockholders $ (0.08) $ (0.87)

FFO per diluted common share $ 0.13 $ 0.14

Core FFO per diluted common share $ 0.16 $ 0.15

AFFO per diluted common share $ 0.21 $ 0.29

Dividends declared to common stockholders $ 41,159 $ 64,027

__________

[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended March 31, 2026, gain on derivative instruments was $3.1 million, which consisted of unrealized gains of $3.5 million and realized losses of $0.4 million. For the three months ended March 31, 2025, the loss on derivative instruments was $3.9 million which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million.

[2] This is a non-cash item and is added back as it is not considered indicative of operating performance.

[3] 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 this amount.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

The following table provides operating financial information for the Company’s reportable segments:

Three Months Ended March 31,

(In thousands) 2026 2025

Industrial & Distribution:

Revenue from tenants $ 49,184 $ 58,009

Property operating expense 5,257 5,257

Net Operating Income $ 43,927 $ 52,752

Retail:

Revenue from tenants $ 29,546 $ 36,958

Property operating expense 3,674 3,906

Net Operating Income $ 25,872 $ 33,052

Office:

Revenue from tenants $ 30,556 $ 37,448

Property operating expense 3,994 4,790

Net Operating Income $ 26,562 $ 32,658

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Caution on Use of Non-GAAP Measures

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”) and Cash Net Operating Income (“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 in our peer group.

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.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition.

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

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 believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as acquisition, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

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 administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

GlobalNetLease.com (332) 265-2020 | 650 Fifth Avenue, 30th Floor, New York, NY 10019

EX-99.2 — EX-99.2 SUPPLEMENTAL 3.31.26

EX-99.2

Filename: ex992-gnlsupplementalinfor.htm · Sequence: 3

Document

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Table of Contents

Item Page

Non-GAAP Definitions 3

Key Metrics 6

Consolidated Balance Sheets 7

Consolidated Statements of Operations 8

Non-GAAP Measures 9

Debt Overview 11

Future Minimum Lease Rents 12

Top Twenty Tenants 13

Diversification by Property Type 14

Diversification by Tenant Industry 15

Diversification by Geography 16

Lease Expirations 17

Please note that totals may not add due to rounding.

Forward-looking Statements:

The statements in this supplemental package of Global Net Lease, Inc. (the “Company”) 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.

Supplemental Information 2 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

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 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 as defined herein, does not reflect an adjustment for straight-line rent but AFFO does include this adjustment. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

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.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

Supplemental Information 3 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

management, and, when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as acquisition, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid For Interest

Supplemental Information 4 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

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 administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Supplemental Information 5 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2026

(Amounts in thousands, except per share data, ratios and percentages)

Financial Results

Revenue from tenants $ 109,286

Net loss attributable to common stockholders $ (16,014)

Basic and diluted net loss per share attributable to common stockholders [1]

$ (0.08)

Cash NOI [2]

$ 96,787

Adjusted EBITDA [2]

$ 84,219

AFFO attributable to common stockholders [2]

$ 43,896

Dividends per share - first quarter [3]

$ 0.19

Dividend yield - annualized, based on quarter end share price 8.1 %

Balance Sheet and Capitalization

Gross asset value [4]

$5,128,671

Net debt [5] [6]

$2,438,811

Total consolidated debt [6]

$2,564,290

Total assets $4,152,300

Liquidity [7]

$911,099

Common shares outstanding as of March 31, 2026

212,033

Net debt to gross asset value 47.6 %

Net debt to annualized adjusted EBITDA [8]

7.2 x

Weighted-average interest rate cost [9]

4.1 %

Weighted-average debt maturity (years) [10]

2.7

Interest Coverage Ratio [11]

3.0 x

Real Estate Portfolio

Number of properties 809

Square footage (millions) 40.3

Leased 97 %

Weighted-average remaining lease term (years) [12]

5.9

_________

[1]Adjusted for net income attributable to common stockholders for common share equivalents.

[2]This Non-GAAP metric is reconciled below..

[3]Represents quarterly dividend per share rate based off the annualized dividend rate of $0.76.

[4]Defined as total assets plus accumulated depreciation and amortization as of March 31, 2026.

[5]Represents total debt outstanding of $2.6 billion, less cash and cash equivalents of $125.5 million as of March 31, 2026.

[6]Excludes the effect of discounts and deferred financing costs, net.

[7]Liquidity includes $785.6 million of availability under the credit facility and $125.5 million of cash and cash equivalents as of March 31, 2026.

[8]Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended March 31, 2026 multiplied by four.

[9]The weighted average interest rate cost is based on the outstanding principal balance of the debt.

[10]The weighted average debt maturity is based on the outstanding principal balance of the debt.

[11]The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less the non-cash portion of interest expense). Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

[12]The weighted-average remaining lease term (years) is based on square feet.

Supplemental Information 6 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Consolidated Balance Sheets

(Amounts in thousands)

March 31,

2026 December 31,

2025

ASSETS

Real estate investments, at cost:

Land $ 648,558 $ 659,086

Buildings, fixtures and improvements 3,534,839 3,592,121

Construction in progress 3,630 2,993

Acquired intangible lease assets 503,278 523,406

Total real estate investments, at cost 4,690,305 4,777,606

Less accumulated depreciation and amortization (976,371) (966,982)

Total real estate investments, net 3,713,934 3,810,624

Real estate assets held for sale 19,914 49,654

Assets related to discontinued operations — 348

Cash and cash equivalents 125,479 180,114

Restricted cash 11,979 13,949

Derivative assets, at fair value 1,223 7

Unbilled straight-line rent 72,969 72,919

Operating lease right-of-use asset 61,868 63,362

Prepaid expenses and other assets 56,516 60,415

Multi-tenant disposition receivable, net 22,013 27,934

Deferred tax assets 5,139 5,167

Goodwill 45,628 45,898

Deferred financing costs, net 15,638 16,812

Total Assets $ 4,152,300 $ 4,347,203

LIABILITIES AND EQUITY

Mortgage notes payable, net $ 1,222,275 $ 1,264,604

Revolving credit facility 290,006 324,165

Senior notes, net 934,020 928,169

Acquired intangible lease liabilities, net 16,714 17,501

Derivative liabilities, at fair value 1,727 5,298

Accounts payable and accrued expenses 29,162 43,821

Operating lease liability 40,634 41,429

Prepaid rent 26,718 28,254

Deferred tax liability 17,518 17,796

Dividends payable 11,570 11,718

Real estate liabilities held for sale 64 60

Liabilities related to discontinued operations 641 890

Total Liabilities 2,591,049 2,683,705

Commitments and contingencies — —

Stockholders’ Equity:

7.25% Series A cumulative redeemable preferred stock 68 68

6.875% Series B cumulative redeemable perpetual preferred stock 47 47

7.50% Series D cumulative redeemable perpetual preferred stock 79 79

7.375% Series E cumulative redeemable perpetual preferred stock 46 46

Common stock 3,450 3,490

Additional paid-in capital 4,213,160 4,249,018

Accumulated other comprehensive income 12,993 22,169

Accumulated deficit (2,668,592) (2,611,419)

Total Stockholders’ Equity 1,561,251 1,663,498

Total Liabilities and Equity $ 4,152,300 $ 4,347,203

Supplemental Information 7 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

Three Months Ended

March 31,

2026 December 31,

2025 September 30, 2025 June 30,

2025

Revenue from tenants $ 109,286 $ 116,953 $ 121,013 $ 124,905

Expenses:

Property operating 12,925 12,566 12,669 12,018

Impairment charges 11,115 31,972 55,433 9,812

Acquisition, transaction and other costs 4,387 1,458 1,623 2,002

General and administrative 12,144 13,377 11,834 11,339

Equity-based compensation 4,042 3,024 3,059 3,338

Depreciation and amortization 41,612 44,439 44,780 45,636

Goodwill impairment — — — —

Total expenses 86,225 106,836 129,398 84,145

Operating income (loss) before gain (loss) on dispositions of real estate investments 23,061 10,117 (8,385) 40,760

Gain (loss) on dispositions of real estate investments 7,879 100,625 (5,797) 1,537

Operating income (loss) 30,940 110,742 (14,182) 42,297

Other income (expense):

Interest expense (39,191) (42,626) (45,307) (53,348)

Loss on extinguishment and modification of debt (1,707) (2,335) (4,121) (4,348)

Gain (loss) on derivative instruments 3,065 (268) 2,271 (8,823)

Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness — — 31 (6,324)

Other income 174 780 1,820 1,683

Total other expense, net (37,659) (44,449) (45,306) (71,160)

Net (loss) income before income tax (6,719) 66,293 (59,488) (28,863)

Income tax expense (1,642) (12,434) (3,092) (2,995)

(Loss) income from continuing operations (8,361) 53,859 (62,580) (31,858)

Income (loss) from discontinued operations 3,283 (5,678) 2,464 7,715

Net (loss) income (5,078) 48,181 (60,116) (24,143)

Preferred stock dividends (10,936) (10,936) (10,935) (10,936)

Net (loss) income attributable to common stockholders $ (16,014) $ 37,245 $ (71,051) $ (35,079)

Basic and Diluted Loss Per Share:

Net (loss) income per share from continuing operations $ (0.09) $ 0.19 $ (0.33) $ (0.19)

Net income (loss) per share from discontinued operations 0.01 (0.03) 0.01 0.03

Net (loss) income per share attributable to common stockholders — Basic and Diluted

$ (0.08) $ 0.16 $ (0.32) $ (0.16)

Weighted average shares outstanding — Basic and Diluted 214,040 219,056 220,891 222,960

Supplemental Information 8 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Measures

(Amounts in thousands)

Three Months Ended

March 31,

2026 December 31,

2025 September 30, 2025 June 30,

2025

Net (loss) income $ (5,078) $ 48,181 $ (60,116) $ (24,143)

Depreciation and amortization 41,612 44,439 44,780 45,636

Interest expense 39,191 42,626 45,307 53,348

Income tax expense 1,642 12,434 3,092 2,995

Discontinued operations adjustments — — — 6,375

EBITDA 77,367 147,680 33,063 84,211

Impairment charges 11,115 31,972 55,433 9,812

Equity-based compensation 4,042 3,024 3,059 3,338

Acquisition, transaction and other costs 4,387 1,458 1,623 2,002

(Gain) loss on dispositions of real estate investments (7,879) (100,625) 5,797 (1,537)

(Gain) loss on derivative instruments (3,065) 268 (2,271) 8,823

Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness — — (31) 6,324

Loss on extinguishment and modification of debt 1,707 2,335 4,121 4,348

Other income (174) (780) (1,820) (1,683)

Write offs of straight-line rent 2 384 3,216 68

Discontinued operations adjustments (3,283) 5,637 (3,056) (2,279)

Adjusted EBITDA 84,219 91,353 99,134 113,427

General and administrative 12,144 13,377 11,834 11,339

Write offs of straight-line rent (2) (384) (3,216) (68)

Discontinued operations adjustments — 13 101 1,395

NOI 96,361 104,359 107,853 126,093

Amortization related to above- and below-market lease intangibles and right-of-use assets, net 1,106 1,088 1,147 1,232

Straight-line rent (680) (777) 3,433 (2,959)

Cash NOI $ 96,787 $ 104,670 $ 112,433 $ 124,366

Cash Paid for Interest:

Interest Expense - continuing operations $ 39,191 $ 42,626 $ 45,307 $ 53,348

Interest Expense - discontinued operations — — — 6,374

Non-cash portion of interest expense (2,260) (1,961) (2,681) (2,499)

Amortization of discounts on mortgages and senior notes (9,041) (8,833) (8,640) (14,609)

Total cash paid for interest $ 27,890 $ 31,832 $ 33,986 $ 42,614

Supplemental Information 9 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Non-GAAP Measures

(Amounts in thousands, except per share data)

Three Months Ended

March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Funds from operations (FFO):

Net loss attributable to common stockholders (in accordance with GAAP) $ (16,014) $ 37,245 $ (71,051) $ (35,079)

Impairment charges 11,115 31,972 55,433 9,812

Depreciation and amortization 41,612 44,439 44,780 45,636

(Gain) loss on dispositions of real estate investments (7,879) (100,625) 5,797 (1,537)

Discontinued operations FFO adjustments (748) 71 (1,214) (33,232)

FFO (as defined by NAREIT) attributable to common stockholders 28,086 13,102 33,745 (14,400)

Acquisition, transaction and other costs 4,387 1,458 1,623 2,002

Loss on extinguishment and modification of debt 1,707 2,335 4,121 4,348

Discontinued operations Core FFO adjustments — 2 — 15,172

Core FFO attributable to common stockholders 34,180 16,897 39,489 7,122

Non-cash equity-based compensation 4,042 3,024 3,059 3,338

Non-cash portion of interest expense 2,260 1,961 2,681 2,499

Amortization related to above and below-market lease intangibles and right-of-use assets, net 1,106 1,088 1,147 1,232

Straight-line rent (680) (777) 3,433 (2,959)

Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness — — (31) 6,324

Eliminate unrealized (gains) losses on foreign currency transactions [1]

(3,517) (792) (3,421) 7,177

Amortization of discounts on mortgages and senior notes 9,041 8,833 8,640 14,609

Eliminate deferred tax expense related to the disposition of the McLaren Campus [2]

— 12,741 — —

Eliminate (gains) losses related to multi-tenant disposition receivable [3]

(2,536) 5,541 (1,834) 13,766

Adjusted funds from operations (AFFO) attributable to common stockholders $ 43,896 $ 48,516 $ 53,163 $ 53,108

Weighted average common shares outstanding — Basic and Diluted 214,040 219,056 220,891 222,960

Net (loss) income per share attributable to common stockholders $ (0.08) $ 0.16 $ (0.32) $ (0.16)

FFO per diluted common share $ 0.13 $ 0.06 $ 0.15 $ (0.06)

Core FFO per diluted common share $ 0.16 $ 0.08 $ 0.18 $ 0.03

AFFO per diluted common share $ 0.21 $ 0.22 $ 0.24 $ 0.24

Dividends declared to common stockholders $ 41,159 $ 42,055 $ 42,366 $ 43,429

_________

[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. For the three months ended December 31, 2025, the loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.8 million and realized losses of $1.1 million. For the three months ended September 30, 2025, the gain on derivative instruments was $2.3 million, which consisted of unrealized gains of $3.4 million and realized losses of $1.1 million. For the three months ended June 30, 2025, the loss on derivative instruments was $8.8 million, which consisted of unrealized losses of $7.2 million and realized losses of $1.6 million.

[2]Represents deferred tax expense specifically related to the capital gain recorded upon the disposition of the McLaren Campus. This amount is recorded in the income tax expense line item in our consolidated statements of operations. We do not consider this expense to be part of our normal operating performance and have, accordingly, increased AFFO for this amount.

[3]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.

Supplemental Information 10 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Debt Overview

As of March 31, 2026

Year of Maturity

Number of Encumbered Properties [1]

Weighted-Average Debt Maturity (Years)

Weighted-Average Interest Rate [2]

Total Outstanding Balance [3] (In thousands)

Percent

Non-Recourse Debt

2026 (remainder) 63 0.1 3.8 % $ 94,539

2027 8 1.6 4.4 % 130,560

2028 108 2.3 4.0 % 270,935

2029 112 3.1 4.8 % 645,066

2030 — — — % —

Thereafter 71 5.1 3.2 % 133,184

Total Non-Recourse Debt 362 2.8 4.4 % 1,274,284 50 %

Recourse Debt

2027 - 3.75% Senior Notes 1.7 3.8 % 500,000

2028 - 4.50% Senior Notes 2.5 4.5 % 500,000

2030 [4] - Revolving Credit Facility

4.4 [4] 3.3 % 290,006

Total Recourse Debt 2.6 [4] 3.9 % 1,290,006 50 %

Total Debt 2.7 [4] 4.1 % $ 2,564,290 100 %

Total Debt by Currency Percent

USD 85 %

EUR 15 %

GBP — %

CAD — %

Total 100 %

_________

[1]For non-recourse debt, amounts are shown within the year that the loan fully matures.

[2]As of March 31, 2026, the Company’s total combined debt was 99% fixed rate or swapped to a fixed rate and 1% floating rate.

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

[4] Assumes the Company exercises its two 6-month extension options.

Supplemental Information 11 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Future Minimum Lease Rents

As of March 31, 2026

(Amounts in thousands)

Future Minimum

Base Rent Payments [1]

2026 (remainder) $ 291,030

2027 361,942

2028 331,758

2029 279,952

2030 218,959

2031 188,698

Thereafter 681,015

Total $ 2,353,354

_________

[1]Base rent assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 for illustrative purposes, as applicable.

Supplemental Information 12 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Diversification by Property Type/Segment

As of March 31, 2026

(Amounts in thousands, except percentages)

Based on Annualized Straight-Line Rent:

Total Portfolio

Unencumbered Portfolio [2]

Property Type/Segment

Annualized SL Rent [1]

SL Rent Percent Square Feet Sq. ft. Percent

Annualized SL Rent [1]

SL Rent Percent Square Feet Sq. ft. Percent

Industrial & Distribution $ 187,485 47 % 28,211 70 % $ 102,317 42 % 16,541 67 %

Retail 109,345 27 % 6,547 16 % 63,583 26 % 4,112 17 %

Office 105,872 26 % 5,517 14 % 78,599 32 % 3,955 16 %

Total $ 402,702 100 % 40,275 100 % $ 244,499 100 % 24,608 100 %

_________

[1]SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 for CAD as of March 31, 2026 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.

Based on Annualized Base Rent:

Total Portfolio

Unencumbered Portfolio [2]

Property Type/Segment

Annualized Base Rent [1]

Base Rent Percent Square Feet Sq. ft. Percent

Annualized Base Rent [1]

Base Rent Percent Square Feet Sq. ft. Percent

Industrial & Distribution $ 185,339 47 % 28,211 70 % $ 99,334 41 % 16,541 67 %

Retail 107,498 27 % 6,547 16 % 63,562 26 % 4,112 17 %

Office 105,014 26 % 5,517 14 % 78,199 33 % 3,955 16 %

Total $ 397,851 100 % 40,275 100 % $ 241,095 100 % 24,608 100 %

_________

[1]Annualized Base Rent is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.15 for EUR and C$1.00 to $0.72 as of March 31, 2026 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.

Supplemental Information 13 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Diversification by Tenant Industry

As of March 31, 2026

(Amounts in thousands, except percentages)

Total Portfolio

Unencumbered Portfolio [3]

Industry Type

Annualized SL Rent [1]

SL Rent Percent Leased Square Feet Sq. ft. Percent

Annualized SL Rent [1]

SL Rent Percent Leased Square Feet Sq. ft. Percent

Financial Services $ 37,278 9 % 2,173 6 % $ 36,554 15 % 2,076 9 %

Freight & Logistics 30,700 8 % 4,039 10 % 20,114 8 % 2,956 13 %

Healthcare 25,185 6 % 1,117 3 % 16,074 7 % 737 3 %

Auto Manufacturing 22,282 6 % 3,193 8 % 4,875 2 % 691 3 %

Consumer Goods 22,198 6 % 4,705 12 % 20,614 8 % 4,036 17 %

Distribution 17,403 4 % 1,770 5 % 7,576 3 % 944 4 %

Aerospace 16,168 4 % 1,405 4 % 2,575 1 % 151 1 %

Discount Retail 16,155 4 % 1,880 5 % 4,829 2 % 506 2 %

Government 13,480 3 % 488 1 % 12,182 5 % 455 2 %

Pharmacy 13,467 3 % 549 1 % 12,822 5 % 524 2 %

Technology 13,427 3 % 690 2 % 9,459 4 % 546 2 %

Home Improvement 11,744 3 % 1,987 5 % 9,838 4 % 1,721 7 %

Retail Banking 11,713 3 % 395 1 % 5,865 2 % 194 1 %

Auto Services 10,579 3 % 225 1 % 1,837 1 % 94 — %

Other [2]

140,923 35 % 14,494 36 % 79,285 33 % 7,856 34 %

Total $ 402,702 100 % 39,110 100 % $ 244,499 100 % 23,487 100 %

_________

[2]Other includes 54 industry types as of March 31, 2026.

[3]Includes properties on the credit facility borrowing base.

Supplemental Information 14 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Top Twenty Tenants

As of March 31, 2026

(Amounts in thousands, except percentages)

Tenant / Lease Guarantor Property Type/Segment Tenant Industry

Annualized SL Rent [1]

SL Rent Percent

FedEx Industrial & Distribution Freight & Logistics $ 22,966 5.7 %

Whirlpool Industrial & Distribution Consumer Goods 14,688 3.6 %

Government Services Administration (GSA) Office Government 11,615 2.9 %

ING Bank Office Financial Services 11,535 2.9 %

FCA USA Industrial & Distribution Auto Manufacturing 10,147 2.5 %

Dollar General Retail Discount Retail 9,815 2.4 %

Broadridge Financial Solutions Industrial & Distribution Financial Services 9,332 2.3 %

Truist Bank Retail Retail Banking 9,023 2.2 %

Boots UK Limited Retail Pharmacy 8,518 2.1 %

The Kroger Co. of Michigan Industrial & Distribution Distribution 8,498 2.1 %

Finnair Industrial & Distribution Aerospace 8,278 2.1 %

Fresenius Retail Healthcare 7,969 2.0 %

Home Depot Industrial & Distribution Home Improvement 7,088 1.8 %

Deutsche Bank Office Financial Services 6,140 1.5 %

Tokmanni Industrial & Distribution Discount Retail 5,926 1.5 %

Crown Crest Industrial & Distribution Retail Food Distribution 5,761 1.4 %

Tidal Wave Auto Spa Retail Auto Services 5,548 1.4 %

Walgreens Industrial & Distribution Pharmaceuticals 5,299 1.3 %

Encompass Health Office Healthcare 5,286 1.3 %

Lowes Retail Home Improvement 4,656 1.2 %

Subtotal 178,088 44.2 %

Remaining portfolio 224,614 55.8 %

Total Portfolio $ 402,702 100 %

_________

Supplemental Information 15 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Diversification by Geography — As of March 31, 2026 (Amounts in thousands, except percentages)

Total Portfolio

Unencumbered Portfolio [2]

Region

Annualized SL Rent [1]

SL Rent Percent Square Feet Sq. ft. Percent

Annualized SL Rent [1]

SL Rent Percent Square Feet Sq. ft. Percent

United States $ 295,335 73.4 % 30,340 75.5 % $ 151,338 61.9 % 16,130 65.4 %

Michigan 51,078 12.7 % 4,675 11.6 % 14,343 5.9 % 1,241 5.0 %

Texas 24,104 6.0 % 1,843 4.6 % 12,458 5.1 % 989 4.0 %

Ohio 23,005 5.7 % 4,355 10.8 % 16,383 6.7 % 3,095 12.6 %

Georgia 15,999 4.0 % 1,665 4.1 % 5,886 2.4 % 869 3.5 %

Illinois 14,029 3.5 % 1,395 3.5 % 9,537 3.9 % 744 3.0 %

Alabama 12,256 3.0 % 1,053 2.6 % 4,646 1.9 % 758 3.1 %

South Carolina 11,751 2.9 % 1,471 3.7 % 6,178 2.5 % 786 3.2 %

Tennessee 10,116 2.5 % 1,127 2.8 % 7,022 2.9 % 591 2.4 %

North Carolina 9,639 2.4 % 1,517 3.8 % 5,880 2.4 % 1,195 4.9 %

Missouri 9,254 2.3 % 876 2.2 % 3,893 1.6 % 408 1.7 %

Florida 9,221 2.3 % 428 1.1 % 3,897 1.6 % 163 0.7 %

New York 8,352 2.1 % 1,049 2.6 % 3,248 1.3 % 294 1.2 %

California 7,699 1.9 % 838 2.1 % 6,410 2.6 % 731 3.0 %

Massachusetts 6,656 1.7 % 673 1.7 % 6,656 2.7 % 673 2.7 %

Kentucky 6,338 1.6 % 630 1.6 % 3,836 1.6 % 400 1.6 %

Pennsylvania 6,051 1.5 % 413 1.0 % 3,133 1.3 % 94 0.4 %

New Jersey 5,856 1.5 % 271 0.7 % 1,070 0.4 % 68 0.3 %

Indiana 5,764 1.4 % 1,221 3.0 % 3,416 1.4 % 444 1.8 %

Mississippi 4,848 1.2 % 479 1.2 % 1,628 0.7 % 142 0.6 %

Connecticut 4,598 1.1 % 402 1.0 % 3,236 1.3 % 337 1.4 %

Kansas 3,759 0.9 % 316 0.8 % 73 — % 3 — %

Arkansas 3,571 0.9 % 137 0.3 % 3,329 1.4 % 126 0.5 %

Minnesota 3,199 0.8 % 330 0.8 % 1,346 0.6 % 220 0.9 %

Colorado 3,047 0.8 % 115 0.3 % 3,047 1.2 % 115 0.5 %

West Virginia 3,014 0.7 % 334 0.8 % 973 0.4 % 97 0.4 %

Louisiana 2,846 0.7 % 250 0.6 % 1,481 0.6 % 135 0.5 %

New Hampshire 2,779 0.7 % 339 0.8 % 2,380 1.0 % 256 1.0 %

Iowa 2,576 0.6 % 369 0.9 % 2,362 1.0 % 358 1.5 %

Wisconsin 2,508 0.6 % 221 0.5 % 1,838 0.8 % 159 0.6 %

Maine 2,021 0.5 % 64 0.2 % 2,021 0.8 % 64 0.3 %

North Dakota 1,923 0.5 % 193 0.5 % 1,745 0.7 % 168 0.7 %

Oklahoma 1,921 0.5 % 144 0.4 % 722 0.3 % 36 0.1 %

Virginia 1,697 0.4 % 94 0.2 % 1,071 0.4 % 64 0.3 %

South Dakota 1,489 0.4 % 101 0.3 % 1,368 0.6 % 76 0.3 %

Nebraska 1,482 0.4 % 106 0.3 % 237 0.1 % 5 — %

Rhode Island 1,436 0.4 % 86 0.2 % 1,436 0.6 % 86 0.3 %

Vermont 1,319 0.3 % 235 0.6 % 84 — % 22 0.1 %

Maryland 1,288 0.3 % 135 0.3 % 153 0.1 % 8 — %

Utah 1,249 0.3 % 47 0.1 % 329 0.1 % 12 — %

New Mexico 1,178 0.3 % 93 0.2 % 580 0.2 % 35 0.1 %

Wyoming 1,158 0.3 % 84 0.2 % 291 0.1 % 15 0.1 %

Idaho 731 0.2 % 35 0.1 % 291 0.1 % 13 0.1 %

Nevada 596 0.1 % 24 0.1 % 417 0.2 % 12 — %

Montana 560 0.1 % 62 0.2 % — — % — — %

Alaska 418 0.1 % 9 — % 418 0.2 % 9 — %

Arizona 366 0.1 % 22 0.1 % — — % — — %

Delaware 341 0.1 % 10 — % 341 0.1 % 10 — %

Washington, DC 249 0.1 % 4 — % 249 0.1 % 4 — %

United Kingdom 39,097 9.7 % 3,766 9.1 % 39,097 16.0 % 3,766 15.5 %

Netherlands 18,525 4.6 % 1,007 2.5 % 18,525 7.6 % 1,007 4.1 %

Finland 14,206 3.5 % 1,457 3.6 % — — % — — %

Germany 10,992 2.7 % 1,558 3.9 % 10,992 4.5 % 1,558 6.3 %

France 7,214 1.8 % 1,309 3.3 % 7,214 3.0 % 1,309 5.3 %

Luxembourg 6,140 1.5 % 156 0.4 % 6,140 2.5 % 156 0.6 %

Channel Islands 5,953 1.5 % 114 0.3 % 5,953 2.4 % 114 0.5 %

Canada 3,000 0.7 % 372 0.9 % 3,000 1.2 % 372 1.5 %

Italy 2,240 0.6 % 196 0.5 % 2,240 0.9 % 196 0.8 %

Total $ 402,702 100 % 40,275 100 % $ 244,499 100 % 24,608 100 %

_________

[2]Includes properties on the credit facility borrowing base.

Supplemental Information 16 Global Net Lease, Inc.

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2026 (Unaudited)

Lease Expirations

As of March 31, 2026

(Amounts in thousands, except number of leases and percentages)

Year of Expiration Number of Leases Expiring

Annualized SL Rent [1]

Annualized SL Rent Percent Leased Square Feet Percent of Leased Square Feet Expiring

2026 (Remainder) 26 $ 24,742 6.1 % 1,737 4.4 %

2027 94 34,847 8.7 % 2,707 6.9 %

2028 131 45,542 11.3 % 4,296 11.0 %

2029 130 60,229 15.0 % 6,220 15.9 %

2030 106 46,954 11.7 % 3,851 9.8 %

2031 69 35,859 8.9 % 5,587 14.3 %

2032 57 36,016 8.9 % 3,712 9.5 %

2033 30 28,732 7.1 % 2,436 6.2 %

2034 28 17,858 4.4 % 1,220 3.1 %

2035 10 10,195 2.5 % 1,216 3.1 %

2036 41 9,157 2.3 % 869 2.2 %

2037 24 2,910 0.7 % 67 0.2 %

2038 36 10,003 2.5 % 1,354 3.5 %

2039 23 12,904 3.2 % 1,642 4.2 %

2040 15 4,157 1.0 % 136 0.3 %

2041 32 13,499 3.4 % 1,169 3.0 %

Thereafter (>2041) 17 9,098 2.3 % 891 2.4 %

Total 869 $ 402,702 100 % 39,110 100 %

_________

[1]Annualized rental income converted from local currency into USD as of March 31, 2026 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

Supplemental Information 17 Global Net Lease, Inc.

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v3.26.1

Cover Page Document

May 05, 2026

Class of Stock [Line Items]

Document Type

8-K

Document Period End Date

May 05, 2026

Entity Registrant Name

Global Net Lease, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-37390

Entity Tax Identification Number

45-2771978

Entity Address, Address Line One

650 Fifth Avenue, 30th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10019

City Area Code

332

Local Phone Number

265-2020

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Entity Central Index Key

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Common Stock

Class of Stock [Line Items]

Title of 12(b) Security

Common Stock, $0.01 par value per share

Trading Symbol

GNL

Security Exchange Name

NYSE

Series A Preferred Stock

Class of Stock [Line Items]

Title of 12(b) Security

7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Trading Symbol

GNL PR A

Security Exchange Name

NYSE

Series B Preferred Stock

Class of Stock [Line Items]

Title of 12(b) Security

6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

Trading Symbol

GNL PR B

Security Exchange Name

NYSE

Series D Preferred Stock

Class of Stock [Line Items]

Title of 12(b) Security

7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

Trading Symbol

GNL PR D

Security Exchange Name

NYSE

Series E Preferred Stock

Class of Stock [Line Items]

Title of 12(b) Security

7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share

Trading Symbol

GNL PR E

Security Exchange Name

NYSE

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