Global Net Lease Inc. (NYSE:GNL) Q4 2023 Earnings Call Transcript February 28, 2024 11:00 AM ET Company Participants Jordyn Schoenfeld - CPA Mike Weil - CEO Chris Masterson - CFO Jim Nelson - Co-CEO Conference Call Participants John Kim - BMO Capital Markets Bryan Maher - B. Riley Todd Thomas - KeyBanc Capital Markets Michael Gorman - BTIG Mitch Germain - Citizens JMP Operator Good morning, everyone, and welcome to the Global Net Lease, Inc. Q4 2023 Earnings Call. All participants will be in a listen-only m ...

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, 2023 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 ...

EXHIBIT 99.2 Global Net Lease, Inc. Supplemental Information Quarter ended December 31, 2023 (unaudited) Global Net Lease, Inc. Supplemental Information Quarter ended December 31, 2023 (Unaudited) Table of Contents | Item | Page | | --- | --- | | Non-GAAP Definitions | 3 | | Key Metrics | 6 | | Consolidated Balance Sheets | 7 | | Consolidated Statements of Operations | 8 | | Non-GAAP Measures | 9 | | Debt Overview | 12 | | Future Minimum Lease Rents | 13 | | Top Twenty Tenants | 14 | | Diversification by Pr ...

Financial Data and Key Metrics Changes - For Q3 2023, the company recorded revenue of $118.2 million and a net loss attributable to common stockholders of $142.5 million [113] - Core FFO was $31.5 million or $0.24 per share, and AFFO was $46.9 million or $0.36 per share [113] - The company ended the quarter with net debt of $5.2 billion at a weighted average interest rate of 4.7% [21] - The weighted-average debt maturity at the end of Q3 2023 was 3.4 years [21] - The company reduced its quarterly dividend per share from $0.40 pre-merger to $0.354, reducing the amount of cash needed to fund the dividend by approximately $42 million on an annualized basis [112] Business Line Data and Key Metrics Changes - The single-tenant retail segment contributed $153 million to annualized straight-line rent, with 69% of tenants rated investment grade or implied investment grade [16] - The multi-tenant suburban retail segment contributed $199 million in annualized straight-line rent [16] - The industrial and distribution segment contributed $229 million to annualized straight-line rent, with 93% of leases including favorable rent escalations [40] - The executed leases at the end of Q3 2023 will raise occupancy in the multi-tenant portfolio to 92.9%, up from 89.5% at the end of Q2 2023 [9] Market Data and Key Metrics Changes - Geographically, 81% of straight-line rent is earned in North America, while 19% comes from Europe [15] - 61% of the straight-line rent in the portfolio comes from Sunbelt markets, which continue to grow [8] Company Strategy and Development Direction - The company aims to unlock significant value in the coming quarters and become the preeminent net lease company [23] - The merger and internalization have created the third largest publicly-traded net lease REIT based on gross asset value [14] - The company plans to focus on strategic dispositions to de-lever its balance sheet and use proceeds to pay down variable rate debt [43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future growth trajectory and the benefits of the internalized structure [47] - The company is on track to achieve $75 million of annualized cost savings from the merger and internalization [39] - Management noted that the current interest rate environment impacts the portion of debt that is not fixed or swapped [42] Other Important Information - The company expects to provide formal 2024 guidance around the time of the upcoming 10-K [20] - The company has a liquidity of $319.4 million, including $133.4 million in cash and cash equivalents [21] Q&A Session Summary Question: Will the company provide historical data for modeling purposes? - Management will get back regarding the availability of historical data for modeling [49] Question: What is the projected net debt to EBITDA ratio for Q4? - The projected net debt to EBITDA ratio is expected to be 7.6 times [30] Question: Can you provide insight on the asset sales and their timing? - The company confirmed that $185 million in asset sales has been completed year-to-date, with $50 million expected to close in 2024 [33][58] Question: How will the company achieve the anticipated synergies from the merger? - Management indicated that the $21 million in additional synergies will be realized over time, with expectations to have all synergies in place by Q3 2024 [64] Question: What is the outlook for occupancy rates in the multi-tenant segment? - Management aims to optimize occupancy rates between 94% and 96% for the multi-tenant segment [72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-37390 Global Net Lease, Inc. (Exact name of registrant as specified in its charter) Maryland 45-277197 ...

Global Net Lease, Inc. (NYSE:GNL) Q2 2023 Earnings Conference Call August 3, 2023 1:00 PM ET Company Participants Curtis Parker - Senior Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley FBR Barry Oxford - Colliers Mitch Germain - JMP Securities Todd Thomas - KeyBanc Operator Good afternoon, and welcome to the Global Net Lease Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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. (Address of principal executive offices) (Zip Code) (Exact name of registrant ...

REIT Merger and Internalization Update(1) Global Net Lease signed definitive agreement to merge with The Necessity Retail REIT (Nasdaq: RTL) Transaction is expected to close in September 2023 Net debt to adjusted annualized EBITDA expected to be reduced to 7.6x in Q4'23 Approximately $75 million in expected annual cost savings Cash Rent collected includes both contractual rents and deferred rents paid during the period. 2. Note: Metrics as of June 30, 2023, unless otherwise noted. 1. Refer to slide 4 for ad ...

Global Net Lease, Inc. (NYSE:GNL) Q1 2023 Results Conference Call May 10, 2023 1:00 PM ET Company Participants Curtis Parker - Senior Vice President Jim Nelson - Chief Executive Officer Chris Masterson - Chief Financial Officer Conference Call Participants Bryan Maher - B. Riley FBR Michael Gorman - BTIG John Massocca - Ladenburg Thalmann Mitch Germain - JMP Securities Todd Thomas - KeyBanc Capital Markets Operator Good day. And welcome to the Global Net Lease First Quarter 2023 Earnings Call. All participa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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) (State or other jurisdiction of incorporation or organization) (I.R.S. ...