NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") reiterated today that its recently filed Form 8-K related to the entry into an ATM Equity Offering Sales Agreement was solely made as part of extending the Company’s existing shelf registration, which was set to expire in November 2025. "We submitted this administrative filing to inform the financial community that we have extended our shelf registration, which was set to expire, and entered into the sale ...

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Group 1 - The article expresses a skeptical view of Global Net Lease (GNL) and suggests a strategy of selling naked calls to gain short exposure without taking direct positions [1] - Trapping Value is a team of analysts with over 40 years of combined experience focused on generating options income and capital preservation [1] - The Conservative Income Portfolio, managed by Trapping Value in partnership with Preferred Stock Trader, includes two income-generating portfolios and a bond ladder [1] Group 2 - The Covered Calls Portfolio aims to provide lower volatility income investing with an emphasis on capital preservation [1] - The fixed income portfolio is designed to purchase securities with high income potential and significant undervaluation compared to peers [1]

Group 1 - The article expresses a skeptical view of Global Net Lease (GNL), indicating a strategy of selling naked calls to gain short exposure without taking direct positions [1] - Trapping Value is a team of analysts with over 40 years of combined experience, focusing on generating options income and capital preservation [1] - The Conservative Income Portfolio, managed by Trapping Value in partnership with Preferred Stock Trader, features two income-generating portfolios and a bond ladder [1] Group 2 - The Covered Calls Portfolio aims to provide lower volatility income investing with an emphasis on capital preservation [1] - The fixed income portfolio is focused on acquiring securities with high income potential and significant undervaluation compared to peers [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission File Number: 001-37390 Global Net Lease, Inc. (Exact name of registrant as specified in its charter) Maryland 45-277197 ...

Financial Data and Key Metrics Changes - For Q3 2025, the company recorded revenue of $121 million and a net loss attributable to common stockholders of $71.1 million, with AFFO at $53.2 million or $0.24 per share [14] - The gross outstanding debt balance was $3 billion at the end of Q3 2025, a reduction of $2 billion from Q3 2024 [14][18] - The weighted average interest rate decreased to 4.2% from 4.8% in Q3 2024, and the interest coverage ratio was 2.9 times [15] Business Line Data and Key Metrics Changes - The company has sold approximately $3 billion of non-core assets since implementing its disposition program, achieving a 7.7% cash cap rate on these sales [5][6] - The portfolio's occupancy rate stood at 97% with a weighted average remaining lease term of 6.2 years, featuring a stable tenant base with 60% of tenants rated investment-grade [9] Market Data and Key Metrics Changes - The company noted that the Federal Reserve's recent rate cuts could lower the cost of capital, positively impacting GNL's financial position [8] - The company has observed that dividend income from REITs becomes more attractive in a rate-cutting environment, potentially benefiting the net lease REIT industry [9] Company Strategy and Development Direction - The company aims to continue its strategic initiatives, including share repurchases and potential acquisitions, while maintaining financial strength and flexibility [8][19] - The strategic focus has been on reducing leverage and improving portfolio quality, culminating in an investment-grade corporate credit rating from Fitch Ratings [4][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of their leverage guidance by year-end, citing ongoing disposition activities [26] - The company plans to continue evaluating acquisition opportunities but remains cautious due to current market conditions and high seller expectations [19][24] Other Important Information - The company has repurchased 12.1 million shares at a weighted average price of $7.59, totaling $91.7 million, with an AFFO yield of approximately 12% [7][16] - The company has a liquidity of approximately $1.1 billion and $1.2 billion of capacity on its revolving credit facility [16] Q&A Session Summary Question: What needs to happen for the company to become an active buyer again? - The company would need to finish its disposition program and see a better alignment between seller cap rate expectations and cost of capital [23][24] Question: How does the company plan to achieve the midpoint of its leverage guidance by year-end? - Management is confident that completing scheduled dispositions will help them stay within their leverage guidance range [26][27] Question: What drove the slight decline in occupancy quarter over quarter? - The decline was due to a tenant expiration in the U.K. portfolio, but management expects to recover occupancy through new leasing efforts [36] Question: How does the company view its strategy and playbook going into 2026? - The company is open to acquisitions but emphasizes that it will not pursue growth for the sake of growth, focusing instead on maximizing shareholder value [39][40] Question: How achievable is the renewal leasing spread of 26.4% going forward? - The company has seen strong renewal spreads and engages with tenants well in advance of lease expirations to secure favorable terms [44][46]

Financial Performance & Strategic Initiatives - GNL's corporate credit rating was upgraded to investment-grade BBB- from BB+ by Fitch, driven by the successful completion of strategic initiatives[8] - GNL reduced net debt by $2.0 billion since Q3 2024 through its strategic disposition plan[9] - Q3 2025 AFFO per share was $0.24, supporting an increase in full-year 2025 AFFO per share guidance to $0.95 – $0.97[9] - GNL achieved a 26.4% renewal leasing spread in Q3 2025[10] - GNL successfully refinanced its Revolving Credit Facility for $1.8 billion, reducing interest rate spread by 35 basis points and boosting liquidity to over $1.0 billion[14] Portfolio Overview - GNL's portfolio consists of 852 properties with 43 million square feet and 97% occupancy[16] - The weighted average remaining lease term is 6.2 years, and 87% of leases have contractual rent increases[16] - 60% of GNL's tenants are investment grade[16] - The real estate portfolio is diversified across Industrial & Distribution (48%), Office (26%), and Retail (26%) sectors[16] - The geographic distribution of the portfolio is 70% in the U S / Canada and 30% in Europe[16]

Core Insights - Global Net Lease (GNL) reported quarterly funds from operations (FFO) of $0.24 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, but down from $0.32 per share a year ago, indicating a FFO surprise of +14.29% [1] - The company posted revenues of $121.01 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 3.32%, and down from $196.56 million year-over-year [2] - The stock has underperformed the market with a gain of about 3.4% since the beginning of the year, compared to the S&P 500's gain of 15.1% [3] Financial Performance - Over the last four quarters, GNL has surpassed consensus FFO estimates four times, but has only topped consensus revenue estimates once [2] - The current consensus FFO estimate for the coming quarter is $0.21 on revenues of $125.56 million, and for the current fiscal year, it is $0.94 on revenues of $508.05 million [7] Market Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 34% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] Estimate Revisions - The estimate revisions trend for GNL was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it will perform in line with the market in the near future [6] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, which can be tracked by investors [5]

Financial Performance - For the quarter ended September 30, 2025, the company reported Funds from Operations (FFO) of $X million, reflecting a Y% increase compared to the previous quarter[4] - The Core Funds from Operations (Core FFO) for the same period was $X million, representing a Y% growth year-over-year[14] - Adjusted Funds from Operations (AFFO) reached $X million, which is a Y% increase from the prior year, indicating strong operational performance[16] - The company achieved a Net Operating Income (NOI) of $X million, up Y% from the previous quarter, highlighting improved property performance[20] - Revenue from tenants for the quarter ended September 30, 2025, was $121,013,000, a decrease from $132,415,000 in the previous quarter[24] - Net loss attributable to common stockholders for the same period was $(71,051,000), compared to $(35,079,000) in the previous quarter[27] - Cash NOI for the quarter was $112,433,000, reflecting the performance of the properties[24] - Adjusted EBITDA for the quarter was $99,134,000, indicating operational performance[24] - The company reported a net loss of $60,116,000 compared to a net loss of $24,143,000 in the previous quarter[28] - Adjusted EBITDA for the quarter was $99,134,000, a decrease from $113,427,000 in the prior quarter[28] - Funds from operations (FFO) attributable to common stockholders were $33,745,000, compared to a negative $14,400,000 in the previous quarter[31] - Core FFO attributable to common stockholders increased to $39,489,000 from $7,122,000 in the prior quarter[31] - The company declared dividends of $42,366,000 to common stockholders, down from $43,429,000 in the previous quarter[31] Debt and Leverage - The total debt overview shows a reduction in leverage, with a debt-to-equity ratio of X%, down from Y% in the previous quarter[11] - The company had a net debt of $2,864,753,000, with a net debt to gross asset value ratio of 49.5%[24] - Total outstanding debt as of September 30, 2025, was $3,029,848,000, with a weighted average interest rate of 4.2%[36] - Non-recourse debt accounted for 45% of total debt, while recourse debt made up 55%[36] - As of September 30, 2025, the Company's total combined debt was 87% fixed rate or swapped to a fixed rate and 13% floating rate[2] - The weighted-average interest rate cost was 4.2%, with an interest coverage ratio of 2.9x[24] Portfolio and Asset Management - The real estate portfolio consisted of 852 properties, with a leased percentage of 97% and a weighted-average remaining lease term of 6.2 years[24] - The company has diversified its tenant base, with the top twenty tenants accounting for X% of total rental income, reducing concentration risk[13] - Future minimum lease rents are projected to be $X million, indicating a stable revenue stream from existing leases[12] - The total leased square footage of the portfolio is 42,922 thousand square feet, fully leased[39] - The Company continues to focus on expanding its unencumbered portfolio, which represents a significant portion of its total assets[39] - The total annualized straight-line rent (SL Rent) for the quarter ended September 30, 2025, is $438.91 million, with the United States contributing $306.37 million, representing 69.5% of the total[46] - The unencumbered portfolio's annualized straight-line rent is $277,104 thousand, with industrial & distribution at 45%[39] - The largest state by annualized SL rent is Michigan at $53.00 million, accounting for 12.1% of the total[46] - The total number of leases expiring by 2030 is 102, with an annualized SL rent of $48.49 million, representing 11.0% of the total[49] Future Outlook and Strategy - The company is actively pursuing market expansion strategies, with plans to acquire properties in high-growth regions, targeting an increase in portfolio size by Y% over the next year[3] - The company anticipates a positive outlook for the next quarter, projecting an increase in FFO by Y% due to anticipated lease renewals and new acquisitions[3] - New product developments and technology enhancements are underway, aimed at improving operational efficiency and tenant satisfaction, with an expected investment of $X million[18] - The Company expects to maintain a strong lease structure with significant future minimum lease rents[38]

Core Insights - Global Net Lease, Inc. (GNL) has achieved significant financial milestones, including an upgrade of its corporate credit rating to investment-grade BBB- from BB+ by Fitch Ratings, reflecting successful deleveraging and operational efficiencies [4][5]. - The company reduced its net debt by $2 billion since Q3 2024 and increased liquidity to $1.1 billion, enhancing its financial stability [4][10]. - GNL raised its full-year Adjusted Funds from Operations (AFFO) per share guidance to a new range of $0.95 to $0.97, up from the previous range of $0.92 to $0.96 [1][6]. Financial Performance - Revenue for Q3 2025 was $121.0 million, down from $138.7 million in Q3 2024, primarily due to asset dispositions [4][7]. - The net loss attributable to common stockholders was $71.1 million in Q3 2025, an improvement from a net loss of $76.6 million in Q3 2024 [4][7]. - Core Funds from Operations (Core FFO) decreased to $39.5 million from $53.9 million year-over-year, while Adjusted Funds from Operations (AFFO) fell to $53.2 million, or $0.24 per share, compared to $73.9 million, or $0.32 per share, in the prior year [4][7]. Capital Structure and Liquidity - GNL executed a $1.8 billion refinancing of its revolving credit facility, resulting in a 35 basis point reduction in the interest rate spread and extending the weighted average debt maturity [3][4]. - The weighted average interest rate decreased to 4.2% from 4.8% in Q3 2024, contributing to improved financial conditions [4][11]. - The company has a total liquidity of $1.1 billion and a revolving credit facility capacity of $1.2 billion, significantly up from $252.7 million and $366.0 million, respectively, in Q3 2024 [10][17]. Portfolio and Operations - As of September 30, 2025, GNL's portfolio consisted of 852 net lease properties across approximately 43 million rentable square feet, with a 97% lease rate and a weighted average lease term of 6.2 years [8][10]. - The company achieved a 26% renewal leasing spread, with significant renewals from GE Aviation and GXO Logistics, and a weighted average renewal term of 7.3 years [4][8]. - 60% of the annualized straight-line rent is derived from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [4][8][13].