GNL OD GLOBAL NET LEASE 2 Long-Term Leases With Embedded Cash Based Rental Growth From Primarily Investment GradeRated Tenants: 60.5%(2) of portfolio annualized straight-line ("SLR") rent is derived from Investment Grade rated tenants 3 Accretive Acquisition Program Focused on Industrial and Distribution: Since 2020, over 82% of GNL's acquisitions have been industrial or distribution, increasing GNL's exposure to a highly dependable asset class 6 FOURTH QUARTER 2022 PORTFOLIO HIGHLIGHTS FOURTH QUARTER 2022 ...

Property Portfolio - As of September 30, 2022, the company owned 310 properties with a total of 39.5 million rentable square feet, which were 98.6% leased[248] - 66% of the company's properties were located in the U.S. and Canada, while 34% were in Europe, with 56% classified as industrial/distribution properties[248] - The average remaining lease term across the portfolio was 8.1 years as of September 30, 2022[248] - The portfolio includes properties leased to tenants such as McDonald's, FedEx, and AT&T, with varying average remaining lease terms[256] - The company's portfolio comprised 56% industrial/distribution properties, 41% office properties, and 3% retail properties as of September 30, 2022[248] Financial Performance - Net income attributable to common stockholders increased to $9.7 million for Q3 2022, compared to $2.4 million in Q3 2021, reflecting significant growth in profitability[261] - Revenue from tenants was $92.6 million for Q3 2022, down from $95.8 million in Q3 2021, primarily due to a $2.2 million termination fee recorded in the previous year[263] - For the three months ended September 30, 2022, revenues were $97.5 million, reflecting an increase of $4.9 million on a constant currency basis compared to the same period last year[264] - Net income attributable to common stockholders was $9.4 million for the nine months ended September 30, 2022, compared to a net loss of $0.9 million for the same period in 2021[284] - Revenue from tenants was $284.9 million for the nine months ended September 30, 2022, slightly up from $284.7 million in the prior year[286] Lease and Rental Income - 61.3% of the rental income on an annualized straight-line basis was derived from "Investment Grade" rated tenants, with 34.4% having actual investment grade ratings[250] - The company collected approximately 100% of the original cash rent due for Q3 2022, consistent with previous quarters in 2022 and 2021[251] - Approximately 94.3% of the company's leases contain rent escalation provisions, with an average cumulative increase of 1.2% per year[376] - The 12-month CPI increase for all items as of September 30, 2022, was 8.2%, impacting leases without indexed escalation provisions[376] Strategic Initiatives - The company focuses on acquiring and managing a globally diversified portfolio of commercial real estate properties, emphasizing sale-leaseback transactions[247] - The company continues to focus on expanding its leasing activities, as evidenced by the recent lease renewals and tenant expansions[260] - Property acquisitions since September 30, 2021, partially offset the revenue decline from tenants, highlighting the impact of strategic growth initiatives[263] - The company executed two lease renewals and one tenant expansion totaling approximately 0.8 million square feet, generating $14.8 million in net new straight-line rent[260] Expenses and Costs - Property operating expenses increased to $7.8 million for the three months ended September 30, 2022, up from $6.7 million in the same period last year[265] - Operating fees paid to related parties rose to $10.1 million for the three months ended September 30, 2022, compared to $9.9 million in the prior year[266] - General and administrative expenses were $4.1 million for the three months ended September 30, 2022, an increase from $3.9 million in the same period last year[271] - Equity-based compensation expense increased to $3.1 million for the three months ended September 30, 2022, compared to $2.7 million in the prior year[272] - Depreciation and amortization expense decreased to $37.8 million for the three months ended September 30, 2022, down from $41.7 million in the same period last year[274] Cash Flow and Financing - Net cash provided by operating activities was $159.6 million for the nine months ended September 30, 2022, reflecting net income of $24.7 million and adjustments for non-cash items of $122.0 million[305] - Net cash used in investing activities was $47.2 million for the nine months ended September 30, 2022, consisting of property acquisitions of $33.9 million and capital expenditures of $19.2 million[307] - Net cash used in financing activities was $58.9 million for the nine months ended September 30, 2022, resulting from net payments of mortgage notes payable and dividends paid to stockholders[309] - The company has secured mortgage notes payable of $1.3 billion as of September 30, 2022, with approximately $58.2 million in principal repaid during the first nine months of 2022[329] Debt and Equity - As of September 30, 2022, total debt outstanding was $2.4 billion, with a weighted-average interest rate of 3.5%[324] - The company's debt leverage ratio was 54.8% as of September 30, 2022[327] - The company has an "at the market" equity offering program for Common Stock with a potential to raise $500.0 million, having sold 70,218 shares for gross proceeds of $1.1 million during the three months ended September 30, 2022[319] - Outstanding borrowings under the Revolving Credit Facility were $605.1 million as of September 30, 2022, with $78.9 million available for future borrowings[330] Impairment and Taxation - An impairment charge of $17.1 million was recorded for the nine months ended September 30, 2022, compared to $7.9 million for the same period in 2021[291] - Income tax expense increased to $3.1 million for the three months ended September 30, 2022, compared to $1.9 million in the same period last year, driven by foreign acquisitions[282] - Income tax expense increased to $8.7 million for the nine months ended September 30, 2022, from $5.9 million in 2021, primarily due to European acquisitions[304] Currency and Foreign Exchange - The company is exposed to fluctuations in foreign currency exchange rates, particularly GBP-USD and EUR-USD[372] - The foreign exchange rate fluctuations contributed to the revenue changes, emphasizing the importance of currency management in financial performance[263] - The impact of foreign currency translation on revenue from tenants for the nine months ended September 30, 2022, was $9.928 million, indicating the significance of currency fluctuations on financial performance[364]

Financial Data and Key Metrics Changes - In Q3 2022, core FFO grew by 9.6% year-over-year to $48.3 million or $0.47 per share, while AFFO was $41.3 million or $0.40 per share [8][19] - Revenue for Q3 2022 was recorded at $92.6 million, with a net income attributable to common stockholders of $9.7 million [18][19] - On a constant currency basis, revenues would have increased by $1.2 million to $93.8 million, and year-over-year, revenues would have been up by $4.9 million to $97.5 million [8][18] Business Line Data and Key Metrics Changes - The company completed two lease renewals and one tenant expansion project totaling nearly 850,000 square feet, bringing year-to-date activity to 3.6 million square feet [10] - Year-to-date renewal and expansion leasing added $117 million of net new straight-line rent over a new weighted average remaining lease term of 9.3 years [11] - The portfolio composition at the end of Q3 2022 was 56% industrial and distribution, 41% office, and 3% retail, compared to 52%, 43%, and 5% respectively at the end of Q3 2021 [14] Market Data and Key Metrics Changes - The portfolio consists of 310 properties with a weighted average remaining lease term of 8.1 years, with 66% located in the U.S. and Canada and 34% in the UK and Western Europe [12] - Over 94% of leases feature annual rental increases, with approximately 64% having fixed rate escalations [13] Company Strategy and Development Direction - The company is focusing on increasing portfolio concentration in industrial and distribution assets, which now represent 56% of the portfolio [7][14] - The strategy includes divesting non-core retail assets and acquiring highly dependable single-tenant industrial and distribution properties in North America and Europe [16] - The company aims to reduce net debt to the low to mid-6s range, currently at 8 times net debt to trailing 12-month adjusted EBITDA [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's performance, highlighting strong tenant credit and successful leasing activity [24] - The company is cautious about capital deployment due to economic uncertainties, including inflation and potential recession [34] - Management believes the portfolio is well-positioned for future growth and capital appreciation [7][24] Other Important Information - The company recorded $33.3 million in acquisitions year-to-date and has a pipeline of $32 million in potential acquisitions [15] - The company has a well-cushioned interest coverage ratio of 3.3 times and ended the quarter with net debt of $2.2 billion at a weighted average interest rate of 3.5% [20][21] Q&A Session Summary Question: Impact of foreign currency on AFFO per share - The impact on AFFO was a decrease of about $2.6 million primarily due to foreign exchange [28] Question: Consideration of more hedges - The company has a consistent hedging strategy focused on net cash flows and is evaluating the potential to increase hedging [29] Question: Goals for asset divestiture - The company aims to divest non-core assets, primarily retail, and may also consider selling properties if tenants are moving out [31] Question: Future leverage goals - The company aims to reduce leverage to the low to mid-6s range but is cautious about capital deployment in the current economic climate [33][34] Question: Lease renewals and rent escalators - New leases are incorporating larger escalators of 2% to 4%, with no pushback from tenants on these increases [36] Question: Tenant credit health in Europe - The company has no concerns regarding tenant credit health, as most tenants are investment grade and paying rents on time [38] Question: Future acquisitions in Europe - The company is being cautious but is seeing attractive opportunities at decent prices [39] Question: Breakdown of asset sales - A small property was sold for approximately $3 million, with two additional properties under agreement totaling over $110 million [42] Question: Plan for upcoming debt maturity - The company is evaluating options for refinancing upcoming debt and will make decisions closer to the due date [50][51]

PART I - FINANCIAL INFORMATION [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents the company's unaudited consolidated financial statements for the periods ended June 30, 2022 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets and equity decreased as of June 30, 2022, compared to the end of 2021 | Balance Sheet Items (In thousands) | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total real estate investments, net** | $3,695,533 | $3,880,662 | | **Total Assets** | **$4,044,536** | **$4,182,956** | | **Total Liabilities** | **$2,516,618** | **$2,556,321** | | **Total Equity** | **$1,527,918** | **$1,626,635** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a net loss in Q2 2022 due to higher impairment charges, though six-month net income improved | (In thousands, except per share data) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue from tenants** | $95,177 | $99,564 | $192,310 | $188,954 | | **Operating income** | $14,804 | $28,966 | $47,653 | $54,741 | | **Net (loss) income** | $(716) | $2,588 | $9,825 | $6,772 | | **Net loss attributable to common stockholders** | $(5,847) | $(2,428) | $(364) | $(3,260) | | **Net loss per share - Basic and Diluted** | $(0.06) | $(0.14) | $(0.01) | $(0.15) | - Impairment charges significantly increased to **$16.0 million in Q2 2022** from $6.7 million in Q2 2021, contributing to the quarterly net loss[13](index=13&type=chunk) [Consolidated Statements of Comprehensive (Loss) Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) A comprehensive loss was recorded for Q2 2022, driven by significant negative foreign currency translation adjustments | (In thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net (loss) income** | $(716) | $2,588 | $9,825 | $6,772 | | **Other comprehensive (loss) income** | $(24,823) | $3,418 | $(25,060) | $9,230 | | **Comprehensive (loss) income** | **$(25,539)** | **$6,006** | **$(15,235)** | **$16,002** | [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity declined in the first half of 2022 due to dividend payments and negative currency translation adjustments - For the six months ended June 30, 2022, key changes to equity included net income of **$9.8 million**, offset by common and preferred stock dividends totaling **$93.4 million** and a cumulative translation adjustment loss of **$38.0 million**[20](index=20&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased significantly, while investing activities decreased and financing activities used cash | (In thousands) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $105,893 | $57,898 | | **Net cash used in investing activities** | $(35,444) | $(269,786) | | **Net cash (used in) provided by financing activities** | $(39,667) | $264,672 | | **Net change in cash, cash equivalents and restricted cash** | $30,782 | $52,784 | - A significant non-cash financing activity in 2022 was the conversion of a **$268.5 million Term Loan** into the Revolving Credit Facility[26](index=26&type=chunk) [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies and financial data for the company's portfolio, debt, and equity activities - As of June 30, 2022, the company owned 311 properties totaling **39.5 million rentable square feet**, with a **98.9% lease rate** and a weighted-average remaining lease term of **8.3 years**[29](index=29&type=chunk) - The portfolio is diversified, with **62%** of annualized rental income from the U.S. and Canada and **38%** from Europe; by property type, **55%** is industrial/distribution[29](index=29&type=chunk) - In Q2 2022, the company recorded a significant impairment charge of **$16.0 million** on a property in France[76](index=76&type=chunk) - On April 8, 2022, the company amended its Credit Facility, increasing total commitments from **$1.17 billion to $1.45 billion** and extending the maturity to October 2026[95](index=95&type=chunk)[100](index=100&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial condition, operational results, liquidity, and capital resources for the reporting period [Overview and COVID-19 Impact](index=43&type=section&id=Overview%20and%20COVID-19%20Impact) The company maintains a stable, globally diversified portfolio with strong rent collection rates and high-quality tenants - As of July 31, 2022, the company collected approximately **100% of the original cash rent** due for the second quarter of 2022, demonstrating strong tenant performance[249](index=249&type=chunk) - The portfolio's tenant base is strong, with **62.3%** of annualized straight-line rental income derived from tenants with actual or implied Investment Grade ratings[247](index=247&type=chunk) [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Q2 2022 revenue decreased due to foreign exchange rates, while a net loss was driven by a large impairment charge - Q2 2022 revenue from tenants decreased to **$95.2 million** from $99.6 million in Q2 2021, primarily due to unfavorable foreign exchange rates[262](index=262&type=chunk) - A **$16.0 million impairment charge** on a property was the primary driver for the increased net loss attributable to common stockholders in Q2 2022[260](index=260&type=chunk)[268](index=268&type=chunk) - For the six months ended June 30, 2022, interest expense increased to **$47.6 million** from $45.4 million year-over-year, mainly due to new mortgage loans[299](index=299&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains adequate liquidity through cash reserves and its credit facility, with manageable debt maturities - As of June 30, 2022, total debt was **$2.4 billion** with a weighted-average interest rate of **3.5%**, of which **76.0%** was fixed-rate or swapped to a fixed rate[323](index=323&type=chunk)[324](index=324&type=chunk) - The company is managing several mortgage covenant issues through letters of credit or cash reserves as per loan agreements[340](index=340&type=chunk)[343](index=343&type=chunk)[345](index=345&type=chunk) - For the six months ended June 30, 2022, **100% of the $93.4 million** in total dividends and distributions were covered by cash flows from operations[312](index=312&type=chunk)[368](index=368&type=chunk) | (In thousands) | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **FFO attributable to common stockholders** | $49,481 | $95,083 | | **Core FFO attributable to common stockholders** | $49,956 | $95,566 | | **AFFO attributable to common stockholders** | $45,019 | $89,350 | [Quantitative and Qualitative Disclosures About Market Risk](index=65&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 2022 - There were **no material changes** in the company's market risk exposure during the first six months of 2022[375](index=375&type=chunk) [Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal controls over financial reporting were effective - The company's management concluded that its disclosure controls and procedures were **effective** as of the end of the period covered by the report[376](index=376&type=chunk) - There were **no material changes** to the company's internal control over financial reporting during the quarter ended June 30, 2022[377](index=377&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending or contemplated legal proceedings - The company reported **no legal proceedings**[379](index=379&type=chunk) [Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor was added concerning geopolitical instability, specifically the Russia-Ukraine conflict - A new risk factor was added regarding the geopolitical instability from the **Russia-Ukraine conflict**, which could impact tenants' financial condition[381](index=381&type=chunk)[382](index=382&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell unregistered securities or repurchase common stock during the quarter - The company did not engage in any unregistered sales of equity securities or repurchase any of its common stock during the second quarter of 2022[386](index=386&type=chunk) [Defaults Upon Senior Securities](index=66&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities during the period - The company reported **no defaults** upon senior securities[387](index=387&type=chunk) [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Other Information](index=66&type=section&id=Item%205.%20Other%20Information) The company reports no other information for disclosure during this period - The company reported **no other information**[388](index=388&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including agreements and officer certifications

Financial Data and Key Metrics Changes - In Q2 2022, AFFO grew by 5% year-over-year and 1.6% quarter-over-quarter to $45 million, with AFFO per share of $0.43 [11][21] - Revenue for Q2 2022 was recorded at $95.2 million, with a net loss attributable to common stockholders of $5.8 million [21] - The company distributed $41.6 million in dividends to common shareholders in the quarter, equating to $0.40 per share [24] Business Line Data and Key Metrics Changes - The portfolio consists of 55% industrial and distribution assets, 42% office, and 3% retail, compared to 52%, 43%, and 5% respectively at the end of Q2 2021 [16] - Year-to-date, the company completed eight lease renewals and two tenant expansion projects totaling 2.6 million square feet, generating $102 million of net new straight-line rent [13] Market Data and Key Metrics Changes - Geographically, 62% of annualized straight-line rent revenue comes from properties in the U.S. and Canada, while 38% comes from the UK and Western Europe [15] - The weighted average remaining lease term for the portfolio is 8.3 years, with 74% of leases not expiring until 2027 or later [14][15] Company Strategy and Development Direction - The company is focused on increasing portfolio concentration in industrial and distribution assets, with a strategy to acquire single-tenant properties in North America and Europe [7][19] - The company aims to continue growing its portfolio by focusing on dependable industrial and distribution asset classes [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acquisition outlook, noting improved cap rates and annual rent increases due to the current market dynamics [33][34] - The company is well-positioned for future growth, supported by a strong balance sheet and a comprehensive hedging program that mitigates currency fluctuations [12][20] Other Important Information - The company completed a recast of its corporate credit facility with a new $1.45 billion revolving credit facility, improving pricing by 15 basis points [10] - As of June 30, 2022, the company had net debt of $2.3 billion at a weighted average interest rate of 3.5% [22] Q&A Session Summary Question: Can you elaborate on the hedging component of the European assets? - The positive hedging impact of $1.5 million was realized on FX forwards that settled during the quarter, positively impacting AFFO [30][31] Question: How is the acquisition outlook changing in the current market? - The company is seeing better cap rates and annual rent increases, making acquisitions more accretive, and is optimistic about the deal flow [32][34] Question: What is the status of property dispositions? - The total dispositions for the year are expected to exceed $50 million, including one property sold in the UK and two additional properties under agreement [36] Question: Are there differences in bid-ask dynamics between U.S. and European assets? - The U.S. market is seeing rising cap rates, while the European market remains stable, with the company prepared to take advantage of potential distressed sellers [40][41] Question: How are currency and interest rate volatility impacting acquisition capabilities? - Currency and interest rate volatility have not negatively impacted acquisition capabilities, and the company continues to find attractive deals in Europe [42] Question: What is the plan for upcoming debt maturities? - The company has about $40 million maturing this year and is evaluating options for refinancing, particularly for the UK bulk loan [52][56]

GNL O GOBAL NET LEASE Global Net Lease Second Quarter 2022 Investor Presentation Pictured – McLaren Campus in Woking, U.K. COMPANY HIGHLIGHTS 2 Best-in-Class, Mission Critical, Net Lease Focused Portfolio: Featuring high portfolio occupancy of 98.9% and complete Original Cash Rent collection(1) for the seventh consecutive quarter, highlighting strong overall operating performance 1 Differentiated Strategy with International Diversification: Portfolio of 237 properties in the U.S. and Canada complemented by ...

GNL OD GLOBAL NET LEASE Global Net Lease First Quarter 2022 Investor Presentation Pictured – McLaren Campus in Woking, U.K. COMPANY HIGHLIGHTS 2 Best-in-Class, Mission Critical, Net Lease Focused Portfolio: Featuring high portfolio occupancy of 98.7% and complete Original Cash Rent collection(1) for the sixth consecutive quarter, highlighting strong overall operating performance 1 Differentiated Strategy with International Diversification: Portfolio of 235 properties in the U.S. and Canada complemented by a ...

Financial Data and Key Metrics Changes - For Q1 2022, adjusted EBITDA increased to $75.7 million from $68.1 million in Q1 2021 [15] - Revenue rose by 8.7% to $97.1 million, up from $89.4 million [15] - Net income attributable to common stockholders was $5.5 million [15] - Cash NOI for the first quarter increased by over 7% to $87.2 million, and AFFO increased by over 9% to $44.3 million [8] Business Line Data and Key Metrics Changes - The portfolio's occupancy rate was 98.7% with 100% rent collection [6] - The weighted average remaining lease term increased to 8.4 years, with 70% of leases expiring after 2026 [10][11] - The portfolio is now comprised of 55% industrial and distribution assets, up from 46% a year ago [12] Market Data and Key Metrics Changes - The company has a diversified portfolio with 137 tenants across 50 industries, with no single industry exceeding 12% of total annual straight-line rent [11] - 94% of leases feature annual rental increases, with 59% fixed rate and 28% linked to the consumer price index [11] Company Strategy and Development Direction - The company is focusing on increasing its portfolio concentration in industrial and distribution assets while evaluating strategic disposition opportunities [6][14] - The acquisitions pipeline totals $111.9 million, with a focus on high-quality properties [13] - The company aims to generate superior risk-adjusted returns through domestic and international sale-leaseback transactions [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding acquisitions despite rising interest rates, focusing on high-quality properties [25] - There has been no negative impact from geopolitical issues in Eastern Europe on Western European tenants, with 100% rent collection maintained [28][29] - The company is proactive in lease renewals and expects continued success in this area [31] Other Important Information - The company ended the quarter with net debt of $2.3 billion at a weighted average interest rate of 3.4% [16] - Liquidity was approximately $225.9 million, with $41.6 million distributed in dividends to common shareholders [18] Q&A Session Summary Question: Impact of capital market conditions on acquisition appetite - Management remains cautiously optimistic and focuses on acquiring high-quality properties at accretive prices [25] Question: Criteria for potential dispositions - The company reviews its portfolio regularly and has not publicly listed any properties for sale, but remains proactive in maintaining portfolio quality [26][27] Question: Impact of geopolitical issues on Western European tenants - There has been no adverse effect on rent collection or tenant relations due to geopolitical tensions [28][29] Question: Leasing activity and tenant renewals - The company is proactive in lease renewals and has been successful in negotiating early renewals with tenants [31] Question: Price trends and acquisition yields - Rising interest rates are beginning to affect cap rates, with a trend towards increased prices and cap rates observed [35][36] Question: Funding investments and leverage outlook - The company has sufficient liquidity and expects to maintain leverage in the low 7s range for net debt to adjusted EBITDA [40]

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Global Net Lease, Inc. as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, including Balance Sheets, Statements of Operations, Comprehensive Income, Changes in Equity, and Cash Flows, along with detailed notes explaining accounting policies and financial details [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$4.15 billion** as of March 31, 2022, from **$4.18 billion** at year-end 2021, primarily due to reduced net real estate investments, while total liabilities remained stable at approximately **$2.56 billion** and total equity decreased from **$1.63 billion** to **$1.60 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$4,152,740** | **$4,182,956** | | Total real estate investments, net | $3,806,827 | $3,880,662 | | Cash and cash equivalents | $123,502 | $89,668 | | **Total Liabilities** | **$2,557,402** | **$2,556,321** | | Mortgage notes payable, net | $1,399,713 | $1,430,915 | | Revolving credit facility | $260,270 | $225,566 | | **Total Equity** | **$1,595,338** | **$1,626,635** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Net income significantly increased to **$10.5 million** in Q1 2022 from **$4.2 million** in Q1 2021, resulting in **$5.5 million** net income attributable to common stockholders, or **$0.05** per share, driven by higher tenant revenue and derivative gains Statement of Operations Highlights (in thousands) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Revenue from tenants | $97,133 | $89,390 | | Total expenses | $64,284 | $63,615 | | Operating income | $32,849 | $25,775 | | Net income | $10,541 | $4,184 | | Net income (loss) attributable to common stockholders | $5,483 | $(832) | | EPS - Basic and Diluted | $0.05 | $(0.01) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$61.8 million** in Q1 2022 from **$53.2 million** in Q1 2021, while investing activities used **$1.8 million** and financing activities used **$23.4 million**, primarily for dividends Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $61,819 | $53,220 | | Net cash used in investing activities | $(1,782) | $(4,447) | | Net cash (used in) provided by financing activities | $(23,351) | $92,752 | | **Net change in cash, cash equivalents and restricted cash** | **$36,686** | **$141,525** | - A key contributor to operating cash flow in Q1 2022 was a **$9.0 million** termination fee received from a tenant[20](index=20&type=chunk)[37](index=37&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details the company's accounting policies and financial data, covering organization, revenue recognition, real estate, debt, derivatives, equity, related-party transactions, and subsequent events like the credit facility amendment [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results of operations for Q1 2022, highlighting 309 properties with 98.7% lease rate, strong ~100% rent collections, significant net income improvement driven by acquisition-driven revenue growth, and detailing operational performance, liquidity, capital resources, debt management, non-GAAP measures, and the April 2022 credit facility amendment increasing capacity to **$1.45 billion** - As of March 31, 2022, the company owned 309 properties totaling **39.3 million** rentable square feet, with a **98.7%** lease rate and a weighted-average remaining lease term of **8.4 years**[242](index=242&type=chunk) - Rent collections were approximately **100%** of original cash rent due for Q1 2022, consistent with collections throughout 2021, demonstrating resilience amid the COVID-19 pandemic[246](index=246&type=chunk) Q1 2022 vs Q1 2021 Results of Operations (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue from tenants | $97.1 | $89.4 | | Operating Income | $32.8 | $25.8 | | Net Income (Loss) to Common Stockholders | $5.5 | $(0.8) | | AFFO attributable to common stockholders | $44.3 | $40.4 | - Subsequent to the quarter, in April 2022, the company amended and restated its Credit Facility, increasing total commitments from **$1.17 billion** to **$1.45 billion** and extending the maturity to April 2026[225](index=225&type=chunk)[303](index=303&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposure during Q1 2022, referring to the 2021 Annual Report for detailed discussion - There was no material change in the company's market risk exposure in Q1 2022[348](index=348&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control over financial reporting during the quarter - The company's disclosure controls and procedures were deemed effective as of the end of Q1 2022[350](index=350&type=chunk) - No material changes to internal control over financial reporting occurred during Q1 2022[351](index=351&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings pending or contemplated against it - The company has no material legal proceedings[353](index=353&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2021 Annual Report, except for a new risk concerning geopolitical instability from the Russia-Ukraine conflict, potentially impacting global economies, inflation, supply chains, and tenant financial conditions - A new risk factor has been added concerning the geopolitical instability from the Russia-Ukraine conflict[355](index=355&type=chunk) - Potential impacts include exacerbated inflation, supply chain disruptions, increased energy prices, and a weakening of tenant financial conditions, especially in Europe[356](index=356&type=chunk) - The conflict could also negatively impact liquidity in capital markets, making future financing more difficult, and raises the risk of Russian cyberattacks[357](index=357&type=chunk)[358](index=358&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered securities or repurchases of common stock during Q1 2022 - There were no unregistered sales of equity securities in Q1 2022[359](index=359&type=chunk) - The company did not repurchase any of its common stock during Q1 2022[359](index=359&type=chunk) [Other Information](index=62&type=section&id=Item%205.%20Other%20Information) On May 5, 2022, CEO James L. Nelson was awarded **35,100** shares of common stock under the 2021 Omnibus Incentive Compensation Plan, with no vesting requirements - On May 5, 2022, CEO James L. Nelson was awarded **35,100** shares of common stock with no vesting requirements[362](index=362&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including amendments to the Equity Distribution Agreement, the Second Amended and Restated Credit Agreement from April 2022, and officer certifications - Key filed exhibits include the Second Amended and Restated Credit Agreement dated April 8, 2022, and a Stock Award Agreement for James Nelson dated May 5, 2022[368](index=368&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 45-2771978 (State ...