[Financial Performance & Position](index=6&type=section&id=Financial%20Performance%20%26%20Position) This section provides an overview of the company's financial results, balance sheet, and key performance indicators for the reporting period [Key Metrics](index=6&type=section&id=Key%20Metrics) The company reported a net loss and specific AFFO for Q1 2025, alongside key portfolio and leverage statistics - **Q1 2025 Key Financial and Portfolio Metrics** | Metric | Value | | :--- | :--- | | **Financial Results** | | | Revenue from tenants | $132.4 million | | Net loss attributable to common stockholders | $(200.3) million | | Basic and diluted net loss per share | $(0.87) | | AFFO attributable to common stockholders | $66.2 million | | Adjusted EBITDA | $138.4 million | | **Balance Sheet & Capitalization** | | | Gross asset value | $6.81 billion | | Net debt | $3.72 billion | | Net debt to annualized adjusted EBITDA | 6.7x | | Weighted-average interest rate cost | 4.2% | | **Real Estate Portfolio** | | | Number of properties | 1,045 | | Leased percentage | 95% | | Weighted-average remaining lease term | 6.3 years | - The quarterly dividend per share was **$0.275** for Q1 2025, with a new annualized rate of **$0.76** commencing in Q2 2025[25](index=25&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The company's Q1 2025 financial statements reflect a significant net loss and a decrease in total assets due to impairment and discontinued operations [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) The Q1 2025 statement of operations shows a net loss primarily driven by impairment charges and discontinued operations - **Q1 2025 Statement of Operations (in thousands)** | Account | Q1 2025 | | :--- | :--- | | Revenue from tenants | $132,415 | | Total expenses | $158,611 | | *Impairment charges* | *$60,315* | | *Goodwill impairment* | *$7,134* | | Operating loss | $(27,874) | | Loss from continuing operations | $(95,168) | | Loss from discontinued operations | $(94,211) | | **Net loss** | **$(189,379)** | | **Net loss attributable to common stockholders** | **$(200,315)** | | **Net loss per share** | **$(0.87)** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2025, indicates a reduction in total assets and liabilities, largely due to discontinued operations - **Balance Sheet Comparison (in thousands)** | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total real estate investments, net | $4,362,187 | $4,622,033 | | Assets related to discontinued operations | $670,483 | $1,816,131 | | **Total Assets** | **$5,789,334** | **$6,955,764** | | Revolving credit facility | $547,406 | $1,390,292 | | Liabilities related to discontinued operations | $495,515 | $551,818 | | **Total Liabilities** | **$3,873,782** | **$4,768,806** | | **Total Equity** | **$1,915,552** | **$2,186,958** | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP net loss to key non-GAAP metrics, including Adjusted EBITDA, FFO, and AFFO - **Reconciliation to Adjusted EBITDA and Cash NOI (Q1 2025, in thousands)** | Metric | Amount | | :--- | :--- | | Net loss | $(189,379) | | Adjustments (Depreciation, Interest, Taxes, Impairments, etc.) | +$327,795 | | **Adjusted EBITDA** | **$138,416** | | Further Adjustments (G&A, etc.) | +$17,458 | | **NOI** | **$155,874** | | Non-cash rent adjustments | $(5,075) | | **Cash NOI** | **$150,799** | - **Reconciliation to FFO and AFFO (Q1 2025, in thousands)** | Metric | Amount | | :--- | :--- | | Net loss attributable to common stockholders | $(200,315) | | Adjustments (Depreciation, Impairments, etc.) | +$233,276 | | **FFO attributable to common stockholders** | **$32,961** | | Core Adjustments (Merger costs, etc.) | +$1,998 | | **Core FFO attributable to common stockholders** | **$34,967** | | Further Adjustments (Straight-line rent, non-cash items, etc.) | +$31,253 | | **AFFO attributable to common stockholders** | **$66,220** | [Debt & Lease Profile](index=11&type=section&id=Debt%20%26%20Lease%20Profile) This section details the company's debt structure, maturity schedule, and future minimum lease obligations [Debt Overview](index=11&type=section&id=Debt%20Overview) The company's debt profile as of March 31, 2025, includes total debt, weighted-average maturity, and interest rate characteristics - **Debt Maturity Schedule (as of March 31, 2025)** | Year of Maturity | Total Outstanding Balance (in thousands) | Percent | | :--- | :--- | :--- | | 2025 (remainder) | $458,982 | 13.5% | | 2026 | $653,020 | 19.2% | | 2027 | $663,191 | 19.5% | | 2028 | $819,505 | 24.1% | | 2029 | $663,313 | 19.5% | | Thereafter | $140,061 | 4.1% | | **Total Debt** | **$3,398,072** | **100%** | - As of March 31, 2025, **91.4%** of the company's total combined debt was fixed-rate or swapped to a fixed rate, with the remaining **8.6%** being floating rate[38](index=38&type=chunk) [Future Minimum Lease Rents](index=12&type=section&id=Future%20Minimum%20Lease%20Rents) The company's future minimum base rent payments total approximately $3.57 billion under existing lease agreements - **Future Minimum Base Rent Payments (in thousands)** | Period | Amount | | :--- | :--- | | 2025 (remainder) | $379,983 | | 2026 | $483,542 | | 2027 | $435,471 | | 2028 | $396,052 | | 2029 | $333,207 | | 2030 | $259,435 | | Thereafter | $1,280,677 | | **Total** | **$3,568,367** | [Portfolio Analysis](index=13&type=section&id=Portfolio%20Analysis) This section analyzes the company's real estate portfolio by diversification, top tenants, and lease expiration schedule [Portfolio Diversification](index=13&type=section&id=Portfolio%20Diversification) The company's portfolio exhibits diversification across property types, tenant industries, and geographic regions [Diversification by Property Type](index=13&type=section&id=Diversification%20by%20Property%20Type) The portfolio is primarily concentrated in Industrial & Distribution properties, followed by Retail and Office segments - **Portfolio by Property Type (Based on Annualized SL Rent)** | Property Type/Segment | SL Rent Percent | Sq. ft. Percent | | :--- | :--- | :--- | | Industrial & Distribution | 40% | 62% | | Retail | 25% | 14% | | Office | 22% | 13% | | Multi-Tenant Retail Portfolio | 13% | 11% | | **Total** | **100%** | **100%** | [Diversification by Tenant Industry](index=14&type=section&id=Diversification%20by%20Tenant%20Industry) The tenant base is diversified across various industries, with no single industry dominating the annualized straight-line rent - **Top 5 Tenant Industries (Based on Annualized SL Rent)** | Industry Type | SL Rent Percent | | :--- | :--- | | Financial Services | 8% | | Auto Manufacturing | 8% | | Gas/Convenience | 5% | | Healthcare | 5% | | Freight | 5% | [Diversification by Geography](index=16&type=section&id=Diversification%20by%20Geography) The portfolio's geographic exposure is concentrated in the United States, with significant international presence in the United Kingdom - **Geographic Diversification (Based on Annualized SL Rent)** | Region | SL Rent Percent | | :--- | :--- | | United States | 75.9% | | United Kingdom | 12.1% | | Netherlands | 3.2% | | Finland | 2.5% | | Germany | 1.9% | | Other | 4.4% | | **Total** | **100%** | [Top Twenty Tenants](index=15&type=section&id=Top%20Twenty%20Tenants) The top 20 tenants represent a moderate concentration of the portfolio's annualized straight-line rent - **Top 5 Tenants by Annualized SL Rent** | Tenant / Lease Guarantor | SL Rent Percent | | :--- | :--- | | FedEx | 4.3% | | Imperial Reliance, LLC | 4.2% | | McLaren | 3.7% | | Whirlpool | 2.7% | | Government Services Administration (GSA) | 2.2% | - The top 20 tenants collectively account for **38.6%** of the total portfolio's annualized straight-line rent[47](index=47&type=chunk) [Lease Expirations](index=17&type=section&id=Lease%20Expirations) The company maintains a staggered lease expiration schedule, with a weighted-average remaining lease term of 6.3 years - **Lease Expiration Schedule by Annualized SL Rent** | Year of Expiration | Annualized SL Rent Percent | | :--- | :--- | | 2025 (Remainder) | 5.6% | | 2026 | 8.1% | | 2027 | 8.1% | | 2028 | 11.0% | | 2029 | 13.3% | | 2030 | 10.7% | | Thereafter (>2030) | 43.2% | [Non-GAAP Financial Measures Definitions](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) This section defines the non-GAAP financial measures used by the company to assess its operational performance [Overview of Non-GAAP Measures](index=3&type=section&id=Overview%20of%20Non-GAAP%20Measures) The company utilizes various non-GAAP measures to provide a clearer view of operating performance, complementing GAAP results - The primary non-GAAP measures used are **Funds from Operations (FFO)**, **Core FFO**, **Adjusted Funds from Operations (AFFO)**, **Adjusted EBITDA**, **Net Operating Income (NOI)**, and **Cash NOI**[4](index=4&type=chunk) - These non-GAAP measures should not be considered more relevant than GAAP methodology, and comparability with other REITs may be limited due to differing calculations[5](index=5&type=chunk)[6](index=6&type=chunk) [FFO, Core FFO, and AFFO](index=3&type=section&id=FFO%2C%20Core%20FFO%2C%20and%20AFFO) This section details the calculation and purpose of FFO, Core FFO, and AFFO as key performance indicators - **FFO** is defined according to NAREIT standards, excluding real estate-related depreciation, amortization, and gains/losses from property sales[10](index=10&type=chunk) - **Core FFO** adjusts FFO by excluding non-core items such as merger, transaction, and debt extinguishment costs[14](index=14&type=chunk) - **AFFO** further refines Core FFO by excluding non-cash items like straight-line rent and amortization of lease intangibles to reflect recurring operational performance[16](index=16&type=chunk)[17](index=17&type=chunk) [Adjusted EBITDA, NOI, and Cash NOI](index=5&type=section&id=Adjusted%20EBITDA%2C%20NOI%2C%20and%20Cash%20NOI) This section defines Adjusted EBITDA, NOI, and Cash NOI, highlighting their roles in assessing debt service capacity and property-level performance - **Adjusted EBITDA** is used as a measure of the company's ability to incur and service debt[18](index=18&type=chunk) - **NOI** is a property-level performance measure reflecting income and expense items incurred at the property, excluding corporate-level costs[20](index=20&type=chunk) - **Cash NOI** adjusts NOI by excluding non-cash revenues such as straight-line rent adjustments and amortization of lease intangibles[21](index=21&type=chunk)

Core Insights - Global Net Lease, Inc. (GNL) successfully closed the first phase of a multi-tenant portfolio sale, generating $1.1 billion in gross proceeds and is on track to complete the remaining phases by the end of Q2 2025 [1][5] - The company reduced its net debt by $833 million in Q1 2025, improving its net debt to adjusted EBITDA ratio to 6.7x [1][9] - GNL repurchased 7.9 million shares at an average price of $7.50, totaling $59 million as of May 2, 2025 [1][18] - The company reaffirmed its 2025 guidance for adjusted funds from operations (AFFO) per share in the range of $0.90 to $0.96 and net debt to adjusted EBITDA between 6.5x and 7.1x [6] Financial Performance - Revenue for Q1 2025 was $132.4 million, down from $147.9 million in Q1 2024, primarily due to asset dispositions [5][31] - The net loss attributable to common stockholders was $200.3 million in Q1 2025, compared to a net loss of $34.7 million in Q1 2024, largely due to the timing and purchase price allocation related to the multi-tenant portfolio sale [5][31] - Core Funds from Operations (Core FFO) for Q1 2025 was $35.0 million, down from $56.6 million in Q1 2024 [5][31] - Adjusted Funds from Operations (AFFO) was $66.2 million, or $0.29 per share, compared to $75.0 million, or $0.33 per share in Q1 2024 [5][31] Portfolio and Asset Management - As of March 31, 2025, GNL's portfolio consisted of 1,045 net lease properties across ten countries, totaling 51.3 million rentable square feet [8] - The company has a closed plus disposition pipeline totaling $2.1 billion at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years [5][13] - 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [10][5] Capital Structure and Liquidity - GNL had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility as of March 31, 2025 [9] - The company successfully reduced its net debt by $1.5 billion since Q1 2024, including the recent $833.2 million reduction [5][9] - The weighted average interest rate on total combined debt was 4.2%, with 91% of the debt being fixed rate [10][9]

Core Viewpoint - Global Net Lease, Inc. (GNL) is set to release its financial results for the first quarter of 2025 on May 7, 2025, after market close [1] Group 1: Financial Results Announcement - The financial results for the first quarter ended March 31, 2025, will be announced on May 7, 2025 [1] - A conference call will be held on May 8, 2025, at 11:00 a.m. ET to discuss the results and business performance [2] Group 2: Conference Call Details - The conference call will be conducted by GNL's management team, followed by a question-and-answer session [2] - Dial-in instructions for the live call and replay are provided, with a toll-free domestic number of 1-877-407-0792 and an international number of 1-201-689-8263 [3][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 received a notice from the Government Services Administration revoking its previous termination notice, allowing the existing lease agreement to remain in effect [1]. Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, focusing on acquiring and managing a global portfolio of income-producing net lease assets across the United States, United Kingdom, and Western and Northern Europe [3]. Relationship with GSA - The company expressed gratitude towards the GSA for being a valued partner and looks forward to maintaining a strong relationship in the future [2].

Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust 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] Dividend Announcement - The Company declared a dividend of $0.190 per share of common stock, payable on April 16, 2025, to common stockholders of record at the close of business on April 11, 2025 [1] - Dividends are authorized by the Company's board of directors and are paid on a quarterly basis in arrears during the first month following the end of each fiscal quarter [2]

NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. ("GNL" or the "Company") (NYSE: GNL / GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared a dividend of $0.190 per share of common stock payable on April 16, 2025, to common stockholders of record at the close of business on April 11, 2025. Dividends authorized by the Company's board of directors and declared by the Company are paid on a quarterly basis in arrears during the first month following the end of each fiscal q ...

Transformative Transaction Significantly Expands RCG's Portfolio, Positioning the Firm as a Leading Institutional Owner-Operator of Retail Shopping Centers Across the U.S. ATLANTA, March 26, 2025 /PRNewswire/ -- RCG Ventures, LLC ("RCG" or the "Firm"), the vertically-integrated retail real estate investment arm of Argonne Capital Group ("Argonne Capital") that specializes in the acquisition, development, leasing, management and financing of multi-tenant real estate assets, today announced the approximately ...

Core Viewpoint - Global Net Lease, Inc. has successfully closed the first phase of the sale of its multi-tenant portfolio, generating approximately $1.1 billion in gross proceeds [1][2][3] Group 1: Sale Details - The first phase includes 59 unencumbered properties, with the company expecting to complete the sale of 41 encumbered properties in two additional phases by the end of Q2 2025 [1][2] - The net proceeds from the sale will be used to significantly reduce leverage and pay down the outstanding balance on the company's Revolving Credit Facility [2] Group 2: Management Commentary - The CEO of GNL expressed satisfaction with the progress of the sale, highlighting that the closing of the unencumbered portfolio reflects disciplined execution of their strategic plan [3] - This milestone is seen as a significant step towards enhancing the company's capital structure, lowering the cost of capital, and providing financial flexibility for long-term growth [3] Group 3: Company Overview - Global Net Lease, Inc. is a publicly traded internally managed real estate investment trust focused on acquiring and managing a global portfolio of income-producing net lease assets across the U.S. and Europe [4]

NEW YORK, March 12, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced the appointment of Leon C. Richardson to its Board of Directors, effective March 7, 2025. Mr. Richardson is the founder, President and Chief Executive Officer of The Chemico Group, one of the largest minority-owned chemical management and distribution companies in the United States. Mr. Richardson has guided the business he founded more than 35 years ago into an internationally recognized playe ...

Financial Data and Key Metrics Changes - In 2024, the company achieved $835 million in dispositions, surpassing the revised guidance range of $650 million to $800 million, and reducing net debt by $734 million, lowering the net debt to adjusted EBITDA ratio from 8.4 times to 7.6 times [5][6][19] - The fourth quarter of 2024 recorded revenue of $199.1 million and a net loss attributable to common stockholders of $17.5 million, compared to $206.7 million and $59.5 million in the fourth quarter of 2023 [17] - AFFO for the fourth quarter of 2024 was $78.3 million or $0.34 per share, an increase from $71.7 million or $0.31 per share in the same quarter of 2023 [17][18] Business Line Data and Key Metrics Changes - The company raised occupancy rates from 93% at the end of Q1 2024 to 97% by the end of Q4 2024, reflecting effective asset management [8][22] - Positive leasing spreads were achieved across nearly 1.2 million square feet, with renewal spreads averaging 6.8% higher than expiring rents [8] - The single tenant segment completed 14 new leases and renewals with a 6.5% renewal spread, while the multi-tenant segment completed 58 new leases and renewals with a 7.1% renewal spread [8] Market Data and Key Metrics Changes - Geographically, 80% of straight-line rent is earned in North America and 20% in Europe, expected to shift to 72% and 28% respectively after the multi-tenant portfolio sale [15] - The portfolio features a stable tenant base with 61% of tenants receiving an investment grade or implied investment grade rating [15][16] Company Strategy and Development Direction - The company plans to transform into a pure play single tenant net lease company by selling 100 non-core multi-tenant properties for approximately $1.8 billion at a cash cap rate of 8.4% [10][11] - The strategic focus is on deleveraging and enhancing financial flexibility, with a goal to secure an investment grade credit rating [10][23] - The company anticipates completing nearly $3 billion in dispositions by the end of 2025 while maintaining operational efficiency with approximately $6 billion in real estate assets [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term benefits of the RCG transaction, emphasizing its role in accelerating deleveraging and enhancing financial stability [10][23] - The company is optimistic about future growth opportunities, particularly following the sale of the multi-tenant portfolio, which is expected to simplify operations and improve financial metrics [16][23] Other Important Information - The Board plans to reduce the quarterly dividend from $0.275 to $0.19 per share starting in April 2025, aligning with the long-term strategy of reducing leverage and increasing liquidity [12][20] - A share repurchase program has been approved, allowing the company to repurchase up to $300 million of its outstanding common stock [12] Q&A Session Summary Question: Pricing of the portfolio sale - Management indicated satisfaction with the pricing of the portfolio sale, highlighting the strategic benefits and the buyer's ability to execute [28][31] Question: Concerns about the buyer's ability to close the deal - Management expressed no reservations about RCG's ability to close the deal, citing a strong relationship and a non-refundable deposit [32] Question: Future dividend adjustments - Management acknowledged the potential for further dividend adjustments based on future asset dispositions, emphasizing a prudent approach to dividend guidance [33][34] Question: Write-down associated with the portfolio sale - Management clarified that there was no write-down associated with the sale and expected a realized gain upon closing [42] Question: Use of proceeds from the sale - Management prioritized leverage reduction as the primary use of proceeds, with stock buybacks being a secondary focus [45] Question: Future asset dispositions - Management confirmed that additional non-core asset dispositions are planned for 2025, with guidance reflecting these expectations [56][61]