Highlights for the Three Months Ended September 30, 2025 David Bistricer, Co-Chairman, and Chief Executive Officer, commented, "For the quarter, the Company's residential properties continued to have high occupancy and strong renter demand and we brought online our new Prospect House property at 953 Dean Street in Brooklyn, NY. For all our properties, new leases exceeded previous rents by nearly 14% and renewals by over 6%. At our Flatbush Gardens property, we continue to achieve high rental recoveries from ...

Core Insights - Global Net Lease, Inc. (GNL) has achieved significant financial milestones, including an upgrade of its corporate credit rating to investment-grade BBB- from BB+ by Fitch Ratings, reflecting successful deleveraging and operational efficiencies [4][5]. - The company reduced its net debt by $2 billion since Q3 2024 and increased liquidity to $1.1 billion, enhancing its financial stability [4][10]. - GNL raised its full-year Adjusted Funds from Operations (AFFO) per share guidance to a new range of $0.95 to $0.97, up from the previous range of $0.92 to $0.96 [1][6]. Financial Performance - Revenue for Q3 2025 was $121.0 million, down from $138.7 million in Q3 2024, primarily due to asset dispositions [4][7]. - The net loss attributable to common stockholders was $71.1 million in Q3 2025, an improvement from a net loss of $76.6 million in Q3 2024 [4][7]. - Core Funds from Operations (Core FFO) decreased to $39.5 million from $53.9 million year-over-year, while Adjusted Funds from Operations (AFFO) fell to $53.2 million, or $0.24 per share, compared to $73.9 million, or $0.32 per share, in the prior year [4][7]. Capital Structure and Liquidity - GNL executed a $1.8 billion refinancing of its revolving credit facility, resulting in a 35 basis point reduction in the interest rate spread and extending the weighted average debt maturity [3][4]. - The weighted average interest rate decreased to 4.2% from 4.8% in Q3 2024, contributing to improved financial conditions [4][11]. - The company has a total liquidity of $1.1 billion and a revolving credit facility capacity of $1.2 billion, significantly up from $252.7 million and $366.0 million, respectively, in Q3 2024 [10][17]. Portfolio and Operations - As of September 30, 2025, GNL's portfolio consisted of 852 net lease properties across approximately 43 million rentable square feet, with a 97% lease rate and a weighted average lease term of 6.2 years [8][10]. - The company achieved a 26% renewal leasing spread, with significant renewals from GE Aviation and GXO Logistics, and a weighted average renewal term of 7.3 years [4][8]. - 60% of the annualized straight-line rent is derived from investment-grade or implied investment-grade tenants, indicating a strong tenant quality [4][8][13].

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]

Business Overview and Strategy - Urbanfund Corp. is a publicly traded company on the TSX Venture Exchange under the symbol UFC, focusing on investments in Canadian real estate, including both residential and commercial properties [2] - The company's assets are located in various cities including Toronto, Brampton, Belleville, Kitchener, London, Quebec City, Montreal, and Dartmouth [2] Operational Highlights - Urbanfund has established partnerships with experienced developers in both residential and commercial sectors, enhancing its operational strength [3] Results from Operations - For the year ended December 31, 2024, Urbanfund reported rental revenue of CAD 8,720,069, an increase from CAD 8,638,426 in 2023 [7] - The company achieved an income before taxes of CAD 12,436,601, up from CAD 7,963,575 in 2023 [7] - Net income and comprehensive income for 2024 was CAD 9,715,601, compared to CAD 6,789,930 in 2023 [7] - Basic income per share increased to CAD 0.180 from CAD 0.122 in 2023, while diluted income per share rose to CAD 0.158 from CAD 0.107 [7] Selected Annual Information - Total assets as of December 31, 2024, were CAD 155,604,351, slightly up from CAD 155,407,220 in 2023 [7] - Total investment properties increased to CAD 108,843,000 from CAD 107,252,000 in 2023 [7] - Total mortgages payable decreased to CAD 45,207,297 from CAD 55,000,099 in 2023 [7] Non-IFRS Measures - Funds from Operations (FFO) for the year ended December 31, 2024, was CAD 8,025,215, significantly higher than CAD 3,771,695 in 2023 [9] - Adjusted Cash Flows from Operations (ACFO) for 2024 was CAD 10,693,914, compared to CAD 217,983 in 2023 [10] Liquidity and Capital Resources - Urbanfund reported cash of CAD 12,279,522 as of December 31, 2024, compared to CAD 3,567,974 in 2023 [12] - Liquidity expressed as a percentage of debt improved to 22.8% from 13.6% in 2023 [14] Dividend Reinvestment Plan - Urbanfund has a Dividend Reinvestment Plan (DRIP) allowing shareholders to reinvest dividends into additional common shares at a discount [15] - The annual dividend rate was increased to CAD 0.05 per common share, reflecting a 67% increase from the previous year [16] Forward-Looking Information - The company anticipates meeting all obligations, including dividends, property maintenance, and capital expenditures, supported by cash flows from operating activities [11]