Group 1 - Global Net Lease (NYSE: GNL) has experienced a high beta dividend yield, with dividends cut four times since 2020, indicating a precarious income-oriented position for investors [1] - The equity market is characterized by daily price fluctuations that can lead to significant long-term wealth creation or destruction [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Group 1 - The Conservative Income Portfolio aims to target value stocks with high margins of safety while reducing volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Global Net Lease, Inc. (NYSE: GNL) is undergoing a transformation, focusing on property dispositions and attempting to improve its financial metrics [2][3] Group 2 - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income and capital preservation [3] - The investing group operates two income-generating portfolios and a bond ladder, emphasizing lower volatility income investing [3]

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements reflect a strategic shift from the Multi-Tenant Retail Disposition, resulting in decreased assets and a higher net loss Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net | $4,366,367 | $4,622,033 | | Assets related to discontinued operations | $2,337 | $1,816,131 | | Total Assets | $4,984,916 | $6,955,764 | | Total Liabilities | $3,152,537 | $4,768,806 | | Total Stockholders' Equity | $1,832,379 | $2,186,958 | Consolidated Statement of Operations Summary (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue from tenants | $257,320 | $293,344 | | Total expenses | $242,756 | $214,336 | | Loss from continuing operations | $(127,026) | $(29,108) | | (Loss) from discontinued operations | $(86,496) | $(30,307) | | Net loss | $(213,522) | $(59,415) | | Net loss attributable to common stockholders | $(235,394) | $(81,287) | | Net loss per share (Basic and Diluted) | $(1.04) | $(0.35) | - The sale of the Multi-Tenant Retail Portfolio is treated as a **discontinued operation**, significantly impacting the comparability of financial statements[34](index=34&type=chunk)[40](index=40&type=chunk) [Note 3 — Multi-Tenant Retail Disposition](index=13&type=section&id=Note%203%20%E2%80%94%20Multi-Tenant%20Retail%20Disposition) The company sold its 100-property Multi-Tenant Retail Portfolio for approximately $1.78 billion, resulting in a $52.0 million loss from discontinued operations - The sale of 100 multi-tenant retail properties was completed in multiple closings during Q1 and Q2 2025 for a contract price of approximately **$1.78 billion**[33](index=33&type=chunk)[47](index=47&type=chunk) Gain (Loss) on Multi-Tenant Retail Disposition (in thousands) | Period | Gain / (Loss) on Sale | | :--- | :--- | | Three Months Ended June 30, 2025 | $33,232 | | Six Months Ended June 30, 2025 | $(51,955) | - A multi-tenant disposition receivable of **$90.2 million** was recorded at fair value as of June 30, 2025, representing potential proceeds from leases not yet commenced at the time of closing[59](index=59&type=chunk)[60](index=60&type=chunk) - The disposition was considered a triggering event, leading to a **goodwill impairment charge of $7.1 million** in Q1 2025, writing off the entire segment's goodwill[62](index=62&type=chunk) [Note 5 — Mortgage Notes Payable, Net](index=20&type=section&id=Note%205%20%E2%80%94%20Mortgage%20Notes%20Payable%2C%20Net) Net mortgage notes payable decreased significantly to $1.31 billion due to assumptions by the buyer in the Multi-Tenant Retail Disposition Mortgage Notes Payable, Net (in thousands) | Date | Outstanding Loan Amount | Effective Interest Rate | | :--- | :--- | :--- | | June 30, 2025 | $1,312,718 | 4.4% | | December 31, 2024 | $1,768,608 | N/A | - As part of the Multi-Tenant Retail Disposition, mortgages with principal amounts of **$256.3 million** and **$210.0 million** were assumed by the buyer, RCG[47](index=47&type=chunk)[80](index=80&type=chunk) [Note 6 — Revolving Credit Facility](index=21&type=section&id=Note%206%20%E2%80%94%20Revolving%20Credit%20Facility) The Revolving Credit Facility balance was reduced to $740.7 million using disposition proceeds and was subsequently replaced with a new facility Revolving Credit Facility Balance (in thousands) | Date | Outstanding Balance | | :--- | :--- | | June 30, 2025 | $740,682 | | December 31, 2024 | $1,390,292 | - Subsequent to the quarter end, on August 6, 2025, the company entered into a **new $1.8 billion credit agreement** to replace and terminate the existing facility[90](index=90&type=chunk)[227](index=227&type=chunk)[231](index=231&type=chunk) [Note 10 — Stockholders' Equity](index=29&type=section&id=Note%2010%20%E2%80%94%20Stockholders'%20Equity) The company executed a $75.9 million share repurchase program and reduced its quarterly common stock dividend to increase cash retention - On February 20, 2025, the Board authorized a **$300 million share repurchase program**, and during the first six months, the company repurchased **10.1 million shares for $75.9 million**[144](index=144&type=chunk)[147](index=147&type=chunk) - The quarterly common stock dividend was **reduced to $0.190 per share**, effective with the dividend declared in April 2025[157](index=157&type=chunk) - **No shares** of Common Stock or Series B Preferred Stock were sold through the respective ATM programs during the first six months of 2025[149](index=149&type=chunk)[152](index=152&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The $1.78 billion retail disposition transformed the company's focus, enabling significant debt reduction and improved capital structure - As of June 30, 2025, the portfolio consisted of **911 properties**, **98% leased**, with a weighted-average remaining lease term of 6.2 years[242](index=242&type=chunk) - The company's strategic disposition initiative led to a significant reduction in total gross debt to **$3.1 billion** at June 30, 2025, from **$5.1 billion** a year prior[273](index=273&type=chunk)[304](index=304&type=chunk) FFO and AFFO Reconciliation Summary (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss attributable to common stockholders | $(35,079) | $(46,600) | $(235,394) | $(81,287) | | FFO attributable to common stockholders | $(14,400) | $36,193 | $18,561 | $91,966 | | Core FFO attributable to common stockholders | $7,122 | $50,855 | $42,089 | $107,447 | | AFFO attributable to common stockholders | $53,108 | $76,692 | $119,328 | $151,656 | [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Revenue from tenants decreased due to property sales, while the net loss widened significantly from increased impairment and derivative losses Revenue from Tenants by Segment - Six Months Ended June 30 (in thousands) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Industrial & Distribution | $113,008 | $123,432 | | Retail | $72,314 | $83,281 | | Office | $71,998 | $69,767 | | **Total** | **$257,320** | **$293,344** | - Impairment charges for the six months ended June 30, 2025, totaled **$70.1 million**, a significant increase from $31.7 million in the same period of 2024[294](index=294&type=chunk)[296](index=296&type=chunk) - Interest expense **decreased to $106.8 million** for the first six months of 2025 from $136.6 million in 2024, driven by lower average debt balances[304](index=304&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity was reshaped by dispositions, using proceeds for over $1.2 billion in net debt repayments and share repurchases - Net cash provided by operating activities was **$111.2 million** for the six months ended June 30, 2025, compared to $162.5 million in the prior year period[314](index=314&type=chunk)[315](index=315&type=chunk)[316](index=316&type=chunk) - Net cash used in financing activities was **$1.4 billion** for the six months ended June 30, 2025, including **$722.2 million in net paydowns** on the revolving credit facility[320](index=320&type=chunk) - The company's debt leverage ratio **improved to 58.9%** as of June 30, 2025, from 63.8% at December 31, 2024[333](index=333&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material change in its market risk exposure during the first half of 2025 - There has been **no material change** in the company's exposure to market risk during the first six months of 2025[373](index=373&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the period[374](index=374&type=chunk) - **No material changes** to the internal control over financial reporting were identified during the quarter ended June 30, 2025[375](index=375&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal or regulatory proceedings - The company is **not subject to any material legal proceedings**[164](index=164&type=chunk)[377](index=377&type=chunk) [Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have been identified since its 2024 Annual Report - **No material changes** to risk factors were reported since the company's 2024 Form 10-K and Q1 2025 Form 10-Q[378](index=378&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 7.7 million shares for $56.5 million in Q2 2025, with $224.3 million remaining under its repurchase program Common Stock Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Value Remaining (in thousands) | | :--- | :--- | :--- | :--- | | April 2025 | 4,924,685 | $7.25 | $244,907 | | May 2025 | 2,425,943 | $7.58 | $226,522 | | June 2025 | 303,992 | $7.47 | $224,252 | | **Total** | **7,654,620** | **$7.37** | **$224,252** |

Financial Data and Key Metrics Changes - For Q2 2025, the company recorded revenue of $124.9 million and a net loss attributable to common stockholders of $35.1 million, with AFFO at $53.1 million or $0.24 per share [16][19] - The gross outstanding debt balance was $3.1 billion at the end of Q2 2025, a reduction of $2 billion from the end of 2024 [17] - The net debt to adjusted EBITDA ratio improved to 6.6 times, down from 8.1 times at the end of 2024 [17] Business Line Data and Key Metrics Changes - The company completed the $1.8 billion sale of its multi-tenant retail portfolio, increasing occupancy to 98% from 97% as of year-end 2024 [5][6] - The percentage of leases with rent escalators increased to 88% from 81% [6] - The office portfolio maintained 100% rent collection and had the highest percentage of investment-grade tenancy at 77% [9] Market Data and Key Metrics Changes - Geographically, 70% of straight-line rent is earned in North America and 30% in Europe, providing diversification across economic cycles [13][14] - The company has reduced its exposure to the gas and convenience store sector, with assets sold amounting to approximately $108 million, decreasing portfolio exposure to 2.1% from 5.3% [10][11] Company Strategy and Development Direction - The company aims to drive sustainable long-term growth by optimizing its portfolio, reducing leverage, and lowering its cost of capital [5] - The strategic focus includes reducing exposure to non-core assets, particularly in the office sector, while maintaining a disciplined approach to tenant retention [9][10] - The company plans to use proceeds from asset sales to fund stock buybacks and further deleverage [43][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in performance and raised the lower end of AFFO per share guidance to a range of $0.92 to $0.96 for the remainder of 2025 [19] - The company is focused on completing ongoing initiatives, including dispositions and lease renewals, to maintain earnings within the stated guidance range [27] - Management acknowledged the disappointing share price performance despite improvements in the balance sheet and extended debt maturities [13] Other Important Information - The company repurchased 10.2 million shares at a weighted average price of $7.52, totaling $77 million, capitalizing on an AFFO yield of approximately 12% [12] - The company has no remaining debt maturities in 2025 and $95 million of debt tied to retail assets expiring in 2026 [12] Q&A Session Summary Question: What is the target percentage for office assets and the timeline for reduction? - Management indicated a strategic approach to office portfolio reduction, emphasizing the strong performance and high-quality tenants, without providing specific targets or timelines [25][26] Question: When does management expect earnings to begin growing again? - Management raised the lower end of the earnings guidance to $0.92 to $0.96 per share and indicated that they would provide guidance for 2026 later in the year [27] Question: Can management comment on the recent share sale by the CEO? - The CEO explained that the sale was due to personal obligations and should not be interpreted negatively regarding the company's future [28][29] Question: How does management view the auto manufacturing sector within the portfolio? - Management expressed confidence in the critical assets within the auto manufacturing sector, particularly those tied to US manufacturers, and does not foresee significant issues [33][34] Question: What is the pace of future dispositions? - Management indicated a pipeline of approximately $300 million in future dispositions and emphasized the strategic nature of these sales [42]

R = 16 G = 37 B = 63 Titles= 20% Tint FORWARD LOOKING STATEMENTS Global Net Lease Second Quarter 2025 Investor Presentation Pictured – McLaren Campus in Woking, U.K. Adobe Garamond Pro Font throughout Footnotes Calibri (Body), 7pt R = 27 G = 117 B = 188 R = 242 G = 242 B = 242 This presentation also contains estimates and information concerning our industry and tenants, including market position, market size and growth rates of the markets in which we operate, that are based on industry publications and oth ...

Financial Performance - Global Net Lease (GNL) reported quarterly funds from operations (FFO) of $0.24 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, but down from $0.33 per share a year ago, indicating a FFO surprise of +20.00% [1] - The company posted revenues of $124.91 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 18.37%, compared to $203.29 million in revenues from the same quarter last year [2] - Over the last four quarters, GNL has surpassed consensus FFO estimates three times, but has only topped consensus revenue estimates once [2] Stock Performance - GNL shares have declined approximately 5.9% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus FFO estimate for the upcoming quarter is $0.22 on revenues of $138.07 million, and for the current fiscal year, it is $0.87 on revenues of $614.37 million [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which GNL belongs, is currently ranked in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - The performance of GNL's stock may be influenced by the overall industry outlook, as empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions [5][8]

[Financial Performance and Position](index=6&type=section&id=Financial%20Performance%20and%20Position) The company's financial performance in Q2 2025 reflects a net loss and decreased assets, while non-GAAP metrics provide additional operational insights [Key Metrics](index=6&type=section&id=Key%20Metrics) Global Net Lease's Q2 2025 results show $124.9 million in tenant revenue, a $35.1 million net loss, and $53.1 million in AFFO Q2 2025 Financial & Operational Highlights | Metric | Value | | :--- | :--- | | Revenue from tenants | $124.9 million | | Net loss attributable to common stockholders | $(35.1) million | | Basic and diluted net loss per share | $(0.16) | | AFFO attributable to common stockholders | $53.1 million | | Dividends per share | $0.19 | | Gross asset value | $6.04 billion | | Net debt | $2.97 billion | | Number of properties | 911 | | Leased Percentage | 98% | | Weighted-average remaining lease term | 6.2 years | Q2 2025 Capitalization Metrics | Metric | Value | | :--- | :--- | | Net debt to gross asset value | 49.2% | | Net debt to annualized adjusted EBITDA | 6.6x | | Weighted-average interest rate cost | 4.3% | | Weighted-average debt maturity | 2.9 years | | Interest Coverage Ratio | 2.7x | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The company's Q2 2025 consolidated balance sheet shows total assets of $5.0 billion and liabilities of $3.2 billion, reflecting asset reclassification [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to $4.98 billion from $6.96 billion, reflecting discontinued operations Balance Sheet Comparison (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net | $4,366,367 | $4,622,033 | | Assets related to discontinued operations | $2,337 | $1,816,131 | | Total Assets | $4,984,916 | $6,955,764 | | Total Liabilities | $3,152,537 | $4,768,806 | | Total Equity | $1,832,379 | $2,186,958 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, the company reported $124.9 million in tenant revenue and a net loss of $24.1 million Quarterly Operating Results (in thousands, except per share data) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | :--- | | Revenue from tenants | $124,905 | $132,415 | $137,783 | | Operating income (loss) | $42,297 | $(27,874) | $56,220 | | Net loss | $(24,143) | $(189,379) | $(6,522) | | Net loss attributable to common stockholders | $(35,079) | $(200,315) | $(17,458) | | Net loss per share | $(0.16) | $(0.87) | $(0.08) | [Non-GAAP Measures](index=9&type=section&id=Non-GAAP%20Measures) Q2 2025 non-GAAP metrics show Adjusted EBITDA of $113.4 million, Cash NOI of $124.4 million, and AFFO of $53.1 million Quarterly Non-GAAP Performance (in thousands) | Metric | Q2 2025 | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $113,359 | $138,416 | $150,260 | | Cash NOI | $124,366 | $150,799 | $161,172 | | FFO attributable to common stockholders | $(14,400) | $32,961 | $64,334 | | AFFO attributable to common stockholders | $53,108 | $66,220 | $78,297 | Non-GAAP Per Share Data | Metric | Q2 2025 | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | :--- | | FFO per diluted common share | $(0.06) | $0.14 | $0.28 | | Core FFO per diluted common share | $0.03 | $0.15 | $0.30 | | AFFO per diluted common share | $0.24 | $0.29 | $0.34 | [Debt and Capital Structure](index=11&type=section&id=Debt%20and%20Capital%20Structure) Global Net Lease's debt as of June 30, 2025, totaled $3.12 billion, with a 4.3% interest rate and 2.9-year maturity [Debt Overview](index=11&type=section&id=Debt%20Overview) As of June 30, 2025, Global Net Lease had $3.12 billion in total outstanding debt with a 4.3% weighted-average interest rate and 2.9-year weighted-average maturity Debt Summary as of June 30, 2025 | Metric | Value | | :--- | :--- | | Total Outstanding Debt | $3.12 billion | | Weighted-Average Maturity | 2.9 years | | Weighted-Average Interest Rate | 4.3% | | Recourse Debt Percentage | 56% | | Non-Recourse Debt Percentage | 44% | - The company's debt is primarily fixed-rate, with **85%** of total debt being either fixed-rate or swapped to a fixed rate, mitigating interest rate risk[36](index=36&type=chunk) - The debt is primarily denominated in U.S. Dollars (**80%**), followed by Euros (**19%**) and Canadian Dollars (**1%**)[35](index=35&type=chunk) [Portfolio Overview](index=12&type=section&id=Portfolio%20Overview) The company's real estate portfolio is diversified across property types, industries, and geographies, with a strong future lease income stream and staggered expirations [Lease Profile](index=12&type=section&id=Lease%20Profile) The company's portfolio has over $3.1 billion in future minimum base rent payments, with a staggered lease expiration schedule [Future Minimum Lease Rents](index=12&type=section&id=Future%20Minimum%20Lease%20Rents) As of June 30, 2025, the company has contractual future minimum base rent payments totaling approximately $3.13 billion Future Minimum Base Rent Schedule (in thousands) | Period | Future Minimum Base Rent | | :--- | :--- | | 2025 (remainder) | $226,558 | | 2026 | $437,622 | | 2027 | $391,235 | | 2028 | $356,338 | | 2029 | $302,000 | | Thereafter | $1,413,344 | | **Total** | **$3,127,097** | [Lease Expirations](index=17&type=section&id=Lease%20Expirations) The portfolio's lease expirations are spread over the next decade, with 5.0% expiring in 2025 and concentrations in 2028-2030 Lease Expiration Schedule by Annualized SL Rent | Year of Expiration | Annualized SL Rent Percent Expiring | | :--- | :--- | | 2025 (Remainder) | 5.0% | | 2026 | 8.1% | | 2027 | 8.4% | | 2028 | 10.9% | | 2029 | 13.4% | | 2030 | 10.6% | | Thereafter (>2040) | 9.4% | [Portfolio Diversification](index=13&type=section&id=Portfolio%20Diversification) The company's portfolio is diversified across property types, tenant industries, and geographies [Top Twenty Tenants](index=15&type=section&id=Top%20Twenty%20Tenants) The portfolio's top twenty tenants contribute 42.0% of annualized straight-line rent, with FedEx as the largest at 5.0% - The top 20 tenants represent **42.0%** of the total annualized straight-line rent, amounting to **$192.4 million**[44](index=44&type=chunk) Top 5 Tenants by Annualized SL Rent | Tenant / Lease Guarantor | SL Rent Percent | | :--- | :--- | | FedEx | 5.0% | | McLaren | 4.6% | | Whirlpool | 3.2% | | Government Services Administration (GSA) | 2.5% | | ING Bank | 2.5% | [Diversification by Property Type](index=13&type=section&id=Diversification%20by%20Property%20Type) The portfolio is primarily weighted towards Industrial & Distribution properties, accounting for 47% of annualized straight-line rent Portfolio Breakdown by Property Type (Based on Annualized SL Rent) | Property Type/Segment | SL Rent Percent | Square Feet Percent | | :--- | :--- | :--- | | Industrial & Distribution | 47% | 69% | | Office | 27% | 15% | | Retail | 26% | 16% | [Diversification by Tenant Industry](index=14&type=section&id=Diversification%20by%20Tenant%20Industry) The tenant base is diversified across numerous industries, with Auto Manufacturing and Financial Services as the top sectors at 10% each Top 5 Tenant Industries by Annualized SL Rent | Industry Type | SL Rent Percent | | :--- | :--- | | Auto Manufacturing | 10% | | Financial Services | 10% | | Freight | 6% | | Healthcare | 6% | | Consumer Goods | 5% | - The 'Other' category, which comprises 62 different industry types, represents **38%** of the total annualized straight-line rent, indicating broad industry diversification beyond the top sectors[42](index=42&type=chunk)[43](index=43&type=chunk) [Diversification by Geography](index=16&type=section&id=Diversification%20by%20Geography) The company's portfolio is geographically diversified, with 69.5% of annualized rent from the United States Geographic Breakdown by Annualized SL Rent | Region | SL Rent Percent | | :--- | :--- | | United States | 69.5% | | United Kingdom | 15.5% | | Netherlands | 4.0% | | Finland | 3.2% | | Germany | 2.5% | | Other | 5.3% | [Non-GAAP Definitions](index=3&type=section&id=Non-GAAP%20Definitions) The company utilizes various non-GAAP financial measures, including FFO, AFFO, and Adjusted EBITDA, to supplement GAAP results and provide insights into operational performance [Explanation of Non-GAAP Financial Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures like FFO, AFFO, and Adjusted EBITDA to supplement GAAP results and evaluate performance - The company uses non-GAAP measures such as FFO, Core FFO, AFFO, Adjusted EBITDA, and NOI to provide a more complete understanding of its operating performance[4](index=4&type=chunk)[8](index=8&type=chunk) - FFO is calculated consistent with NAREIT's definition, starting with GAAP net income and excluding real estate-related depreciation and amortization, and gains or losses from property sales[9](index=9&type=chunk)[10](index=10&type=chunk) - AFFO further adjusts Core FFO by excluding certain non-cash items (like straight-line rent and equity-based compensation) and other items not considered part of core ongoing operations to better reflect investing activities and fundamental business performance[16](index=16&type=chunk)[17](index=17&type=chunk) - Adjusted EBITDA is presented as a measure of the company's ability to incur and service debt, adjusting for acquisition costs and other non-cash items[18](index=18&type=chunk)

Core Insights - The company has successfully completed the final phases of its multi-tenant portfolio sale, transitioning into a pure-play net lease REIT [1][3] - A significant reduction in net debt by $748 million has improved the net debt to adjusted EBITDA ratio to 6.6x [1][3] - The company has refinanced its revolving credit facility for $1.8 billion, lowering the cost of capital by 35 basis points and extending the weighted average debt maturity to 3.7 years [1][3] - The low end of the 2025 AFFO guidance has been raised to a range of $0.92 to $0.96 per share [1][4] Financial Performance - Revenue for Q2 2025 was $124.9 million, down from $145.5 million in Q2 2024, primarily due to asset dispositions [3][5] - The net loss attributable to common stockholders was $35.1 million, an improvement from a net loss of $46.6 million in Q2 2024 [3][5] - Core Funds from Operations (Core FFO) decreased to $7.1 million from $50.9 million in Q2 2024, largely due to asset sales [3][5] - Adjusted Funds from Operations (AFFO) was $53.1 million, or $0.24 per share, compared to $76.7 million, or $0.33 per share in Q2 2024 [3][5] Debt and Liquidity - The company has reduced net debt by $2.0 billion since Q2 2024, including the recent $748 million reduction [3][7] - Liquidity increased to $1.0 billion as of June 30, 2025, compared to $220 million in Q2 2024 [3][7] - The refinancing of the revolving credit facility has resulted in a weighted average interest rate of 4.3% and an interest coverage ratio of 2.7 times [8][7] Portfolio and Operations - As of June 30, 2025, the company operates a portfolio of 911 net lease properties across ten countries, totaling 44 million rentable square feet [6][9] - The portfolio is 98% leased with a remaining weighted-average lease term of 6.2 years [9] - 60% of the annualized straight-line rent comes from investment-grade or implied investment-grade tenants [9][3] Strategic Initiatives - The company has executed a share repurchase program, repurchasing 10.2 million shares at a weighted average price of $7.52, totaling $76.9 million [3][16] - The successful sale of the multi-tenant retail portfolio has led to $6.5 million in annual G&A savings and a $30 million reduction in recurring capex [3][4] - The company has received a credit rating upgrade from S&P Global to BB+ and an investment-grade rating of BBB- for its unsecured notes [3][4]

Core Viewpoint - Global Net Lease, Inc. (GNL) is set to release its financial results for the second quarter of 2025 on August 6, 2025, after market close [1] Group 1: Financial Results Announcement - GNL will announce its second quarter financial results for the period ending June 30, 2025, on August 6, 2025 [1] - The results will be discussed in a conference call scheduled for August 7, 2025, at 11:00 a.m. ET [2] Group 2: Conference Call Details - The conference call will include a question-and-answer session following the management's prepared remarks [2] - Dial-in instructions for the conference call are provided, including toll-free and international numbers [4] Group 3: Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) listed on the NYSE, focusing on acquiring and managing income-producing net lease assets globally [5]

Core Viewpoint - Global Net Lease, Inc. has declared a dividend of $0.190 per share of common stock, payable on July 16, 2025, to stockholders of record as of July 11, 2025 [1]. Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) listed on the NYSE, focusing on acquiring and managing a global portfolio of income-producing net lease assets across the United States and Western and Northern Europe [3]. - The company pays dividends on a quarterly basis in arrears during the first month following the end of each fiscal quarter, unless otherwise specified [2].