8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  March 1, 2016

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland	001-37390	45-2771978
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

405 Park Avenue, 14^th Floor
New York, New York 10022

(Address, including zip code, of Principal Executive Offices)

Registrant’s telephone number, including area code: (212) 415-6500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.      Results of Operations and Financial Condition.

On March 1, 2016, Global Net Lease, Inc. (the “Company”) issued a press release regarding its results of operations for the fiscal quarter and full year ended December 31, 2015. A copy of the press release is attached hereto as Exhibit 99.1. Also on March 1, 2016, the Company issued supplemental financial information for the quarter ended December 31, 2015. A copy of the supplemental financial information is attached hereto as Exhibit 99.2, which replaces and supersedes the supplemental financial information that was previously furnished with the Company’s Current Report on Form 8-K dated February 26, 2016.

Item 7.01.      Regulation FD Disclosure.

Press Release, Supplemental Information and Investor Presentation

As disclosed in Item 2.02 above, on March 1, 2016, the Company issued a press release regarding its results of operations for the fiscal quarter and full year ended December 31, 2015. A copy of the press release is attached hereto as Exhibit 99.1. Also on March 1, 2016, the Company issued supplemental financial information for the quarter ended December 31, 2015. A copy of the supplemental financial information is attached hereto as Exhibit 99.2, which replaces and supersedes the supplemental financial information that was previously furnished with the Company’s Current Report on Form 8-K dated February 26, 2016.

Also on March 1, 2016, the Company prepared an investor presentation containing certain portfolio information and financial highlights. A copy of the investor presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K, which replaces and supersedes the investor presentation that was previously furnished with the Company’s Current Report on Form 8-K dated February 26, 2016.

The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1, 99.2 and 99.3 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

The statements in this Current Report on Form 8-K include statements regarding the intent, belief or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors section of the Company’s most recent annual report on Form 10-K. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, or revise forward-looking unless required by law.

Item 9.01.      Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated March 1, 2016
99.2	Supplemental financial information for the quarter ended December 31, 2015
99.3	Investor presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 1, 2016	By:	/s/ Scott J. Bowman
		Name:	Scott J. Bowman
		Title:	Chief Executive Officer and President

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Global Net Lease Announces Updated Operating Results for Fourth Quarter and Full Year 2015

New York, March 1, 2016 – Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), reports today that, in connection with finalizing its financial and operating results for the fourth quarter and full year ended December 31, 2015, it increased its deferred tax provision for 4^th quarter 2015 thereby reducing operating results in its earnings release and additional materials as reported on February 26, 2016 by $0.5 million. The Company’s annual report on Form 10-K reflect the changes.

The revised financial and operating results for the fourth quarter and full year ended December 31, 2015 are as follows:

Fourth Quarter 2015 Results

· Net Income attributable to stockholders of $12.3 million

· Net Operating Income (“NOI”) of $48.7 million

· NAREIT defined Funds from Operations (“FFO”) of $36.2 million, or $0.21 per fully diluted share

· Core Funds from Operations (“Core-FFO”) of $33.1 million, or $0.19 per fully diluted share

· Adjusted Funds from Operations (“AFFO”) of $30.2 million, or $0.18 per fully diluted share

Full Year 2015 Results

· NOI of $187.1 million

· NAREIT defined FFO of $88.0 million

· Core FFO of $127.2 million

· AFFO of $122.4 million

Supplemental Schedules

The Company will furnish a supplemental information package with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring and managing a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical, income producing, net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “may,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those contemplated by such forward-looking statements, including those set forth in the Risk Factors section of GNL’s most recent Annual Report on Form 10-K and in future filings with the SEC. Further, forward-looking statements speak only as of the date they are made, and GNL undertakes no obligation to update or reverse any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events on changes to future operating results, unless required to do so by law.

Contacts

Media Inquiries:	Investor Inquiries:
Tim Cifelli President DDCworks tcifelli@ddcworks.com Ph: (484-342-3600)	Matthew Furbish Director Investor & Public Relations mfurbish@globalnetlease.com Ph: (212-415-6500)	Scott J. Bowman Chief Executive Officer Global Net Lease, Inc. sbowman@globalnetlease.com Ph: (212-415-6500)

Global Net Lease, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

	December 31,			December 31,
	2015			2014
	(Unaudited)
Assets
Real estate investments, at cost:
Land	$	341,911		$	326,696
Buildings, fixtures and improvements		1,685,919			1,519,558
Construction in progress		180			9,706
Acquired intangible lease assets		518,294			484,079
Total real estate investments, at cost		2,546,304			2,340,039
Less accumulated depreciation and amortization		(133,329	)		(42,568	)
Total real estate investments, net		2,412,975			2,297,471
Cash and cash equivalents		69,938			64,684
Restricted cash		3,319			6,104
Derivatives, at fair value		5,812			13,638
Investment securities, at fair value		-			490
Prepaid expenses and other assets		38,393			24,873
Due from affiliates		136			500
Deferred tax assets		2,552			2,102
Goodwill and other intangible assets, net		2,988			3,665
Deferred financing costs, net		11,855			15,270
Total Assets	$	2,547,968		$	2,428,797
Liabilities and Equity
Mortgage notes payable	$	531,708		$	281,186
Mortgage premium, net		676			1,165
Credit facility		717,286			659,268
Below-market lease liabilities, net		27,978			21,676
Derivatives, at fair value		6,028			6,115
Listing note, at fair value		-			-
Due to affiliates		399			400
Accounts payable and accrued expenses		18,659			14,791
Prepaid rent		15,491			12,252
Taxes payable		5,201			901
Deferred tax liability		4,016			3,665
Dividends payable		407			10,709
Total liabilities		1,327,849			1,012,128
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding at December 31, 2015 and December 31, 2014		-			-
Common stock, $0.01 par value, 300,000,000 shares authorized, 168,936,633 and 177,933,175 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively		1,692			1,782
Additional paid-in capital		1,480,162			1,575,592
Accumulated other comprehensive loss		(3,649	)		(5,589	)
Accumulated deficit		(272,812	)		(155,116	)
Total stockholders’ equity		1,205,393			1,416,669
Non-controlling interest		14,726			-
Total equity		1,220,119			1,416,669
Total Liabilities and Equity	$	2,547,968		$	2,428,797

Global Net Lease, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

	Three Months Ended									Year Ended
	December 31, 2015			September 30, 2015			December 31, 2014			December 31, 2015			December 31, 2014
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues:
Rental income	$	52,118		$	47,836		$	42,220		$	194,620		$	88,158
Operating expense reimbursements		3,925			2,416			4,086			10,712			5,225
Total revenues		56,043			50,252			46,306			205,332			93,383
Expenses:
Property operating		7,389			3,355			5,500			18,180			7,947
Operating fees to affiliates		4,956			4,902			376			15,167			797
Acquisition and transaction related		76			4,680			29,615			6,053			83,498
Listing fees		150			-			-			18,653			-
Vesting of Class B units		-			-			-			14,480			-
Change in fair value of listing note		(3,380	)		(1,050	)		-			-			-
General and administrative		1,537			2,014			2,187			7,175			4,314
Equity based compensation		(90	)		1,917			(98	)		2,345			-
Depreciation and amortization		23,918			22,949			13,267			90,070			40,387
Total expenses		34,556			38,767			50,847			172,123			136,943
Operating income (loss)		21,487			11,485			(4,541	)		33,209			(43,560	)
Other income (expense):
Interest expense		(10,065	)		(9,041	)		(6,467	)		(34,864	)		(14,852	)
Income from investments		-			8			14			15			14
Gains on foreign currency		-			-			570			-			(186	)
Realized losses on investment securities		-			(66	)		-			(66	)		-
Gains on derivative instruments		1,150			2,310			1,282			3,935			1,881
Gains on hedges and derivatives deemed ineffective		2,679			1,505			1,387			5,124			1,387
Unrealized losses on non-functional foreign currency advances not designated as net investment hedges		(623	)		-			-			(3,558	)		-
Other income (expense)		64			(10	)		88			79			291
Total other expense, net		(6,795	)		(5,294	)		(3,126	)		(29,335	)		(11,465	)
Net income (loss) before income taxes		14,692			6,191			(7,667	)		3,874			(55,025	)
Income tax (expense) benefit		(2,243	)		(703	)		2,459			(5,889	)		1,431
Net income (loss)		12,449			5,488			(5,208	)		(2,015	)		(53,594	)
Non-controlling interest		(137	)		(56	)		-			(50	)		-
Net income (loss) attributable to stockholders	$	12,312		$	5,432		$	(5,208	)	$	(2,065	)	$	(53,594	)
Basic Earnings Per Share:
Basic net income (loss) per share attributable to stockholders	$	0.07		$	0.03		$	(0.03	)	$	(0.01	)	$	(0.43	)
Basic weighted average shares outstanding		168,936,633			168,948,345			177,414,574			174,309,894			126,079,369
Diluted Earnings Per Share:
Diluted net income (loss) per share attributable to stockholders	$	0.07		$	0.03		$	(0.03	)	$	(0.01	)	$	(0.43	)
Diluted weighted average shares outstanding		168,936,633			169,136,283			177,414,574			174,309,894			126,079,369

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(in thousands, except share and per share data)

	Three Months Ended												Year Ended
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015			December 31, 2015
Net income (loss) attributable to stockholders (in accordance with GAAP)	$	25,855		$	(45,664	)	$	5,432		$	12,312		$	(2,065	)
Depreciation and amortization		21,114			22,089			22,949			23,918			90,070
FFO (as defined by NAREIT) attributable to stockholders		46,969			(23,575	)		28,381			36,230			88,005
Acquisition and transaction fees		1,085			212			4,680			76			6,053
Listing fees		-			18,503			-			150			18,653
Vesting of Class B units upon listing		-			14,480			-			-			14,480
Change in fair value of listing note		-			4,430			(1,050	)		(3,380	)		-
Core FFO		48,054			14,050			32,011			33,076			127,191
Non-cash equity based compensation		8			510			1,917			(90	)		2,345
Non-cash portion of interest expense		1,944			1,994			2,306			2,365			8,609
Class B distributions		124			309			(94	)		-			339
Nonrecurring general and administrative expenses (1)		-			-			188			302			490
Straight-line rent		(4,439	)		(3,437	)		(3,697	)		(3,236	)		(14,809	)
Amortization of above- and below- market leases and ground lease assets and liabilities, net		109			101			94			(52	)		252
Realized losses on investment securities		-			-			66			-			66
(Gains) losses on on hedges and derivatives deemed ineffective		(1,448	)		508			(1,505	)		(2,679	)		(5,124	)
Unrealized (gains) losses on non-functional foreign currency advances not designated as net investment hedges		(8,907	)		11,842			-			623			3,558
Amortization of mortgage premium		(42	)		(202	)		(123	)		(122	)		(489	)
AFFO	$	35,403		$	25,675		$	31,163		$	30,187		$	122,428

⁽¹⁾ Represents our estimate of non-recurring internal audit service fees associated with our SOX readiness efforts and other non-recurring charges.

Non-GAAP Financial Measures

These non-GAAP financial measures are not intended as alternative measures of operating results or cash flow from operations as determined in accordance with Generally Accepted Accounting Principles (“GAAP”). Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”) and AFFO are calculated using inputs which are computed in accordance with GAAP.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property but including asset impairment writedowns, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Our FFO calculation complies with NAREIT’s definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time, especially if not adequately maintained or repaired and renovated as required by relevant circumstances or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO, Core FFO and AFFO, as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO. Other REITs may not define FFO in accordance with the current NAREIT definition (as we do) or may interpret the current NAREIT definition differently than we do and/or calculate Core FFO and/or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly titled measures presented by other REITs.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO facilitates comparisons of operating performance between periods and between other REITs in our peer group.

Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses.

Core FFO is FFO, excluding acquisition and transaction related costs as well as certain other costs that are considered to be non-core, such as charges relating to the Listing Note and listing related fees. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the operations derived from the investment. By excluding expensed acquisition and transaction related costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

We exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include unrealized gains and losses, which may not ultimately be realized, such as gains or losses on contingent valuation rights, gains and losses on investments and early extinguishment of debt. We also exclude dividends on Class B OP Units as the related shares are assumed to have converted to common stock in our calculation of fully diluted weighted average shares of common stock. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have no cash impact and do not provide liquidity to the company or require capital resources of the company. By providing AFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our ongoing operating performance without the impacts of transactions that are not related to the ongoing profitability of our portfolio of properties. We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies that are not making a significant number of acquisitions. Investors are cautioned that AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as it excludes certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

In calculating AFFO, we exclude certain expenses, which under GAAP are characterized as operating expenses in determining operating net income. These expenses are paid in cash by us, and therefore such funds will not be available to distribute to investors. All paid and accrued merger, acquisition and transaction related fees and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired will also have negative effects on returns to investors, the ability to fund dividends or distributions in the future, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property and certain other expenses. AFFO that excludes such costs and expenses would only be comparable to companies that did not have such activities. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, we view fair value adjustments as items which are unrealized and may not ultimately be realized. We view both gains and losses from fair value adjustments as items which are not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe AFFO provides useful supplemental information.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our performance relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

The table above presents the items deducted or added to net income in our calculation of FFO, Core FFO and AFFO for the periods indicated. Management believes these Non-GAAP measures are more meaningful to the users of our financial statements given our Listing.

EX-99.2

Exhibit 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Table of Contents

Item	Page
Non-GAAP Definitions	3
Key Metrics	7
Consolidated Balance Sheets	8
Consolidated Statements of Income	9
Non-GAAP Measures	10
Debt Overview	12
Investment Activity	13
Top Ten Tenants	14
Diversification by Property Type	15
Diversification by Tenant Industry	16
Diversification by Geography	17
Lease Expirations	18

Please note that totals may not add due to rounding.

Forward-looking Statements:

This supplemental package includes “forward looking statements”. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the most recent Annual Report on Form 10-K of Global Net Lease, Inc. (the “Company”), including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and in future filings made by the Company with the Securities and Exchange Commission (the “SEC”). While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the SEC. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

2

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Definitions

This section includes non-GAAP financial measures, including Funds from Operations, Core Funds from Operations, Adjusted Funds from Operations, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, Net Operating Income, and Cash Net Operating Income. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a measure known as funds from operations ("FFO"), which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to net income or loss as determined under accounting principles generally accepted in the United States ("GAAP"). 

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property but including asset impairment writedowns, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Our FFO calculation complies with NAREIT's definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time, especially if not adequately maintained or repaired and renovated as required by relevant circumstances or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO, core funds from operations ("Core FFO") and adjusted funds from operations (“AFFO”), as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO. Other REITs may not define FFO in accordance with the current NAREIT definition (as we do) or may interpret the current NAREIT definition differently than we do and/or calculate Core FFO and/or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly titled measures presented by other REITs.

3

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Definitions

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO facilitates comparisons of operating performance between periods and between other REITs in our peer group.

Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT's definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses.

Core FFO is FFO, excluding acquisition and transaction related costs as well as certain other costs that are considered to be non-core, such as charges relating to the Listing Note and listing related fees. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the operations derived from the investment. By excluding expensed acquisition and transaction related costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.

We exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include unrealized gains and losses, which may not ultimately be realized, such as gains or losses on contingent valuation rights, gains and losses on investments and early extinguishment of debt. We also exclude dividends on Class B Units as the related shares are assumed to have converted to common stock in our calculation of fully diluted weighted average shares of common stock. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have no cash impact and do not provide liquidity to the company or require capital resources of the company. By providing AFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our ongoing operating performance without the impacts of transactions that are not related to the ongoing profitability of our portfolio of properties. We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies that are not making a significant number of acquisitions. Investors are cautioned that AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as it excludes certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

4

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Definitions

In calculating AFFO, we exclude certain expenses, which under GAAP are characterized as operating expenses in determining operating net income. These expenses are paid in cash by us, and therefore such funds will not be available to distribute to investors. All paid and accrued merger, acquisition and transaction related fees and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired will also have negative effects on returns to investors, the ability to fund dividends or distributions in the future, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property and certain other expenses. AFFO that excludes such costs and expenses would only be comparable to companies that did not have such activities. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, we view fair value adjustments as items which are unrealized and may not ultimately be realized. We view both gains and losses from fair value adjustments as items which are not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe AFFO provides useful supplemental information.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our performance relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

5

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Definitions

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Adjusted Cash Net Operating Income.

We believe that earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, other non-cash items and including our pro-rata share from unconsolidated joint ventures ("Adjusted EBITDA") is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

Net operating income ("NOI") is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition and transaction-related expenses, depreciation and amortization, other non-cash expenses and interest expense. NOI is adjusted to include our pro rata share of NOI from unconsolidated joint ventures. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is NOI presented on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and the amortization of above and below market leases.

6

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Key Metrics

As of and for the three months ended December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

Financial Results
Rental income	$	52,118
Net income attributable to stockholders		12,312
Basic and diluted net income per share attributable to stockholders	$	0.07
Cash NOI		45,366
Adjusted EBITDA		42,161
AFFO		30,187
AFFO per fully diluted share		0.18
Dividends paid per share - fourth quarter		0.18
Dividend yield - annualized, based on quarter end share price of $7.95		8.9	%
Dividend payout ratio - fourth quarter		100.0	%
Balance Sheet and Capitalization
Equity market capitalization - based on quarter end share price of $7.95	$	1,343,046
Net debt		1,179,732
Enterprise value		2,522,778
Total capitalization		2,592,716
Total consolidated debt		1,248,994
Total assets		2,547,968
Liquidity		92,652
Common shares outstanding as of Dec 31, 2015 (thousands)		168,937
Share price, end of quarter	$	7.95
Net debt to enterprise value		46.8	%
Net debt to adjusted EBITDA (annualized)		7.0	x
Weighted-average interest rate cost		2.5	%
Weighted-average debt maturity (years)[1]		2.0
Real Estate Portfolio
Number of properties		329
Number of tenants		86
Square footage (millions)		18.7
Occupancy		100.0	%
Weighted-average remaining lease term (years)		11.3

Footnotes:

^[1] Credit facility has an initial maturity date of July 25, 2016 with two one-year extensions, subject to certain conditions.  Weighted-average debt maturity assumes that the extensions are exercised.

7

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Consolidated Balance Sheets

Amounts in thousands

	Dec 31, 2015			Dec 31, 2014
Assets
Real estate investments, at cost:
Land	$	341,911		$	326,696
Buildings, fixtures and improvements		1,685,919			1,519,558
Construction in progress		180			9,706
Acquired intangible lease assets		518,294			484,079
Total real estate investments, at cost		2,546,304			2,340,039
Less accumulated depreciation and amortization		(133,329	)		(42,568	)
Total real estate investments, net		2,412,975			2,297,471
Cash and cash equivalents		69,938			64,684
Restricted cash		3,319			6,104
Derivatives, at fair value		5,812			13,638
Investment securities, at fair value		-			490
Prepaid expenses and other assets		38,393			24,873
Due from affiliates		136			500
Deferred tax assets		2,552			2,102
Goodwill and other intangible assets, net		2,988			3,665
Deferred financing costs, net		11,855			15,270
Total assets	$	2,547,968		$	2,428,797
Liabilities and Equity
Mortgage notes payable	$	531,708		$	281,186
Mortgage premium, net		676			1,165
Credit facility		717,286			659,268
Below-market lease liabilities, net		27,978			21,676
Derivatives, at fair value		6,028			6,115
Listing note, at fair value		-			-
Due to affiliates		399			400
Accounts payable and accrued expenses		18,659			14,791
Prepaid rent		15,491			12,252
Taxes payable		5,201			901
Deferred tax liability		4,016			3,665
Dividends payable		407			10,709
Total liabilities		1,327,849			1,012,128
Common stock		1,692			1,782
Additional paid in capital		1,480,162			1,575,592
Accumulated other comprehensive loss		(3,649	)		(5,589	)
Accumulated deficit		(272,812	)		(155,116	)
Total stockholders' equity		1,205,393			1,416,669
Non-controlling interest		14,726			-
Total equity		1,220,119			1,416,669
Total liabilities and equity	$	2,547,968		$	2,428,797

8

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Consolidated Statements of Income

Amounts in thousands, except per share data and ratios

	Three Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Revenues:
Rental income	$	52,118		$	47,836		$	47,234		$	47,432
Operating expense reimbursements		3,925			2,416			1,834			2,537
Total revenues		56,043			50,252			49,068			49,969
Expenses:
Property operating		7,389			3,355			3,377			4,059
Operating fees to affiliates		4,956			4,902			4,065			1,244
Acquisition and transaction related		76			4,680			212			1,085
Listing fees		150			-			18,503			-
Vesting of class B units		-			-			14,480			-
Change in fair value of Listing Note		(3,380	)		(1,050	)		4,430			-
General and administrative		1,537			2,014			1,885			1,739
Equity based compensation		(90	)		1,917			510			8
Depreciation and amortization		23,918			22,949			22,089			21,114
Total expenses		34,556			38,767			69,551			29,249
Operating income (loss)		21,487			11,485			(20,483	)		20,720
Other income (expense):
Interest expense		(10,065	)		(9,041	)		(7,947	)		(7,811	)
Income from investments		-			8			-			7
Gains on foreign currency		-			-			-			-
Realized losses on investment securities		-			(66	)		-			-
Gains (losses) on derivative instruments		1,150			2,310			(3,736	)		4,211
Gains (losses) hedges and derivatives deemed ineffective		2,679			1,505			(508	)		1,448
Unrealized (losses) gains on non-functional foreign currency advances not designated as net investment hedges		(623	)		-			(11,842	)		8,907
Other income (expense)		64			(10	)		12			13
Total other income (expense), net		(6,795	)		(5,294	)		(24,021	)		6,775
Net income (loss) before income taxes		14,692			6,191			(44,504	)		27,495
Income tax expense		(2,243	)		(703	)		(1,303	)		(1,640	)
Net income (loss)		12,449			5,488			(45,807	)		25,855
Non-controlling interest		(137	)		(56	)		143			-
Net income (loss) attributable to stockholders	$	12,312		$	5,432		$	(45,664	)	$	25,855
Basic and Diluted Earnings Per Share:
Basic and diluted net income (loss) per share attributable to stockholders	$	0.07		$	0.03		$	(0.25	)	$	0.14
Basic and diluted weighted average shares outstanding (thousands)		168,937			168,948			180,380			179,156

9

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data and ratios

	Three Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
EBITDA:
Net income (loss)	$	12,449		$	5,488		$	(45,807	)	$	25,855
Depreciation and amortization		23,918			22,949			22,089			21,114
Interest expense		10,065			9,041			7,947			7,811
Income tax expense		2,243			703			1,303			1,640
EBITDA	$	48,675		$	38,181		$	(14,468	)	$	56,420
Adjusted EBITDA:
Listing Fees	$	150		$	-		$	18,503		$	-
Vesting of class B units		-			-			14,480			-
Change in fair value of Listing Note		(3,380	)		(1,050	)		4,430			-
Equity based compension		(90	)		1,917			510			8
Acquisition and transaction related		76			4,680			212			1,085
Income from investments		-			(8	)		-			(7	)
Gains on foreign currency		-			-			-			-
Realized losses on investment securities		-			66			-			-
(Gains) losses on derivative instruments		(1,150	)		(2,310	)		3,736			(4,211	)
(Gains) losses hedges and derivatives deemed ineffective		(2,679	)		(1,505	)		508			(1,448	)
Unrealized losses (gains) on non-functional foreign currency advances not designated as net investment hedges		623			-			11,842			(8,907	)
Other (income) expense		(64	)		10			(12	)		(13	)
Adjusted EBITDA	$	42,161		$	39,981		$	39,741		$	42,927
Net Operating Income (NOI):
Operating fees to affiliates	$	4,956		$	4,902		$	4,065		$	1,244
General and administrative		1,537			2,014			1,885			1,739
NOI	$	48,654		$	46,897		$	45,691		$	45,910
Cash Net Operating Income (Cash NOI):
Amortization of above/below market lease assets and liabilities		(52	)		94			101			109
Straight-line rent		(3,236	)		(3,697	)		(3,437	)		(4,439	)
Cash NOI		45,366			43,294			42,355			41,580

10

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data and ratios

	Three Months Ended
	Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Funds from operations (FFO):
Net income (loss) attributable to stockholders (in accordance with GAAP)	$	12,312		$	5,432		$	(45,664	)	$	25,855
Depreciation and amortization		23,918			22,949			22,089			21,114
FFO (as defined by NAREIT) attributable to stockholders	$	36,230		$	28,381		$	(23,575	)	$	46,969
Acquisition fees and expenses		76			4,680			212			1,085
Listing fees		150			-			18,503			-
Vesting of class B units upon listing		-			-			14,480			-
Change in fair value of Listing Note		(3,380	)		(1,050	)		4,430			-
Core FFO	$	33,076		$	32,011		$	14,050		$	48,054
Non-cash equity based compensation		(90	)		1,917			510			8
Non-cash portion of interest expense		2,365			2,306			1,994			1,944
Realized losses on investment securities		-			66			-			-
Non-recurring general and administrative expenses[1]		302			188			-			-
Class B distributions		-			(94	)		309			124
Amortization of above and below-market leases and ground lease assets and liabilities, net		(52	)		94			101			109
Straight-line rent		(3,236	)		(3,697	)		(3,437	)		(4,439	)
(Gains) losses on hedges and derivatives deemed ineffective		(2,679	)		(1,505	)		508			(1,448	)
Unrealized losses (gains) on non-functional foreign currency advances not designated as net investment hedges		623			-			11,842			(8,907	)
Amortization of mortgage premiums		(122	)		(123	)		(202	)		(42	)
Adjusted funds from operations (AFFO)	$	30,187		$	31,163		$	25,675		$	35,403
Fully diluted shares outstanding[2] (thousands)		171,838			170,934			182,190			179,156
FFO per diluted share	$	0.21		$	0.17		$	(0.13	)	$	0.26
Core FFO per diluted share		0.19			0.19			0.08			0.27
AFFO per diluted share		0.18			0.18			0.14			0.20
Dividends declared	$	30,306		$	30,314		$	24,289		$	31,364

Footnotes:

^[1] Represents our estimate of non-recurring internal audit service fees.

^[2] Fully diluted shares outstanding represents common shares outstanding and all participating common share equivalents (OP units, unvested restricted stock units, and unearned LTIP units equivalent) as of each respective reporting period.

11

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Debt Overview

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

Year of Maturity	Number of Properties		Weighted-Average Debt Maturity (Years)		Weighted-Average Interest Rate[2]			Total Outstanding Balance			Percent
Non-Recourse Debt
2016		-		-		-		$	-
2017		19		1.4		6.24	%		23,182
2018		8		2.6		2.82	%		83,513
2019		10		3.5		2.63	%		189,894
2020		35		4.7		2.94	%		217,136
2021		1		5.5		5.32	%		17,982
2022		-		-		-			-
Total Non-Recourse Debt		73		3.8		3.04	%	$	531,708			43	%
Recourse Debt
Senior Unsecured Credit Facility[1]				0.6		2.17	%	$	717,286
Total Recourse Debt				0.6		2.17	%	$	717,286			57	%
Total Debt				2.0		2.54	%	$	1,248,994			100	%
Total Debt by Currency									Percent
USD									23	%
EUR									40	%
GBP									37	%
Total									100	%

Footnotes:

^[1] Credit facility has an initial maturity date of July 25, 2016 with two one-year extensions, subject to certain conditions.  Weighted average debt maturity assumes that the extensions are exercised.

^[2] As of December 31, 2015, the Company’s total combined debt had a weighted average interest rate cost of 2.5%, of which 63.4% was fixed rate or swapped to a fixed rate and 36.6% at floating rate.

12

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Investment Activity

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

2015 Acquisitions

Property	Property Location(s)	Purchase Price [1]		Closing Date	Property Type(s)	Gross Square Footage
1Q15
C&J Energy	3990 Rogerdale, Houston, TX			Mar 05, 2015	Office		125
FedEx Ground Package System, Inc.	603 West b1550 South, Salina, UT			Mar 12, 2015	Distribution		12
1Q15 Total		$	38,655				137
2Q15
FedEx Ground Package System, Inc.	3815 Airport Road, Pierre, SD			Apr 09, 2015	Distribution		26
Fresenius	520 Physicians Lane, Sumter, SC			May 01, 2015	Office		10
2Q15 Total		$	8,529				36
3Q15
Fresenius	3801 Woodlake Dr, Hephzibah, GA			Jul 15, 2015	Office		6
Crowne Group	24358 Groesbeck Highway, Warren, MI			Aug 03, 2015	Industrial		92
Crowne Group	576 Beck Street, Jonesville, MI			Aug 03, 2015	Industrial		89
Crowne Group	18401 Malyn Blvd, Fraser, MI			Aug 03, 2015	Industrial		115
Crowne Group	3108 Highway 76 East, Marion, SC			Aug 31, 2015	Industrial		225
Crowne Group	4004 North US 421, Madison, IN			Aug 31, 2015	Industrial		232
Crowne Group	101 East Industrial Blvd, Logansport, IN			Aug 31, 2015	Industrial		186
JIT Steel	610 Manufacturers Way, Chattanooga, TN			Sep 08, 2015	Industrial		76
JIT Steel	530 Manufacturers Way, Chattanooga, TN			Sep 08, 2015	Industrial		51
Mapes & Sprowl	1100 East Devon Avenue, Elk Grove Village, IL			Sep 08, 2015	Industrial		61
Beacon Health	3355 Douglas Rd, South Bend, IN			Sep 16, 2015	Office		50
National Oilwell [2]	4612 County Road 430, Pleasanton, TX			Sep 17, 2015	Industrial		16
Office Depot	Columbusweg 33, Venlo, The Netherlands			Sep 22, 2015	Office		206
Finnair	Helsinki Airport, Helsinki, Finland			Sep 23, 2015	Industrial		656
Hannibal	6501 Bimgle Rd, Houston, TX			Sep 24, 2015	Industrial		109
FedEx	1730 Energy Drive, Mankato, MN			Sep 25, 2015	Industrial		91
3Q15 Total		$	207,823				2,261
4Q15
4Q15 Total		$	-				-
Year-to-Date Total Acqusitions		$	255,007				2,434

Footnotes:

^[1] Purchase price, excluding acquisition related costs, based on the exchange rate at the date of purchase, where applicable.

^[2] The property was initially acquired in May 2014.  The company has expanded the property in September 2015 by purchasing an additional 15,975 square feet with 14.5 years of remaining lease term as of December 31, 2015.          

13

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Top Ten Tenants

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

Tenant / Lease Guarantor	Property Type	Tenant Industry	NOI[1]		Percent
RWE AG	Office	Utilities	$	10,396		5	%
FedEx Ground Package System, Inc.	Distribution	Freight		9,620		5	%
Family Dollar	Retail	Discount Retail		8,825		4	%
Government Services Administration (GSA)	Office	Government		8,571		4	%
Finnair	Industrial	Aerospace		8,546		4	%
Quest Diagnostics, Inc.	Office	Healthcare		6,308		3	%
Crown Crest	Distribution	Retail Food Distribution		5,890		3	%
Tokmanni	Office	Discount Retail		5,618		3	%
Fujitsu Office Properties	Office	Technology		4,779		2	%
Trinity Health	Office	Healthcare		4,656		2	%
Subtotal			$	73,208		35	%
Remaining portfolio				128,028		65	%
Total Portfolio			$	201,236		100	%

Footnotes:

^[1] NOI is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2015.    

14

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Diversification by Property Type

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

	Total Portfolio										Unencumbered Portfolio
Property Type	NOI[1]		NOI Percent			Square Footage		Sq. ft. Percent			NOI[1]		NOI Percent			Square Footage		Sq. ft. Percent
Office	$	107,430		53	%		7,075		38	%	$	52,055		46	%		3,410		29	%
Industrial		38,834		19	%		5,004		27	%		26,819		24	%		3,762		32	%
Retail		30,346		15	%		2,920		16	%		15,887		14	%		1,796		15	%
Distribution		22,346		11	%		3,683		20	%		15,476		14	%		2,702		23	%
Other		2,279		1	%		58		0	%		2,279		2	%		58		0	%
Total	$	201,236		100	%		18,740		100	%	$	112,516		100	%		11,727		100	%

Footnotes:

^[1] NOI is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2015.                  

15

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Diversification by Tenant Industry

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

	Total Portfolio										Unencumbered Portfolio
Industry Type	NOI[1]		NOI Percent			Square Footage		Sq. ft. Percent			NOI[1]		NOI Percent			Square Footage		Sq. ft. Percent
Financial Services	$	20,252		10	%		1,650		9	%	$	5,061		4	%		559		5	%
Discount Retail		18,248		9	%		2,032		11	%		12,630		11	%		1,231		10	%
Technology		16,424		8	%		892		5	%		5,517		5	%		253		2	%
Aerospace		14,323		7	%		1,258		7	%		5,777		5	%		602		5	%
Energy		14,097		7	%		1,043		6	%		14,097		13	%		1,043		9	%
Healthcare		12,294		6	%		664		4	%		5,986		5	%		440		4	%
Utilities		12,288		6	%		673		4	%		-		-			-		-
Freight		11,087		6	%		1,164		6	%		11,087		10	%		1,164		10	%
Pharmaceuticals		9,789		5	%		390		2	%		9,789		9	%		390		3	%
Telecommunications		8,821		4	%		648		3	%		2,164		2	%		133		1	%
Government		8,571		4	%		333		2	%		8,571		8	%		333		3	%
Auto Manufacturing		6,556		3	%		1,940		10	%		6,556		6	%		1,940		17	%
Retail Food Distribution		5,890		3	%		806		4	%		-		-			-		-
Restaurant - Quick Service		3,419		2	%		74		0	%		-		-			-		-
Specialty Retail		3,390		2	%		280		1	%		-		-			-		-
Automotive Parts Supplier		3,380		2	%		411		2	%		1,311		1	%		91		1	%
Home Decor		3,256		2	%		565		3	%		3,256		3	%		565		5	%
Metal Processing		2,862		1	%		448		2	%		2,862		3	%		448		4	%
Home Maintenance		2,447		1	%		231		1	%		-		-			-		-
Office Supplies		2,181		1	%		206		1	%		2,181		2	%		206		2	%
Foot Apparel		2,141		1	%		589		3	%		2,141		2	%		589		5	%
Metal Fabrication		2,120		1	%		297		2	%		2,120		2	%		297		3	%
Consumer Goods		2,030		1	%		272		1	%		1,049		1	%		96		1	%
Other [2]		15,370		8	%		1,875		10	%		10,360		9	%		1,348		11	%
Total	$	201,236		100	%		18,740		100	%	$	112,516		100	%		11,727		100	%

Footnotes:

^[1] NOI is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2015.

^[2] Other includes 9 industry types as of December 31, 2015.                                

16

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Diversification by Geography

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

	Total Portfolio										Unencumbered Portfolio
Region	NOI[1]		NOI Percent			Square Footage		Sq. ft. Percent			NOI		NOI Percent			Square Footage		Sq. ft. Percent
United States	$	117,125		58.2	%		12,085		64.5	%	$	103,917		92.4	%		11,173		95.3	%
Texas		23,244		11.6	%		2,010		10.7	%		18,756		16.7	%		1,608		13.7	%
Michigan		15,966		7.9	%		2,296		12.3	%		15,966		14.2	%		2,296		19.6	%
California		12,890		6.4	%		675		3.6	%		4,170		3.7	%		165		1.4	%
New Jersey		8,505		4.2	%		349		1.9	%		8,505		7.6	%		349		3.0	%
Tennessee		5,810		2.9	%		789		4.2	%		5,810		5.2	%		789		6.7	%
Indiana		4,485		2.2	%		1,114		5.9	%		4,485		4.0	%		1,114		9.5	%
Ohio		4,203		2.1	%		508		2.7	%		4,203		3.7	%		508		4.3	%
Pennsylvania		3,785		1.9	%		376		2.0	%		3,785		3.4	%		376		3.2	%
Kentucky		3,687		1.8	%		517		2.8	%		3,687		3.3	%		517		4.4	%
South Carolina		3,587		1.8	%		424		2.3	%		3,587		3.2	%		424		3.6	%
Florida		3,421		1.7	%		244		1.3	%		3,421		3.0	%		244		2.1	%
Illinois		2,629		1.3	%		571		3.0	%		2,629		2.3	%		571		4.9	%
Missouri		2,582		1.3	%		139		0.7	%		2,582		2.3	%		139		1.2	%
New York		2,398		1.2	%		221		1.2	%		2,398		2.1	%		221		1.9	%
Minnesota		1,865		0.9	%		150		0.8	%		1,865		1.7	%		150		1.3	%
Massachusetts		1,772		0.9	%		127		0.7	%		1,772		1.6	%		127		1.1	%
Oklahoma		1,617		0.8	%		159		0.8	%		1,617		1.4	%		159		1.4	%
North Carolina		1,467		0.7	%		243		1.3	%		1,467		1.3	%		243		2.1	%
Maine		1,441		0.7	%		50		0.3	%		1,441		1.3	%		50		0.4	%
Kansas		1,275		0.6	%		179		1.0	%		1,275		1.1	%		179		1.5	%
Louisiana		1,260		0.6	%		137		0.7	%		1,260		1.1	%		137		1.2	%
South Dakota		1,119		0.6	%		54		0.3	%		1,119		1.0	%		54		0.5	%
Arizona		982		0.5	%		159		0.8	%		982		0.9	%		159		1.4	%
North Dakota		884		0.4	%		47		0.3	%		884		0.8	%		47		0.4	%
Colorado		849		0.4	%		27		0.1	%		849		0.8	%		27		0.2	%
Mississippi		800		0.4	%		81		0.4	%		800		0.7	%		81		0.7	%
Alabama		791		0.4	%		74		0.4	%		791		0.7	%		74		0.6	%
Maryland		785		0.4	%		120		0.6	%		785		0.7	%		120		1.0	%
Georgia		670		0.3	%		48		0.3	%		670		0.6	%		48		0.4	%
Nebraska		564		0.3	%		58		0.3	%		564		0.5	%		58		0.5	%
New Mexico		468		0.2	%		46		0.2	%		468		0.4	%		46		0.4	%
Utah		395		0.2	%		20		0.1	%		395		0.4	%		20		0.2	%
Iowa		296		0.1	%		32		0.2	%		296		0.3	%		32		0.3	%
Delaware		270		0.1	%		10		0.1	%		270		0.2	%		10		0.1	%
Idaho		201		0.1	%		16		0.1	%		201		0.2	%		16		0.1	%
Arkansas		89		0.0	%		8		0.0	%		89		0.1	%		8		0.1	%
Virginia		76		0.0	%		8		0.0	%		76		0.1	%		8		0.1	%
United Kingdom		39,530		19.6	%		2,708		14.5	%		-		-			-		-
Germany		18,607		9.2	%		1,870		10.0	%		-		-			-		-
Finland		14,163		7.0	%		1,457		7.8	%		-		-			-		-
The Netherlands		8,599		4.3	%		554		3.0	%		8,599		7.6	%		554		4.7	%
US Province		3,212		1.6	%		65		0.3	%		-		-			-		-
Total	$	201,236		100	%		18,740		100	%	$	112,516		100	%		11,727		100	%

Footnotes:

^[1] NOI is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2015.                  

17

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2015 (unaudited)

Lease Expirations

As of December 31, 2015

Amounts in thousands, except per share data, ratios and percentages

Year of Expiration	Number of Leases Expiring		NOI[1]		NOI Percent			Leased Rentable Square Feet		Percent of Rentable Square Feet Expiring
2016		-	$	-		-			-		-
2017		-		-		-			-		-
2018		-		-		-			-		-
2019		-		-		-			-		-
2020		2		3,482		1.7	%		386		2.1	%
2021		2		5,003		2.5	%		323		1.7	%
2022		16		20,260		10.1	%		1,553		8.3	%
2023		25		17,760		8.8	%		1,891		10.1	%
2024		39		45,312		22.5	%		3,868		20.6	%
2025		35		20,667		10.3	%		1,758		9.4	%
2026		17		26,964		13.4	%		2,035		10.9	%
2027		10		2,385		1.2	%		163		0.9	%
2028		47		8,861		4.4	%		1,058		5.6	%
2029		118		27,182		13.5	%		2,732		14.6	%
2030		9		4,278		2.1	%		312		1.7	%
2031		-		-		-			-		-
Thereafter (>2031)		9		19,080		9.5	%		2,661		14.1	%
Total		329	$	201,236		100	%		18,740		100	%

 

Footnotes:

^[1] NOI is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2015.        

18

EX-99.3

Exhibit 99.3

February 2016 Investor Presentation

Strategic Positioning 2 Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion Pure - Play Real Estate Superior Portfolio Metrics Experienced International Management Differentiated Story Focused Management Diversified Portfolio

  Diversified by asset type, geography, tenant and tenant industry Focus on single tenant, net lease, income producing, mission critical assets in the U.S., U.K., Germany, the Netherlands and Finland   72.6% of NOI derived from investment grade rated or implied investment grade rated tenants (1) 11.3 year weighted average remaining portfolio lease term (2) provides reliable cash flows with contractual and indexed rent growth (3)   GNL is positioned to take advantage of broad net lease opportunities in both Western Europe and the U.S. Target markets nearly 3x the size of U.S. market with fewer competitors focused on owner - occupied real estate in Europe   Proven track record across multiple economic cycles Externally advised by GNL Advisors (an AR - Global affiliate) and Moor Park, providing a highly scalable acquisition and asset management platform with visible acquisition pipeline from proven, country focused proprietary origination network   Strong and flexible capital structure Foreign exchange fluctuations hedged through asset / liability matching and quarterly rolling forward swaps on net income Investment Highlights High - Quality, Diversified Net Lease Portfolio Strong, Creditworthy Tenant Base with Attractive Lease Terms Global Investment Strategy Experienced Management Team Flexible Balance Sheet 3 ___________________________ Source: All portfolio and financial information derived from unaudited company internal records as of December 31, 2015. Information shown based on U.S. Dollar equivalent amounts using exchange rates as of December 31, 2015. 1. Based on NOI. Actual ratings reflect the tenant rating. Implied Ratings are determined using a proprietary Moody’s analytical to ol, which compares the risk metrics of the non - rated company to those of a company with an Actual Rating. A tenant with a parent that has an investment grade rating is included in implied investment grade. Ratings in formation is as of the date the property was underwritten by the company. 2. Based on Square Feet. As of Feb 2016 3. Refers to leases with fixed percent or actual increases, or country CPI - indexed increases. Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion

Cash NOI $45,366 $172,544 AFFO 30,187 122,428 Dividend Yield – annualized (1) 8.9% Net Debt / Enterprise Value (2) 46.8% USD / Euro / GBP 23% / 40% / 37% Weighted Average Interest Rate Cost 2.5% Fixed / Floating Rate Debt 63% / 37% Interest Coverage (3) 5.5x Weighted Average Debt Maturity (4) 2.0 years Fiscal Year 2015 Key Highlights (in 000’s) 4 Source: All portfolio and financial information derived from unaudited company internal records as of December 31, 2015. Information shown based on U.S. Dollar equivalent amounts using exchange rates as of December 31, 2015. 1. Based on December 31, 2015 share price of $7.95. 2. Based on enterprise value of $ 2.5 billion calculated using the December 31, 2015 closing share price of $7.95 and total combined net debt of $1.2 billion, including $ 531.7 million of mortgage debt. 3. Based on annualized adjusted EBITDA for Q4 2015 of $42.2m 4. Credit facility has an initial maturity date of July 25, 2016 with two, one - year extensions subject to certain conditions. Weigh ted average debt maturity assumes that the extensions are exercised Financial Leverage Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion Q4 2015 FY 2015

Best in Class Portfolio 100% 100% 100% 100% 100% 100% 93% 64% 60% 36% 40% 0% 20% 40% 60% 80% 100% LXP NNN O SIR SRC STOR GPT WPC GNL U.S. Europe Geographic Breakdown 7.5 9.0 9.1 10.0 10.7 11.0 11.3 11.4 14.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 GPT WPC LXP O SRC SIR GNL NNN STOR Average Remaining Lease Term (Years) 96.5% 96.8% 97.8% 98.0% 98.4% 98.8% 98.8% 99.8% 100.0% 90% 92% 94% 96% 98% 100% LXP SRC SIR NNN O WPC GPT STOR GNL Occupancy 27.0% 23.2% 34.5% 39.1% 41.6% 46.0% 46.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% STOR SRC NNN WPC LXP SIR GNL GPT O N/A % Investment Grade Comps Average: 10.4 years Comps Average: 35.9% Comps Average: 98.3% ___________________________ Source: Company filings as of 12/31/2015. Note: GNL represents Global Net Lease, GPT represents Gramercy Property Trust, (which acquired CSG in 2015) LXP represents Le xin gton Realty Trust, NNN represents National Retail Properties, O represents Realty Income, SIR represents Select Income REIT, SRC represents Spirit Realty Capital, STOR represents Store Capital, and WPC repre sen ts W.P. Carey. All information based on annualized rent. 1. WPC’s international exposure includes JV’s and properties from through CSG acquisition 2. LXP excludes ground leases. Lease maturity ~12.4 years including ground leases. Term remaining Figures estimated as of 2/16 3. STOR includes eight ground leases with an average lease term of 75 years. (1) (2) (3) N/A Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion 5 73% incl. Implied IG Tenants

Tenant Rating (1) Country Property Type % of Portfolio NOI (2) Baa2 GER Office 5% **BBB US Distribution 5% **BB US Retail 4% AA+ US Office 4% **Aaa FIN Industrial 4% BBB+ US Office 3% Crown Crest *A2 UK Distribution 3% ***AA - FIN Office 3% *Baa2 UK Office 2% Aa3 US Office 2% High - Quality Portfolio Portfolio Overview Source: All portfolio and financial information derived from unaudited company internal records as of September 31, 2015. Information shown based on U.S. Dollar equivalent amounts using exchange rates as of December 31, 2015. 1. Actual ratings reflect the tenant rating. Implied Ratings are determined using a proprietary Moody’s analytical tool, which c omp ares the risk metrics of the non - rated company to those of a company with an Actual Rating. A tenant with a parent that has an investment grade rating is included in implied investment grade. Ratings informati on is as of the date the property was underwritten by the company. 2. Based on 2015 NOI. See the discussion under the captions, “Forward Looking Statements” and “Projections” in this investor pre sen tation for more information. 3. Based on Square Feet. 4. Fixed percent or actual increases, or country CPI - indexed increases. * Represents Moody’s Implied Rating. ** Represents Tenant Parent Rating. *** Represents Lease Guarantor Rating. GNL owns a large scale portfolio of 329 net lease assets diversified across five countries, 86 tenants and 36 industries as of 12/31/2015. Lease Expiration Schedule (% of SF Per Year) Weighted A verage Lease Term: 11.3 (3) years 6 Top Ten Tenants # of Properties 329 Total Square Feet (mm) 18.7 Number of Tenants 86 Number of Industries 36 Countries 5 Occupancy 100% Weighted Average Remaining Lease Term (3) 11.3 years % of NOI from Investment Grade Tenants (1)(2) 72.6% % of Portfolio NOI from Leases with Contractual Rent Increases (2)(4) 89% The Portfolio’s Top Ten Tenants Represent 35% of P ortfolio NOI 0% 0% 0% 0% 2% 2% 8% 10% 21% 57% Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion

Strong, Diversified Portfolio ___________________________ Source: All portfolio and financial information derived from unaudited company internal records as of December 31, 2015. Information shown based on U.S. Dollar equivalent amounts using exchange rates as of December 31, 2015. 1. Based on annualized 2015 NOI. See the discussion under the captions “Forward Looking Statements” and “Projections” in this in ves tor presentation for more information. 2. Actual ratings reflect the tenant rating. Implied Ratings are determined using a proprietary Moody’s analytical tool, which compares the ris k m etrics of the non - rated company to those of a company with an Actual Rating. A tenant with a parent that has an investment grade rating is included in implied investment grade. Ratings informati on is as of the date the property was underwritten by the company. Investment Grade , 41.6% Implied Investment Grade , 31.0% Non - Investment Grade , 27.4% Credit Rating (1) (2) Tenant Industry (1) ~73% of NOI is derived from investment grade and implied investment grade tenants (1)(2) . 7 U.S. 59.6% UK 19.8% Germany 9.3% The Netherlands 4.3% Finland 7.0% Geography (1) Office , 53% Retail , 15% Industrial , 20% Distribution , 11% Hotel , 1% Asset Type (1) Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion Financial Services , 10.1% Discount Retail , 9.1% Technology , 8.2% Aerospace , 7.1% Energy , 7.0% Healthcare , 6.1% Utilities , 6.1% Freight , 6.0% Government , 4.3% Pharmaceuticals , 4.9% All Other , 31.2%

Significant Global Opportunity GNL is well - positioned to capitalize on incremental investment opportunities in the U.S. and Western Europe. Sovereign Debt Ratings (S&P) U.S. AA+ UK AAA Germany AAA Netherlands AA+ Finland AA+ Belgium AA France AA Ireland A+ Poland A Spain BBB+ Italy BBB - Portugal BB+ ___________________________ 1. Standard’s & Poor’s Rating Agency as of 12/31/2015. 2. CBRE for the year ending 12/31/2013. Focus on the U.S. and countries in Western Europe with strong debt ratings Owner - Occupied Real Estate (2) $6.9 Trillion Global Net Lease Opportunity  $6.9 trillion of owner - occupied real estate in the U.S. and Europe creates large scale net lease opportunities for GNL.  Target market opportunity in the U.S. and Europe is nearly 3x larger than the U.S. market alone.  Scarcity of dedicated net lease investors in Europe creates less competitive acquisition environment and opportunity to acquire high - quality assets at attractive yields. Market Focus (1) U.S. 36% Europe 64% 8 $2.4tn $4.5tn No publicly traded pan European net lease REITs Over $100B of public Net Lease REITs focused on the U.S. Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion

Focused Investment Strategy Creates Value  U.S ., UK , Germany, Finland , Belgium, Netherlands, Luxembourg and France Tenant Credit Quality Geography Real Estate / Market Fundamentals Asset Type Investment Strategy – Key Criteria  Competitive advantage analysis  Business model evaluation  Tenant credit review  Real Estate financial analysis  Review & benchmark underlying asset level trading performance  Key due diligence metrics – valuation, technical, insurance, legal, tax, accounting Disciplined Acquisition Process Total Net Lease Deals Evaluated (1) : ~ $19.7 billion Total Net Lease Acquisitions (1) : ~ $2.6 billion Total Net Lease LOIs Submitted (1) : ~$6.8 billion 9 Structure & Pricing  Single tenant, net lease, income producing, commercial properties  Corporate headquarters or other mission critical assets  Long - term leases tied to inflation indices for annual increases  Maximize differential between cap rates and cost of funding Well - defined investment strategy and rigorous underwriting process used to assemble high - quality, long duration, diversified, net lease property portfolio in the U.S. and Europe. 1. Figures represent Global Net Lease’s total evaluations. Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion

Internalized Advantages Embedded in an External Structure 10 Appropriate, Cost Efficient Fees  Capped management fee; cap as a percentage of AUM is reduced as GNL grows  More cost efficient given GNL’s current size Long - term management agreement provides shareholders with advantages historically only associated with internal management structures. Performance Standards Board Control  Board of Directors has the ability to request a change of underperforming senior managers  Board of Directors sets annual performance objectives; failure to achieve objectives could lead to termination of the management agreement under certain circumstances Termination Rights (1)  Upon change - of - control  Upon failure to achieve performance objectives  For cause Alignment of Interests  Incentive fees paid 50% cash / 50% stock Leveraging Advisor’s Platform  Increased depth of management and support capabilities  Management agreement provides GNL with access to a larger team than it could cost effectively assemble under a fully internalized structure Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion 1. Termination right subject to conditions, including payment of certain termination fees. Refer to item 1.01 of the Current Report on Form 8 - K filed on June 2, 2015 for more information on management agreement

Benefits of External Management 11 Performance Standards The new external management contract enhances performance - based compensation Performance Alignment Reduced Fees  The new management contract is projected to create meaningful savings as compared to the previous advisory agreement for shareholders over the 20 - year term  Eliminates acquisition and financing fees  Management fees compare favorably to peer group  Sliding cap of total and base management fees delivers economies and efficiencies of scale to the Company  Provides immediate savings through lower fees to GNL shareholders  Incentive fees structured to reward actual operational outperformance through the Company delivering increased value to shareholders  The incentive fee hurdles grow 1.0% - 3.0% per annum, at the Boards discretion Termination under a Change of Control  Schedule of fees lower than many externally managed peers  Termination fees comparable to typical change of control costs Term Stability  The duration of the contract allows the Advisor to invest in long - term, value - adding management infrastructure and compensation arrangements with its employees Board Control  The Board of Directors has the right to request a change of underperforming senior managers Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion  Established annually by the Board

Oversight Through Strong Governance 12 Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion  The Board of Directors is comprised of a majority independent directors  The Audit Committee and Conflict Committee are comprised solely of independent directors and provide additional oversight  PwC is GNL’s external auditor, reporting directly to the Audit Committee  Deloitte serves as the company’s internal auditors, reporting directly to the Audit Committee  The company is supported by a dedicated financial accounting and reporting team, and maintains its own financial reporting processes, controls and procedures  In - place allocation policy reduces asset allocation conflicts  Focus on alignment of management and shareholder interests Corporate Governance

 Assembled high - quality net lease property portfolio  Best - in - class portfolio metrics  Established local presence and expertise in our markets  Designed cost - effective management structure  Created in - place hedges to mitigate currency risk  Pursuing pragmatic, steady growth  Strong governance programs in place Conclusion RWE – North Rhine, Germany Western Digital - San Jose, CA GSA - International Falls, MN Provident Financial - Bradford, UK 13 Executive Summary Financial Highlights Portfolio Overview Investment Strategy Management Team Conclusion

The Platform

Shameel Kahn CEO Gary Wilder Executive Chairman Jagdeep Kapoor CIO Moor Park Investment Committee Germany United Kingdom Nordics Benelux France Michael Glaser Illias Harcha Javier paz Valibuena Lars Von der Berg Greg Smith Veronia Baldi Diego Voss Mike Pille Jamal Dutheil Rodolphe De Clermont - Tonnerre Brian Mansouri Vice President Kyle Gray Analyst Audrey Ellis Vice President Lucas O’Connor Analyst U.S. Team GNL Board of Directors Synergistic Value: Advisory Services Group Operations Investor Relations Accounting Legal Due Diligence IT Marketing Human Resources Financing Asset Management William Kahane Director Edward Rendell Independent Director Sue Perrotty Non - Exec. Chairman Independent Director GNL Management Team / Investment Committee Scott Bowman President & CEO Tim Salvemini CFO Broad, Multi - Disciplinary Acquisition Footprint Abby Wenzel Independent Director 15

I NSTITUTIONS A DVISORS D EVELOPERS R ELATIONSHIP B ROKERAGE F IRMS “B AD B ANK ” D EBT P OOLS Origination network targeted to transactions with advantaged position  Disciplined and rigorous approach to underwriting  Capacity to underwrite complexity and structure creatively  Portfolios / large - scale transactions  Investments with embedded value drivers Organizational scale and large footprint drives sourcing  Country focused investment teams – local relationships Strong reputation with vendors  Extensive market knowledge  Execution experience across all real estate asset classes  Ability to deliver with speed and volume in markets lacking institutional liquidity Superior Sourcing Network 16

Vigorous Asset Management Creates Value  11 full - time asset management personnel in the U.S. and Europe Combined executive leadership with local practitioners to provide superior asset management expertise across the U.S. and Europe. 17 Checks Compliance / Negotiation Management  Credit  Tenant credit reviewed annually  Building Systems  HVAC, life safety, telephone, data, plumbing, electrical and mechanical systems are inspected bi - annually  Building Structure  Exterior walls, roof, elevator shafts, footings foundations, load - bearing walls, structural floors, columns and beams are inspected bi - annually  Construction  Improvement oversight, property expansion oversight (oversee work, negotiate TI allowance)  Walkthroughs  Perform an annual walkthrough of the property to evaluate condition and capital budgeting  Service Agreements  Property Managers are responsible for managing contracts with vendors  Contracts are reviewed annually to ensure pricing is at market and service is satisfactory  Mortgage Debt  Ensure compliance with all mortgage documents including deferred maintenance, inspections and reporting  Property Management Subs  Provide consistent oversight on all property management companies hired. Ensure property management provided is compliant with policies and procedures

Legal Notices

Forward Looking Statements Certain statements made in this presentation are forward - looking statements . These forward - looking statements include statements regarding our intent, belief or current expectations and are based on various assumptions . These statements involve substantial risks and uncertainties . Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward - looking statements that we make . Forward - looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns . The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would" and similar expressions are intended to identify forward - looking statements, although not all forward - looking statements contain these identifying words . Actual results may differ materially from those contemplated by the forward - looking statement . Further, forward - looking statements speak only as of the date they are made, and we undertake no obligation to update or reverse any forward - looking statement to reflect changed assumptions, the occurrence of unanticipated events on changes to future operating results, unless required to do so by law . Factors that might cause such differences include, but are not limited to : our ability to complete the listing of our shares of common stock on the New York Stock Exchange (“NYSE”) ; our ability to complete the tender offer ; the price at which our shares of common stock may trade on the NYSE, which may be higher or lower than the purchase price in the tender offer ; the number of shares acquired in the tender offer ; the cost of any indebtedness incurred to fund this offer ; the impact of current and future regulation ; the effects of competition ; the ability of our advisor to attract, develop and retain executives and other qualified employees ; changes in general economic or market conditions ; and other factors, many of which are beyond our control . 19

Risk Factors  Our executive officers, our Advisor and its affiliates face conflicts of interest, including significant conflicts created by our Advisor's compensation arrangements with us and other investment programs advised by American Realty Capital affiliates and conflicts in allocating tim e among these investment programs and us.  We may be unable to pay or maintain cash distributions or increase distributions over time.  We depend on tenants for our rental revenue and, accordingly, our rental revenue is dependent upon the success and economic viab ili ty of our tenants.  Increases in interest rates could increase the amount of our debt payments and limit our ability to pay distributions to our stockholde rs.  Distributions may reduce the amount of capital we ultimately invest in properties  We are subject to risks associated with our international investments, including risks associated with compliance with and chang es in foreign laws, fluctuations in foreign currency exchange rates and inflation.  We are subject to risks associated with any dislocations or liquidity disruptions that may exist or occur in the credit markets of the United States of America and Europe from time to time.  We may fail to continue to qualify to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes, which would result in higher taxes, may adversely affect operations and we may be unable to raise additional equity or debt financing on attractive terms or at all.  We may be exposed to risks due to a lack of tenant diversity, investment types and geographic diversity.  We may be exposed to changes in general economic, business and political conditions, including the possibility of intensified in ter national hostilities, acts of terrorism, and changes in conditions of United States or international lending, capital and financing markets.  Risks associated with our international investments, including risks associated with compliance with and changes in foreign laws, f luc tuations in foreign currency exchange rates and inflation . The following are some of the risks and uncertainties, although not all risks and uncertainties, that could cause our actual res ults to differ materially from those presented in our forward - looking statements: 20

Projections This presentation includes estimated projections of future operating results . These projections were not prepared in accordance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections . This information is not fact and should not be relied upon as being necessarily indicative of future results ; the projections were prepared in good faith by management and are based on numerous assumptions that may prove to be wrong . Important factors that may affect actual results and cause the projections to not be achieved include, but are not limited to, risks and uncertainties relating to the company and other factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10 - K filed with the SEC on April 3 , 2015 , the Quarterly Reports on Form 10 - Q filed for the quarters ended March 31 , 2015 , June 30 , 2015 and November 30 , 2015 , filed on May 18 , 2015 , August 10 , 2015 and November 10 , 2015 and in future filings with the SEC . ” The projections also reflect assumptions as to certain business decisions that are subject to change . As a result, actual results may differ materially from those contained in the estimates . Accordingly, there can be no assurance that the estimates will be realized . This presentation also contains estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which we participate, that are based on industry publications and reports . This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates . We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports . The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “ Risk Factors” section of the Company’s Annual Report on Form 10 - K filed with the SEC on April 3 , 2015 , the Quarterly Reports on Form 10 - Q filed for the quarters ended March 31 , 2015 , June 30 , 2015 and November 30 , 2015 , filed on May 18 , 2015 , August 10 , 2015 and November 10 , 2015 and in future filings with the SEC . These and other factors could cause results to differ materially from those expressed in these publications and reports . 21

Definitions 22 Funds from operations (“FFO”) Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a measure known as funds from operations ("FFO"), which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT . The use of FFO is recommended by the REIT industry as a supplemental performance measure . FFO is not equivalent to net income or loss as determined under accounting principles generally accepted in the United States ("GAAP ") . We define FFO, a non - GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the "White Paper") . The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property but including asset impairment writedowns, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures . Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO . Our FFO calculation complies with NAREIT's definition . The historical accounting convention used for real estate assets requires straight - line depreciation of buildings and improvements, and straight - line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time, especially if not adequately maintained or repaired and renovated as required by relevant circumstances or as requested or required by lessees for operational purposes in order to maintain the value disclosed . We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative . Historical accounting for real estate involves the use of GAAP . Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP . Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income . However, FFO, core funds from operations ("Core FFO") and adjusted funds from operations (“AFFO”), as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance . The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non - GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO . Other REITs may not define FFO in accordance with the current NAREIT definition (as we do) or may interpret the current NAREIT definition differently than we do and/or calculate Core FFO and/or AFFO differently than we do . Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly titled measures presented by other REITs .

Definitions (cont’d) 23 Funds from operations (“FFO”) (Cont’d) We consider FFO, Core FFO and AFFO useful indicators of our performance . Because FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful - life estimates), FFO facilitates comparisons of operating performance between periods and between other REITs in our peer group . Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed - as - incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT's definition of FFO have prompted an increase in cash - settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses . Core adjusted funds from operations (“Core AFFO”) Core FFO is FFO, excluding acquisition and transaction related costs as well as certain other costs that are considered to be non - core, such as charges relating to the Listing Note and listing related fees . The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make dividend payments to stockholders . In evaluating investments in real estate, we differentiate the costs to acquire the investment from the operations derived from the investment . By excluding expensed acquisition and transaction related costs as well as non - core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties .

Definitions (cont’d) Adjusted funds from operations (“AFFO”) We exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non - cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan . These items include unrealized gains and losses, which may not ultimately be realized, such as gains or losses on contingent valuation rights, gains and losses on investments and early extinguishment of debt . We also exclude dividends on Class B Units as the related shares are assumed to have converted to common stock in our calculation of fully diluted weighted average shares of common stock . In addition, by excluding non - cash income and expense items such as amortization of above - market and below - market leases intangibles, amortization of deferred financing costs, straight - line rent and equity - based compensation from AFFO, we believe we provide useful information regarding income and expense items which have no cash impact and do not provide liquidity to the company or require capital resources of the company . By providing AFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our ongoing operating performance without the impacts of transactions that are not related to the ongoing profitability of our portfolio of properties . We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry . Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies that are not making a significant number of acquisitions . Investors are cautioned that AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as it excludes certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred . In calculating AFFO, we exclude certain expenses, which under GAAP are characterized as operating expenses in determining operating net income . These expenses are paid in cash by us, and therefore such funds will not be available to distribute to investors . All paid and accrued merger, acquisition and transaction related fees and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired will also have negative effects on returns to investors, the ability to fund dividends or distributions in the future, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property and certain other expenses . AFFO that excludes such costs and expenses would only be comparable to companies that did not have such activities . Further, under GAAP, certain contemplated non - cash fair value and other non - cash adjustments are considered operating non - cash adjustments to net income in determining cash flow from operating activities . In addition, we view fair value adjustments as items which are unrealized and may not ultimately be realized . We view both gains and losses from fair value adjustments as items which are not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance . Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of the operating performance of the properties . Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance . By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe AFFO provides useful supplemental information . 24

Definitions (cont’d) 25 Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Adjusted Cash Net Operating Income . We believe that earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction - related expenses, other non - cash items and including our pro - rata share from unconsolidated joint ventures ("Adjusted EBITDA") is an appropriate measure of our ability to incur and service debt . Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities . Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs . Net operating income ("NOI") is a non - GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition and transaction - related expenses, depreciation and amortization, other non - cash expenses and interest expense . NOI is adjusted to include our pro rata share of NOI from unconsolidated joint ventures . We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level . Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations . Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income . NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations . For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level . In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level . NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently . We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements . NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity . Cash NOI is NOI presented on a cash basis, which is NOI after eliminating the effects of straight - lining of rent and the amortization of above and below market leases .