In a release issued under the same headline earlier today by Global Net Lease, Inc. (NYSE: GNL), please note that in the Full Year 2025 Guidance and Dividend Update section, the third bullet should read "Reduced quarterly dividend..." and not "Reduced annual dividend..." as previously stated. The corrected release is as follows: – Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance – Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x ...

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, 2024 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 ...

Financial Performance - The quarter ended December 31, 2024, is unaudited and includes key financial metrics and performance indicators[2] - Revenue from tenants for the quarter ended December 31, 2024, was $199,115,000, representing an increase from $196,564,000 in the previous quarter[20] - Net loss attributable to common stockholders for the same quarter was $(17,458,000), compared to $(76,571,000) in the prior quarter[24] - Cash NOI for the quarter was $161,172,000, while Adjusted EBITDA was $150,260,000[20] - For the quarter ended December 31, 2024, Global Net Lease reported a net loss of $6,522,000, a significant improvement from a net loss of $65,635,000 in the previous quarter[25] - EBITDA for the same quarter was $154,694,000, compared to $98,270,000 in the prior quarter, reflecting a 57.4% increase[25] - Funds from operations (FFO) attributable to common stockholders for the quarter was $64,334,000, up from $51,722,000 in the previous quarter, representing a 24.9% increase[28] - Adjusted funds from operations (AFFO) attributable to common stockholders was $78,297,000, compared to $73,856,000 in the prior quarter, indicating a 6.2% increase[28] Non-GAAP Measures - Funds from Operations (FFO) is a critical non-GAAP measure used to evaluate the operating performance of the company, excluding depreciation and amortization related to real estate[9] - Core Funds from Operations (Core FFO) excludes non-core items such as merger and transaction costs, providing a clearer view of operational income[12] - Adjusted Funds from Operations (AFFO) further refines Core FFO by excluding certain non-cash income and expense items, reflecting ongoing operating performance[13] - The company emphasizes the importance of non-GAAP measures like FFO, Core FFO, and AFFO for a comprehensive understanding of operational performance[8] Asset and Liability Management - Total assets decreased to $6,955,764,000 from $8,098,977,000 year-over-year[23] - Total liabilities decreased to $4,768,806,000 from $5,459,828,000 year-over-year[23] - Net debt to gross asset value ratio stood at 56.1%[20] - Total outstanding debt as of December 31, 2024, was $4,713,913,000, with 91% of the debt at fixed rates or swapped to fixed rates[33][34] - The weighted average interest rate on total debt was 4.8% as of December 31, 2024[33] Portfolio Overview - The real estate portfolio had a leased square footage of 60.7 million, with a lease occupancy rate of 97%[20] - The total number of encumbered properties was 749, with a weighted average maturity of 3.0 years[33] - Total annualized straight-line rent for the portfolio as of December 31, 2024, is $656,476,000, with industrial & distribution properties contributing 34%[37] - The unencumbered portfolio's annualized straight-line rent is $350,306,000, representing 100% of the unencumbered portfolio[39] - The industrial & distribution sector occupies 53% of the total square footage, totaling 31,938,000 square feet[37] - Multi-tenant retail properties represent 28% of the total annualized straight-line rent at $181,798,000[37] - The company has diversified its portfolio across various industries, with "Other" industries making up 57% of the total annualized straight-line rent[41] Lease Expiration and Future Revenue - Lease expirations indicate that 2,197 leases are set to expire, with a total annualized SL Rent of $656,476,000, representing 100% of the portfolio[45] - The highest percentage of expiring leases occurs in 2028, with 306 leases expiring and an annualized SL Rent of $84,365,000, which is 12.9% of the total[45] - Future lease expirations are well-distributed, with no single year exceeding 13.1% of the total SL Rent, ensuring manageable turnover[45] - The company anticipates a total revenue of $4,341,176,000 over the next five years, with a significant decline projected in 2029[36] Risk Factors - The company is subject to risks and uncertainties that could affect future performance, including market conditions and capital availability[3] - The top twenty tenants and diversification by property type, tenant industry, and geography are detailed, highlighting the company's strategic positioning[13]

Core Insights - The company has met and exceeded its full-year 2024 earnings guidance, indicating strong operational performance [1] - A recently announced $1.8 billion multi-tenant portfolio sale is expected to significantly reduce leverage and improve liquidity [1][3] - The proposed transaction aims to transform the company into a pure-play, single-tenant net lease entity with enhanced portfolio metrics [1][3] - The company has initiated a $300 million opportunistic share repurchase program [1] Financial Performance - Revenue for Q4 2024 was $199.1 million, down from $206.7 million in Q4 2023, primarily due to $835 million in dispositions [5][7] - The net loss attributable to common stockholders for Q4 2024 was $17.5 million, a significant improvement from a loss of $59.5 million in Q4 2023 [5][7] - Core Funds From Operations (Core FFO) for Q4 2024 was $68.5 million, or $0.30 per share, compared to $48.3 million, or $0.21 per share, in Q4 2023 [5][7] - Adjusted Funds From Operations (AFFO) for Q4 2024 was $78.3 million, or $0.34 per share, compared to $71.7 million, or $0.31 per share, in Q4 2023; full-year 2024 AFFO was $303.8 million, or $1.32 per share [5][7] Portfolio and Dispositions - The company completed $835 million in dispositions in 2024, surpassing the high end of its increased guidance, with a cash cap rate of 7.1% and a weighted average lease term of 4.9 years [4][5] - The portfolio occupancy increased from 93% at the end of Q1 2024 to 97% at the end of Q4 2024 [5] - The company leased 1.2 million square feet across its portfolio, resulting in nearly $17 million of new straight-line rent [5] Capital Structure and Liquidity - As of December 31, 2024, the company had liquidity of $492.2 million and $460 million of capacity under its revolving credit facility [8] - The company reduced net debt by $734 million in 2024, improving the Net Debt to Adjusted EBITDA ratio from 8.4x to 7.6x [4][5] - The percentage of fixed-rate debt increased to 91% as of December 31, 2024, compared to approximately 80% a year earlier [9] Future Guidance - The company has established initial 2025 guidance, which is contingent on the sale of its multi-tenant portfolio, with an AFFO per share range of $0.90 to $0.96 and a Net Debt to Adjusted EBITDA range of 6.5x to 7.1x [6][10]

Core Viewpoint - Global Net Lease, Inc. (GNL) has entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties for approximately $1.8 billion, which will accelerate its deleveraging plan and transform the company into a pure-play, single-tenant net lease entity [1][2][3]. Group 1: Transaction Details - The multi-tenant portfolio sale is expected to close in three phases, with the unencumbered portfolio closing by the end of Q1 2025 and the encumbered portfolio closing in two stages by the end of Q2 2025 [5]. - GNL received a $25 million non-refundable deposit from RCG Ventures at the signing of the agreement [5]. Group 2: Financial Impact - The transaction is projected to reduce GNL's Net Debt to Adjusted EBITDA to a range of 6.5x to 7.1x post-transaction [1][6]. - GNL anticipates completing nearly $3 billion in dispositions by the end of 2025 since the start of 2024, enhancing financial flexibility and reducing the cost of capital [2][6]. Group 3: Strategic Benefits - The sale will simplify operations by eliminating complexities associated with multi-tenant retail properties, leading to approximately $6.5 million in annual G&A savings and reduced capital expenditures [6]. - Key portfolio metrics are expected to improve, including an increase in occupancy to 98%, a weighted average remaining lease term of 6.4 years, and a rise in investment-grade tenants to 66% [6]. Group 4: Share Repurchase Program - Concurrently, GNL's Board of Directors has authorized a share repurchase program for up to $300 million of its outstanding common stock [2][6].

Group 1 - The share prices of many companies have fallen to the lowest levels in a decade, despite many maintaining or increasing their dividends [1] - Jussi Askola, the leader of the investing group High Yield Landlord, shares a real-money REIT portfolio and transactions in real-time [1] - High Yield Landlord offers features such as three portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct access to analysts [1] Group 2 - Leonberg Capital, led by Jussi Askola, is a value-oriented investment boutique that consults hedge funds, family offices, and private equity firms on REIT investing [1] - Jussi Askola has authored award-winning academic papers on REIT investing and has passed all three CFA exams [1] - The investment group has built relationships with many top REIT executives [1]

Core Viewpoint - Global Net Lease, Inc. (GNL) is set to release its financial results for Q4 and the full year of 2024 on February 27, 2025, after market close [1] Group 1: Financial Results Announcement - GNL will announce its financial results for the fourth quarter and the year ended December 31, 2024, on February 27, 2025 [1] - The results will be discussed in a conference call scheduled for February 28, 2025, at 11:00 a.m. ET [2] - The management team will conduct the call, which will include a question-and-answer session following the prepared remarks [2] Group 2: Conference Call Details - Dial-in instructions for the conference call include a toll-free number for domestic calls (1-877-407-0792) and an international dial-in (1-201-689-8263) [4] - A replay of the conference call will be available from February 28, 2025, at 2:00 p.m. ET until May 28, 2025 [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, particularly in the U.S. and Western and Northern Europe [5]

Group 1 - Brad Thomas, along with HOYA Capital, leads the investing group iREIT®+HOYA Capital, focusing on REITs, BDCs, MLPs, Preferreds, and other income-oriented alternatives [1] - The team of analysts has over 100 years of combined experience, including backgrounds as a hedge fund manager, due diligence officer, portfolio manager, PhD, military veteran, and advisor to a former U.S. President [1] - Brad Thomas has over 30 years of real estate investing experience, having acquired, developed, or brokered over $1 billion in commercial real estate transactions [2] Group 2 - Brad Thomas has been featured in major media outlets such as Barron's, Bloomberg, and Fox Business, and is the author of four books, including "REITs For Dummies" [2]

Core Insights - Global Net Lease, Inc. successfully executed its 2024 strategic disposition plan, closing transactions totaling $835 million, which exceeded the high end of its guidance of $650 million to $800 million [1][2] - The closed transactions achieved a cash cap rate of 7.1%, reaching the high end of the targeted cap rate range, thereby reinforcing the company's financial position and enhancing its balance sheet [2] - The CEO emphasized the importance of reducing outstanding debt and lowering the Net Debt to Adjusted EBITDA ratio through the sale of non-core assets with near-term debt or lease maturities [2] Financial Performance - The total amount from closed transactions was $835 million, which is significantly above the previously set guidance range [1][2] - The cash cap rate of 7.1% reflects a strong performance in asset disposition, indicating effective management of the company's portfolio [2] Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) focused on acquiring and managing income-producing net lease assets across the United States and parts of Europe [3]

Core Points - Global Net Lease, Inc. (GNL) declared quarterly dividends on its preferred stock, with specific amounts for each series [1] - The dividends are as follows: $0.453125 for Series A, $0.4296875 for Series B, $0.46875 for Series D, and $0.4609375 for Series E, all payable on January 15, 2025 [1] - Record dates for the dividends are set for January 3, 2025, for all series [1] Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust (REIT) listed on the NYSE [2] - The company focuses on acquiring and managing a global portfolio of income-producing net lease assets primarily in the United States and Western and Northern Europe [2]