0001144204-17-011078.txt : 20170227 0001144204-17-011078.hdr.sgml : 20170227 20170227080001 ACCESSION NUMBER: 0001144204-17-011078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20170227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170227 DATE AS OF CHANGE: 20170227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global Net Lease, Inc. CENTRAL INDEX KEY: 0001526113 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 452771978 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37390 FILM NUMBER: 17639630 BUSINESS ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-415-6500 MAIL ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Trust, Inc. DATE OF NAME CHANGE: 20120810 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Daily Net Asset Value Trust, Inc. DATE OF NAME CHANGE: 20111014 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Trust, Inc. DATE OF NAME CHANGE: 20110719 8-K 1 v460484_8k.htm 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): February 27, 2017

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 February 27, 2017, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal year ended December 31, 2016, and supplemental financial information for the quarter ended December 31, 2016, attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 7.01.

Regulation FD Disclosure.

Press Release and Supplemental Information

As disclosed in Item 2.02 above, on February 27, 2017, the Company issued a press release announcing its results of operations for the fiscal year ended December 31, 2016, and supplemental financial information for the quarter ended December 31, 2016, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibit 99.1 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 and 99.2, 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 February 27, 2017
99.2		Quarterly supplemental information for the year ended December 31, 2016

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: February 27, 2017	By:	/s/ Scott J. Bowman
		Name:	Scott J. Bowman
		Title:	Chief Executive Officer and President

EX-99.1 2 v460484_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Global Net Lease Announces Operating Results for Fourth Quarter and Full Year 2016

New York, February 27, 2017 – Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a real estate investment trust focused on acquiring and managing a diversified portfolio of single tenant net lease commercial properties in the U.S. and Western Europe, announced today its financial and operating results for the quarter and full year ended December 31, 2016.

	Quarter Ended				Year Ended
	December 31,				December 31,
	2016		2015		2016		2015
(in thousands, except per share data)
Revenue	$	52,773	$	56,043	$	214,174	$	205,332

Net income (loss) attributable to stockholders	$	15,946	$	12,312	$	47,140	$	(2,065	)

NAREIT defined FFO attributable to stockholders	$	28,847	$	35,977	$	129,085	$	87,431
NAREIT defined FFO per common share	$	0.17	$	0.21	$	0.76	$	0.50

Core FFO attributable to stockholders	$	36,202	$	32,856	$	138,798	$	126,479

AFFO attributable to stockholders	$	29,272	$	28,115	$	127,061	$	114,090

2016 Highlights

Net Income attributable to stockholders increased by $49.2 million

Net Operating Income (“NOI”) increased by 4.3%

NAREIT defined Funds from Operations (“FFO”) increased by 47.6%

Core Funds from Operations (“Core-FFO”) increased by 9.7%

Adjusted Funds from Operations (“AFFO”) increased by 11%

Weighted Average Shares Outstanding for 2016 was 170,161,344

100% Occupancy and 9.8 years remaining weighted average lease term at year-end

Interest coverage ratio of 4.9 times at year end

Closed merger with American Realty Capital Global Trust II, Inc. (“Global II”), increasing GNL to $3.0 billion in total capitalization, increasing the size of GNL’s portfolio, and further diversifying geographic, industry, and tenant mix, further enhancing the quality of GNL’s portfolio and position as a premier global net lease REIT

GNL Stock added to the Russell 2000® and Russell 3000® indexes

Secured major institutional research analyst coverage

Completed shelf registration and put in place a $175 million at-the-market (“ATM”) offering, providing the Company with tools for future growth

Executed the first of two available one-year extensions on $740 million credit facility and substantially paid down outstanding mezzanine facility

As of February 17, 2017, completed Asset Recycling Program including dispositions of 35 properties for a sales price of $123.4 million at an average cash cap rate of 6.79%

Select Fourth Quarter Highlights

Net Income attributable to stockholders increased by 29.5% year-over-year

Net Operating Income (“NOI”) decreased by 3.1% year-over-year

NAREIT defined Funds from Operations (“FFO”) decreased by 19.8% year-over-year

Core Funds from Operations (“Core-FFO”) increased by 10.1% year-over-year

Adjusted Funds from Operations (“AFFO”) increased by 4.1% year-over-year

Weighted Average Shares Outstanding as of December 31, 2016 was 173,343,587

Scott Bowman, Chief Executive Officer and President of GNL, commented, “2016 was a transformational year for GNL as we continued our efforts to position GNL as a leading single tenant net lease REIT. We are pleased to have closed on the strategically important acquisition of Global II, further diversifying and enhancing GNL’s best-in-class portfolio. We have continued to execute pragmatically against our stated objectives throughout 2016, and our operating results reflect GNL’s positive momentum.”

Property Portfolio

The Company’s resulting year-end portfolio, following the close of its acquisition of Global II, and reflecting the assets sold as of year-end through the asset recycling program, consisted of 310 net lease properties located in 7 countries and comprised 22 million total square feet leased to 95 tenants across 36 industries. The real estate portfolio metrics include:

100% Occupancy

Weighted average remaining lease term of 9.8 years

90.9% of portfolio annualized straight line rent with contractual rent increases

72.3% of portfolio annualized straight line rent derived from investment grade rated or implied investment grade rated tenants

51% U.S. and 49% Europe (based on annualized straight line rent)

59.7% Office, 30.4% Industrial / Distribution and 9.9% Retail (based on an annualized straight line rent and on foreign currency exchange rates as of December 31, 2016)

“The completion of the Global II acquisition, married with our asset recycling program, has allowed us to grow while fine-tuning GNL’s best-in-class single tenant net lease portfolio. We are proud of the high quality portfolio that maintains 100% occupancy, leased to 72% investment grade or implied investment grade tenants on leases with an average remaining duration of approximately 10 years. We have a great foundation for future growth at GNL.” said Mr. Bowman.

Capital Structure and Liquidity Resources

As of December 31, 2016, the Company had $69.8 million of cash and cash equivalents and $113.0 million available under its revolving credit facility based on foreign exchange rates as of December 31, 2016. The Company’s net debt to enterprise value was 46.6% with an enterprise value of $2.9 billion based on the December 30, 2016 closing share price of $7.83, and total combined net debt of $1.4 billion at year-end, including $749.9 million of outstanding mortgage debt.

As of December 31, 2016, the Company’s total combined debt had a weighted average interest rate cost of 2.8%, consisting of approximately 81% fixed rate¹and 19% floating rate debt, resulting in an interest coverage ratio² of 4.9 times.

“With our solid post-merger balance sheet, Global Net Lease is well positioned to deliver long-term shareholder growth. Our ability to invest opportunistically in the US and Europe continues to provide compelling spreads between acquisition cap rates and our multi-currency cost of debt, which we believe will continue to drive best-in-class interest coverage.” said Nicholas Radesca, Chief Financial Officer of GNL.

Conference Call

GNL will host a conference call on February 27, 2017 at 11:00 a.m. ET to discuss its financial and operating results.

Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the GNL website, www.globalnetlease.com, in the “Investor Relations” section.

To listen to the live call, please go to GNL's “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.

¹ Inclusive of floating rate debt with in place rate hedges allowing debt to effectively act as fixed.

² The interest coverage ratio is calculated by dividing adjusted EBITDA by cash paid for interest (interest expense less non-cash portion of interest expense) as of the quarter ended December 31, 2016.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-888-317-6003

International Dial In (Toll Free): 1-412-317-6061

Canada Dial In (Toll Free): 1-866-284-3684

Participant Elite Entry Number: 6184640

Conference Replay*

Domestic Dial In (Toll Free): 1-877-344-7529

International Dial In (Toll Free): 1-412-317-0088

Canada Dial In (Toll Free): 1-855-669-9658

Conference Number: 10101329

*Available one hour after the end of the conference call through May 27, 2017.

(Participants will be required to state their name and company upon entering call.)

Supplemental Schedules

The Company will file supplemental information packages 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 but not limited to, the company’s plans, market and other expectations, objectives, intentions, as well as any expectations or projections with respect to the company, including regarding future dividends and market valuations, other statements that are not historical facts, those set forth in the Risk Factors section of GNL’s most recent annual report on Form 10-K filed for the year ended December 31, 2016 with the SEC on February 27, 2017, 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.

Copies of the documents filed by GNL with the SEC are also available free of charge on GNL’s website at www.globalnetlease.com.

Contacts

Media Inquiries:

Investor Inquiries:

Tim Cifelli

President

DDCworks

tcifelli@ddcworks.com

(484-342-3600)

Matthew Furbish

Vice President

Investor Relations

mfurbish@globalnetlease.com

(212-415-6500)

Scott J. Bowman

Chief Executive Officer

Global Net Lease, Inc.

sbowman@globalnetlease.com

(212-415-6500)

Global Net Lease, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

	December 31, 2016			December 31, 2015
Assets		(Unaudited)
Real estate investments, at cost:
Land	$	376,704		$	341,911
Buildings, fixtures and improvements		1,967,930			1,685,919
Construction in progress		-			180
Acquired intangible lease assets		587,061			518,294
Total real estate investments, at cost		2,931,695			2,546,304
Less accumulated depreciation and amortization		(216,055	)		(133,329	)
Total real estate investments, net		2,715,640			2,412,975
Cash and cash equivalents		69,831			69,938
Restricted cash		7,497			3,319
Derivatives, at fair value		28,700			5,812
Unbilled straight-line rent		30,459			23,048
Prepaid expenses and other assets		17,577			15,345
Related party notes receivable acquired in Merger		5,138			-
Due from related parties		16			136
Deferred tax assets		1,586			2,552
Goodwill and other intangible assets, net		13,931			2,988
Deferred financing costs, net		1,092			4,409
Total Assets	$	2,891,467		$	2,540,522

Liabilities and Equity
Mortgage notes payable, net of deferred financing costs ($5,103 and $7,446 for December 31, 2016 and 2015, respectively)	$	749,884		$	524,262
Mortgage (discount) premium, net		(2,503	)		676
Credit facility		616,614			717,286
Mezzanine facility		55,400			-
Mezzanine discount, net		(17	)		-
Acquired intangible lease liabilities, net		33,041			27,978
Derivatives, at fair value		15,457			6,028
Due to related parties		2,162			399
Accounts payable and accrued expenses		22,861			18,659
Prepaid rent		18,429			15,491
Deferred tax liability		15,065			4,016
Taxes payable		9,059			5,201
Dividends payable		34			407
Total liabilities		1,535,486			1,320,403

Commitments and contingencies

Equity:
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding		-			-
Common stock, $0.01 par value, 300,000,000 shares authorized, 198,775,675 and 168,936,633 shares issued and outstanding as of December 31, 2016 and 2015, respectively		1,990			1,692
Additional paid-in capital		1,708,541			1,480,162
Accumulated other comprehensive loss		(16,689	)		(3,649	)
Accumulated deficit		(346,058	)		(272,812	)
Total stockholders' equity		1,347,784			1,205,393
Non-controlling interest		8,197			14,726
Total equity		1,355,981			1,220,119
Total liabilities and equity	$	2,891,467		$	2,540,522

Global Net Lease, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)

	Three Months Ended									Year Ended
	December 31, 2016			September 30, 2016			December 31, 2015			December 31, 2016			December 31, 2015
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues:
Rental income	$	50,046		$	50,756		$	52,118		$	204,049		$	194,620
Operating expense reimbursements		2,727			2,495			3,925			10,125			10,712
Total revenues		52,773			53,251			56,043			214,174			205,332

Expenses:
Property operating		5,648			4,201			7,389			19,038			18,180
Operating fees to related parties		5,113			4,862			4,956			19,751			15,167
Acquisition and transaction related		7,415			2,479			76			9,792			6,053
Listing fees		-			-			150			-			18,653
Vesting of Class B Units		-			-			-			-			14,480
Change in fair value of listing note		-			-			(3,380	)		-			-
General and administrative		1,810			1,714			1,537			7,108			7,175
Equity based compensation		1,341			1,293			(90	)		3,748			2,345
Depreciation and amortization		23,405			23,482			23,918			94,455			90,070
Total expenses		44,732			38,031			34,556			153,892			172,123
Operating income		8,041			15,220			21,487			60,282			33,209

Other income (expense):
Interest expense		(9,004	)		(8,914	)		(10,065	)		(39,121	)		(34,864	)
Income from investments		-			-			-			-			15
Realized losses on investments securities		-			-			-			-			(66	)
Gains on dispositions of real estate investments		12,021			1,320			-			13,341			-
Gains on derivative instruments		3,512			375			1,150			7,368			3,935
Unrealized gains on undesignated foreign currency advances and other hedge ineffectivenes		4,496			1,459			2,679			10,109			5,124
Unrealized losses on non-functional foreign currency advances not designated as net investment hedges		-			-			(623	)		-			(3,558	)
Other (expense) income		(1	)		4			64			20			79
Total other expense, net		11,024			(5,756	)		(6,795	)		(8,283	)		(29,335	)
Net income before income taxes		19,065			9,464			14,692			51,999			3,874
Income taxes expense		(2,994	)		(448	)		(2,243	)		(4,422	)		(5,889	)
Net income (loss)		16,071			9,016			12,449			47,577			(2,015	)
Non-controlling interest		(125	)		(73	)		(137	)		(437	)		(50	)
Net income (loss) attributable to stockholders	$	15,946		$	8,943		$	12,312		$	47,140		$	(2,065	)

Basic and Diluted Earnings Per Share:
Basic and diluted net income (loss) per share attributable to stockholders	$	0.09		$	0.05		$	0.07		$	0.27		$	(0.01	)
Basic and diluted weighted average shares outstanding		173,343,587			169,390,187			168,936,633			170,161,344			174,309,894

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)

	Three Months Ended												Year Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2016

Net income attributable to stockholders (in accordance with GAAP)	$	6,488		$	15,763		$	8,943		$	15,946		$	47,140
Depreciation and amortization		23,756			23,812			23,482			23,405			94,455
Gains on dispositions of real estate investments ⁽¹⁾		-			-			(1,320	)		(10,521	)		(11,841	)
Proportionate share of adjustments for non-controlling interest to arrive at FFO		(252	)		(252	)		(182	)		17			(669	)
FFO (as defined by NAREIT) attributable to stockholders		29,992			39,323			30,923			28,847			129,085

Acquisition and transaction fees ⁽²⁾		(129	)		27			2,479			7,415			9,792
Proportionate share of adjustments for non-controlling interest to arrive at Core FFO		1			-			(20	)		(60	)		(79	)
Core FFO attributable to stockholders		29,864			39,350			33,382			36,202			138,798

Non-cash equity based compensation		1,044			70			1,293			1,341			3,748
Non-cash portion of interest expense		2,418			2,400			951			929			6,698
Straight-line rent		(2,801	)		(2,722	)		(2,536	)		(2,554	)		(10,613	)
Amortization of above- and below-market leases and ground lease assets and liabilities, net		16			(27	)		(58	)		28			(41	)
Eliminate unrealized losses (gains) on foreign currency transactions ⁽³⁾		1,809			(2,347	)		1,606			(2,140	)		(1,072	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		98			(4,252	)		(1,459	)		(4,496	)		(10,109	)
Amortization of mortgage (discount) premium, net and mezzanine discount		(121	)		(119	)		(121	)		(76	)		(437	)
Proportionate share of adjustments for non-controlling interest to arrive at AFFO		(26	)		74			3			38			89
AFFO attributable to stockholders	$	32,301		$	32,427		$	33,061		$	29,272		$	127,061

⁽¹⁾ For the three months ended and year ended December 31, 2016, the gains on dispositions of real estate investments is net of $1.5 million of tax recognized (presented within income tax expense) on the sale of Hotel Winston, The Netherlands property.

⁽²⁾ Reflects merger related costs in 2016.

⁽³⁾ For the three months ended March 31, 2016, losses on foreign currency transactions were $0.3 million which were comprised of unrealized losses of $1.8 million offset by realized gains of $1.5 million. For the three months ended June 30, 2016, gains on foreign currency transactions were $3.8 million which were comprised of unrealized gains of $2.3 million and realized gains of $1.5 million. For the three months ended September 30, 2016, gains on foreign currency transactions were $0.4 million which were comprised of unrealized losses of $1.6 million offset by realized gains of $2.0 million. For the three months ended December 31, 2016, gains on foreign currency transactions were $3.5 million which were comprised of unrealized gains of $2.2 million and realized gains of $1.3 million. For the year ended December 31, 2016, gains on foreign currency transactions were $7.4 million which were comprised of unrealized gains of $1.1 million and realized gains of $6.3 million. For AFFO purposes, we add back unrealized (gains) losses.

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(in thousands)

	Three Months Ended												Year Ended
	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			December 31, 2016
Adjusted EBITDA
Net income	$	6,558		$	15,932		$	9,016		$	16,071		$	47,577
Depreciation and amortization		23,756			23,812			23,482			23,405			94,455
Interest expense		10,569			10,634			8,914			9,004			39,121
Income tax expense		550			430			448			2,994			4,422
Acquisition and transaction related		(129	)		27			2,479			7,415			9,792
Gains on disposition of real estate investments		-			-			(1,320	)		(12,021	)		(13,341	)
Losses (gains) on derivative instruments		349			(3,830	)		(375	)		(3,512	)		(7,368	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		98			(4,252	)		(1,459	)		(4,496	)		(10,109	)
Equity based compensation		1,044			70			1,293			1,341			3,748
Other (income) expense		(9	)		(8	)		(4	)		1			(20	)
Adjusted EBITDA	$	42,786		$	42,815		$	42,474		$	40,202		$	168,277

Net Operating Income (NOI)
Operating fees to related parties		4,817			4,959			4,862			5,113			19,751
General and administrative		1,704			1,880			1,714			1,810			7,108
NOI	$	49,307		$	49,654		$	49,050		$	47,125		$	195,136

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 Adjusted Funds from Operations (“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 write-downs, 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, 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.

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 early extinguishment of debt and unrealized gains and losses, which may not ultimately be realized, such as gains or losses on derivative investments, gains and losses on foreign currency transactions, and gains and losses on investments. 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 a direct impact on our ongoing operating performance. We also include the realized gains or losses on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect the current operating performance 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 performance 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. However, AFFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. 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. 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 but are not reflective of our on-going performance. 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 gains and losses from fair value adjustments as items which are unrealized and may not ultimately be realized and 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 company. 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 including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, and 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. 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 net operating income, or Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our net-leased properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our leased properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs present Cash NOI.

EX-99.2 3 v460484_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Table of Contents


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

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 (i) the Annual Report on Form 10-K for the year ended December 31, 2015 of Global Net Lease, Inc. (the “Company”) filed on February 29, 2016, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” (ii) the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016, and September 30, 2016, filed on May 6, 2016, August 8, 2016, and November 9, 2016, respectively and (iii) in future periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended. 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 Annual Report on Form 10-K for the year ended December 31, 2015 filed on February 29, 2016, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. 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).

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Non-GAAP Definitions

This section includes non-GAAP financial measures, including Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations. 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 GAAP.

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, 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 or calculate Core FFO 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.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Non-GAAP Definitions

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 early extinguishment of debt and unrealized gains and losses, which may not ultimately be realized, such as gains or losses on derivative investments, gains and losses on foreign currency transactions, and gains and losses on investments. 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 a direct impact on our ongoing operating performance. We also include the realized gains or losses on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect the current operating performance 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 performance 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. However, AFFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. 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.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Non-GAAP Definitions

In calculating AFFO, we exclude certain expenses, which under GAAP are characterized as operating expenses in determining operating net income. 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, but are not reflective of our on-going performance. 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 addition, as discussed above, we view gains and losses from fair value adjustments as items which are unrealized and may not ultimately be realized and 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 Company. 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.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (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.

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 net operating income, or Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs present Cash NOI.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Key Metrics

As of and for the three months ended December 31, 2016

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

Financial Results
Rental income	$	50,046
Net income attributable to stockholders		15,946
Basic and diluted net income per share attributable to stockholders	$	0.09
Cash NOI		44,599
Adjusted EBITDA		40,202
AFFO attributable to stockholders		29,272
Dividends paid per share - fourth quarter		0.18
Dividend yield - annualized, based on quarter end share price of $7.83		9.1	%
Dividend payout ratio - fourth quarter		105.1	%

Balance Sheet and Capitalization
Equity market capitalization - based on quarter end share price of $7.83	$	1,556,414
Net debt		1,357,170
Enterprise value		2,913,584

Total capitalization		2,983,415

Total consolidated debt		1,427,001
Total assets		2,891,467
Liquidity		182,818

Common shares outstanding as of Dec 31, 2016 (thousands)		198,776
Share price, end of quarter	$	7.83

Net debt to enterprise value		46.6	%
Net debt to adjusted EBITDA (annualized)^[1]		8.4	x

Weighted-average interest rate cost		2.8	%
Weighted-average debt maturity (years) ^[2]		1.8
Interest Coverage Ratio ^[3]		4.9	x

Real Estate Portfolio
Number of properties		310
Number of tenants		95

Square footage (millions)		22.0
Occupied		100.0	%
Weighted-average remaining lease term (years) ^[4]		9.8

Footnotes:

[1] Includes all debt assumed in the ARC Global II merger, as well as Adjusted EBITDA recognized on the acquired assets beginning 12/22/2016.

[2] On July 25, 2016, the company extended the credit facility maturity date to July 25, 2017, with an additional one-year extension option remaining, subject to certain conditions.

[3] The interest coverage ratio is calculated by dividing Adjusted EBITDA by cash paid for interest (interest expense less non-cash portion of interest expense including amortization of mortgage (discount) premium, net and mezzanine discount) as of the quarter ended December, 31, 2016.

[4] The weighted-average remaining lease term (years) is based on square feet.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Consolidated Balance Sheets

Amounts in thousands

	Dec 31, 2016			Dec 31, 2015
Assets
Real estate investments, at cost:
Land	$	376,704		$	341,911
Buildings, fixtures and improvements		1,967,930			1,685,919
Construction in progress		-			180
Acquired intangible lease assets		587,061			518,294
Total real estate investments, at cost		2,931,695			2,546,304
Less accumulated depreciation and amortization		(216,055	)		(133,329	)
Total real estate investments, net		2,715,640			2,412,975
Cash and cash equivalents		69,831			69,938
Restricted cash		7,497			3,319
Derivatives, at fair value		28,700			5,812
Unbilled straight line rent		30,459			23,048
Prepaid expenses and other assets		17,577			15,345
Due from related parties		5,154			136
Deferred tax assets		1,586			2,552
Goodwill and other intangible assets, net		13,931			2,988
Deferred financing costs, net		1,092			4,409
Assets held for sale, net		-			-
Total assets	$	2,891,467		$	2,540,522

Liabilities and Equity
Mortgage notes payable, net of deferred financing costs	$	749,884		$	524,262
Mortgage premium, net		(2,503	)		676
Credit facility		616,614			717,286
Mezzanine credit facility		55,400			-
Mezzanine loan premium (discount)		(17	)		-
Below-market lease liabilities, net		33,041			27,978
Derivatives, at fair value		15,457			6,028
Due to related parties		2,162			399
Accounts payable and accrued expenses		22,861			18,659
Prepaid rent		18,429			15,491
Deferred tax liability		15,065			4,016
Taxes payable		9,059			5,201
Dividends payable		34			407
Total liabilities		1,535,486			1,320,403

Common stock		1,990			1,692
Additional paid in capital		1,708,541			1,480,162
Accumulated other comprehensive loss		(16,689	)		(3,649	)
Accumulated deficit		(346,058	)		(272,812	)
Total stockholders' equity		1,347,784			1,205,393
Non-controlling interest		8,197			14,726
Total equity		1,355,981			1,220,119
Total liabilities and equity	$	2,891,467		$	2,540,522

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Consolidated Statements of Operations

Amounts in thousands, except per share data

	Three Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016

Revenues:
Rental income	$	50,046		$	50,756		$	51,736		$	51,511
Operating expense reimbursements		2,727			2,495			1,460			3,443
Total revenues		52,773			53,251			53,196			54,954

Expenses:
Property operating		5,648			4,201			3,542			5,647
Operating fees to related parties		5,113			4,862			4,959			4,817
Acquisition and transaction related		7,415			2,479			27			(129	)
General and administrative		1,810			1,714			1,880			1,704
Equity based compensation		1,341			1,293			70			1,044
Depreciation and amortization		23,405			23,482			23,812			23,756
Total expenses		44,732			38,031			34,290			36,839
Operating income		8,041			15,220			18,906			18,115

Other income (expense):
Interest expense		(9,004	)		(8,914	)		(10,634	)		(10,569	)
Gains on dispositions of real estate investments		12,021			1,320			-			-
Gains (losses) on derivative instruments		3,512			375			3,830			(349	)
Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness		4,496			1,459			4,252			(98	)
Other income (expense)		(1	)		4			8			9
Total other expense, net		11,024			(5,756	)		(2,544	)		(11,007	)
Net income before income taxes		19,065			9,464			16,362			7,108
Income tax expense		(2,994	)		(448	)		(430	)		(550	)
Net income		16,071			9,016			15,932			6,558
Non-controlling interest		(125	)		(73	)		(169	)		(70	)
Net income attributable to stockholders	$	15,946		$	8,943		$	15,763		$	6,488

Basic and Diluted Earnings Per Share:
Basic and diluted net income per share attributable to stockholders	$	0.09		$	0.05		$	0.09		$	0.04
Basic and diluted weighted average shares outstanding (thousands)		173,344			169,390			168,948			168,937

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Non-GAAP Measures

Amounts in thousands

	Three Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016

EBITDA:
Net income	$	16,071		$	9,016		$	15,932		$	6,558
Depreciation and amortization		23,405			23,482			23,812			23,756
Interest expense		9,004			8,914			10,634			10,569
Income tax expense		2,994			448			430			550
EBITDA	$	51,474		$	41,860		$	50,808		$	41,433

Adjusted EBITDA:
Equity based compension	$	1,341		$	1,293		$	70		$	1,044
Acquisition and transaction related		7,415			2,479			27			(129	)
Gains on dispositions of real estate investments		(12,021	)		(1,320	)		-			-
(Gains) losses on derivative instruments		(3,512	)		(375	)		(3,830	)		349
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness		(4,496	)		(1,459	)		(4,252	)		98
Other (income) expense		1			(4	)		(8	)		(9	)
Adjusted EBITDA	$	40,202		$	42,474		$	42,815		$	42,786

Net Operating Income (NOI):
Operating fees to related parties	$	5,113		$	4,862		$	4,959		$	4,817
General and administrative		1,810			1,714			1,880			1,704
NOI	$	47,125		$	49,050		$	49,654		$	49,307

Cash Net Operating Income (Cash NOI):
Amortization of above- and below- market leases and ground lease assets and liabilities, net	$	28		$	(58	)	$	(27	)	$	16
Straight-line rent		(2,554	)		(2,536	)		(2,722	)		(2,801	)
Cash NOI	$	44,599		$	46,456		$	46,905		$	46,522

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

	Three Months Ended
	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016

Funds from operations (FFO):
Net income attributable to stockholders (in accordance with GAAP)	$	15,946		$	8,943		$	15,763		$	6,488
Depreciation and amortization		23,405			23,482			23,812			23,756
Gains on dispositions of real estate investments^[1]		(10,521	)		(1,320	)		-			-
Proportionate share of adjustments for non-controlling interest to arrive at FFO		17			(182	)		(252	)		(252	)
FFO (as defined by NAREIT) attributable to stockholders	$	28,847		$	30,923		$	39,323		$	29,992
Acquisition and transaction fees^[2]		7,415			2,479			27			(129	)
Proportionate share of adjustments for non-controlling interest to arrive at Core FFO		(60	)		(20	)		-			1
Core FFO attributable to stockholders	$	36,202		$	33,382		$	39,350		$	29,864
Non-cash equity based compensation		1,341			1,293			70			1,044
Non-cash portion of interest expense		929			951			2,400			2,418
Amortization of above and below-market leases and ground lease assets and liabilities, net		28			(58	)		(27	)		16
Straight-line rent		(2,554	)		(2,536	)		(2,722	)		(2,801	)
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness		(4,496	)		(1,459	)		(4,252	)		98
Eliminate unrealized losses (gains) on foreign currency transactions^[3]		(2,140	)		1,606			(2,347	)		1,809
Amortization of mortgage (discount) premium, net and mezzanine discount		(76	)		(121	)		(119	)		(121	)
Proportionate share of adjustments for non-controlling interest to arrive at AFFO		38			3			74			(26	)
Adjusted funds from operations (AFFO) attributable to stockholders	$	29,272		$	33,061		$	32,427		$	32,301

Weighted average common shares outstanding(thousands)		173,344			169,390			168,948			168,937

FFO per share	$	0.17		$	0.18		$	0.23		$	0.18

Core FFO per share		0.21			0.20			0.23			0.18

Dividends declared^[4]	$	30,250		$	30,097		$	30,019		$	30,020

Footnotes:

[1] For the three months ended December 31, 2016, the gains on dispositions of real estate investments is net of $1.5 million of tax recognized (presented within income tax expense) on the sale of Hotel Winston, The Netherlands property.

[2] Reflects merger related costs.

[3] For the three months ended December 31, 2016, gains on foreign currency transactions were $3.5 million which were comprised of unrealized gains of $2.2 million and realized gains of $1.3 million. For the three months ended September 30, 2016, gains on foreign currency transactions were $0.4 million, which were compromised of unrealized losses of $1.6 million offset by realized gains of $2.0 million. For the three months ended June 30, 2016, gains on foreign currency transactions were $3.8 million which were comprised of unrealized gains of $2.3 million and realized gains of $1.5 million. For the three months ended March 31, 2016, losses on foreign currency transactions were $0.3 million, which were compromised of unrealized losses of $1.8 million offset by realized gains of $1.5 million. For AFFO purposes, we add back unrealized losses (gains).

[4] Dividends declared related to common stockholders only, and do not include distributions to non-controlling interest holders.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Debt Overview

As of December 31, 2016

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
2017		19		0.4		6.3	%	$	22,537
2018		9		1.7		2.9	%		126,904
2019		14		2.7		2.5	%		261,170
2020		40		3.6		2.5	%		301,165
2021		6		4.5		3.7	%		43,211
2022		-		-		-			-
2023		-		-		-			-
Total Non-Recourse Debt		88		2.9		2.7	%	$	754,987		53	%

Recourse Debt
Mezzanine Debt				0.6		8.4	%		55,400
Senior Unsecured Credit Facility^[1]				0.6		2.4	%	$	616,614
Total Recourse Debt				0.6		2.9	%	$	672,014		47	%

Total Debt				1.8		2.8	%	$	1,427,001		100	%

Total Debt by Currency	Percent
USD		18	%
EUR		47	%
GBP		35	%
Total		100	%

Footnotes:

[1] On July 25, 2016, the Company extended the credit facility maturity date to July 25, 2017, with an additional one-year extension option remaining, subject to certain conditions.

[2] As of December 31, 2016, the Company’s total combined debt had a weighted average interest rate cost of 2.8%, of which 81.1% was fixed rate or swapped to a fixed rate and 18.9% at floating rate.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Top Ten Tenants

As of December 31, 2016

Amounts in thousands, except percentages

Tenant / Lease Guarantor	Property Type	Tenant Industry	SL Rent^[1]		Percent
Government Services Administration (GSA)	Office	Government	$	11,620		5	%
Foster Wheeler	Office	Engineering		10,484		4	%
FedEx Ground Package System, Inc.	Distribution	Freight		10,378		4	%
RWE AG	Office	Utilities		10,027		4	%
Finnair	Industrial	Aerospace		8,243		4	%
ING Bank	Office	Financial Services		8,222		4	%
Family Dollar	Retail	Discount Retail		8,050		3	%
Trinity Health	Office	Healthcare		6,584		3	%
Harper Collins	Distribution	Publishing		6,334		3	%
Quest Diagnostics, Inc.	Office	Healthcare		6,308		3	%
Subtotal			$	86,250		37	%

Remaining portfolio				147,202		63	%

Total Portfolio			$	233,452		100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2016.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Diversification by Property Type

As of December 31, 2016

Amounts in thousands, except percentages

	Total Portfolio										Unencumbered Portfolio
Property Type	SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent			SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent
Office	$	139,461		60	%		8,770		40	%	$	56,361		52	%		3,427		32	%
Industrial		41,853		18	%		6,408		29	%		25,966		24	%		3,671		34	%
Distribution		28,973		12	%		4,716		21	%		16,024		15	%		2,793		26	%
Retail		23,165		10	%		2,110		10	%		9,901		9	%		985		9	%
Total	$	233,452		100	%		22,005		100	%	$	108,252		100	%		10,876		100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2016.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Diversification by Tenant Industry

As of December 31, 2016

Amounts in thousands, except percentages

	Total Portfolio										Unencumbered Portfolio
Industry Type	SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent			SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent
Financial Services	$	31,273		13	%		2,316		11	%	$	4,959		5	%		559		5	%
Technology		17,087		7	%		1,135		5	%		5,517		5	%		253		2	%
Discount Retail		15,320		7	%		1,786		8	%		9,901		9	%		985		9	%
Aerospace		14,020		6	%		1,258		6	%		5,777		5	%		602		6	%
Healthcare		13,680		6	%		647		3	%		7,372		7	%		423		4	%
Telecommunications		13,620		6	%		913		4	%		2,089		2	%		133		1	%
Government		12,974		6	%		510		2	%		12,513		12	%		432		4	%
Energy		12,863		6	%		1,043		5	%		12,863		12	%		1,043		10	%
Freight		11,845		5	%		1,233		6	%		11,086		10	%		1,164		11	%
Utilities		11,605		5	%		673		3	%		-		-			-		-
Engineering		10,484		4	%		366		2	%		-		-			-		-
Pharmaceuticals		9,789		4	%		390		2	%		9,789		9	%		390		4	%
Auto Manufacturing		6,611		3	%		1,940		9	%		6,611		6	%		1,940		18	%
Publishing		6,334		3	%		873		4	%		-		-			-		-
Retail Food Distribution		6,179		3	%		958		4	%		-		-			-		-
Restaurant - Quick Service		3,385		1	%		74		0	%		-		-			-		-
Automotive Parts Supplier		3,307		1	%		411		2	%		1,311		1	%		91		1	%
Logistics		2,942		1	%		1,273		6	%		-		-			-		-
Metal Processing		2,862		1	%		448		2	%		2,862		3	%		448		4	%
Specialty Retail		2,826		1	%		280		1	%		-		-			-		-
Other		24,448		10	%		3,476		16	%		15,603		14	%		2,413		22	%

Total	$	233,452		100	%		22,005		100	%	$	108,252		100	%		10,876		100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2016.

[2] Other includes 20 industry types as of December 31, 2016.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Diversification by Geography

As of December 31, 2016

Amounts in thousands, except percentages

	Total Portfolio										Unencumbered Portfolio
Region	SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent			SL Rent^[1]		SL Rent Percent			Square Footage		Sq. ft. Percent
United States	$	115,736		49.6	%		11,397		51.8	%	$	101,198		93.5	%		10,347		95.1	%
Texas		21,595		9.3	%		1,870		8.5	%		17,107		15.8	%		1,468		13.5	%
Michigan		17,904		7.7	%		2,296		10.4	%		17,904		16.5	%		2,296		21.1	%
California		12,890		5.5	%		675		3.1	%		4,170		3.9	%		165		1.5	%
New Jersey		8,505		3.6	%		349		1.6	%		8,505		7.9	%		349		3.2	%
Tennessee		7,076		3.0	%		789		3.6	%		7,076		6.5	%		789		7.3	%
Indiana		4,490		1.9	%		1,114		5.1	%		4,490		4.1	%		1,114		10.2	%
Ohio		4,216		1.8	%		521		2.4	%		3,646		3.4	%		451		4.1	%
Pennsylvania		3,299		1.4	%		322		1.5	%		3,299		3.0	%		322		3.0	%
South Carolina		3,274		1.4	%		414		1.9	%		3,274		3.0	%		414		3.8	%
Kentucky		2,753		1.2	%		355		1.6	%		2,753		2.5	%		355		3.3	%
Florida		2,646		1.1	%		180		0.8	%		2,646		2.4	%		180		1.7	%
Illinois		2,629		1.1	%		571		2.6	%		2,629		2.4	%		571		5.2	%
Missouri		2,604		1.1	%		139		0.6	%		2,604		2.4	%		139		1.3	%
New York		2,398		1.0	%		221		1.0	%		2,398		2.2	%		221		2.0	%
Minnesota		2,135		0.9	%		150		0.7	%		2,135		2.0	%		150		1.4	%
Maine		1,877		0.8	%		50		0.2	%		1,877		1.7	%		50		0.5	%
Massachusetts		1,772		0.8	%		127		0.6	%		1,772		1.6	%		127		1.2	%
North Carolina		1,539		0.7	%		192		0.9	%		779		0.7	%		123		1.1	%
South Dakota		1,284		0.6	%		54		0.2	%		1,284		1.2	%		54		0.5	%
Kansas		1,275		0.5	%		179		0.8	%		1,275		1.2	%		179		1.6	%
Louisiana		1,260		0.5	%		137		0.6	%		1,260		1.2	%		137		1.3	%
Colorado		1,088		0.5	%		27		0.1	%		1,088		1.0	%		27		0.2	%
North Dakota		884		0.4	%		47		0.2	%		884		0.8	%		47		0.4	%
Oklahoma		825		0.4	%		89		0.4	%		825		0.8	%		89		0.8	%
Mississippi		800		0.3	%		81		0.4	%		800		0.7	%		81		0.7	%
Alabama		791		0.3	%		74		0.3	%		791		0.7	%		74		0.7	%
Maryland		785		0.3	%		120		0.5	%		785		0.7	%		120		1.1	%
Nebraska		564		0.2	%		58		0.3	%		564		0.5	%		58		0.5	%
New Mexico		556		0.2	%		46		0.2	%		556		0.5	%		46		0.4	%
Georgia		449		0.2	%		41		0.2	%		449		0.4	%		41		0.4	%
Utah		395		0.2	%		20		0.1	%		395		0.4	%		20		0.2	%
Delaware		360		0.2	%		10		0.0	%		360		0.3	%		10		0.1	%
Iowa		296		0.1	%		32		0.1	%		296		0.3	%		32		0.3	%
Idaho		201		0.1	%		16		0.1	%		201		0.2	%		16		0.1	%
Arizona		156		0.1	%		16		0.1	%		156		0.1	%		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		51,107		21.9	%		4,080		18.5	%		-		-			-		-
Germany		19,005		8.1	%		2,178		9.9	%		-		-			-		-
The Netherlands		15,276		6.5	%		1,039		4.7	%		7,054		6.5	%		530		4.9	%
Finland		13,661		5.9	%		1,457		6.6	%		-		-			-		-
France		10,784		4.6	%		1,632		7.4	%		-		-			-		-
Luxembourg		4,671		2.0	%		156		0.7	%		-		-			-		-
US Province		3,212		1.4	%		65		0.3	%		-		-			-		-
Total	$	233,452		100	%		22,005		100	%	$	108,252		100	%		10,876		100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2016.

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2016 (unaudited)

Lease Expirations

As of December 31, 2016

Amounts in thousands, except percentages, and leases

Year of Expiration	Number of Leases Expiring		SL Rent^[1]		SL Rent Percent			Leased Rentable Square Feet		Percent of Rentable Square Feet Expiring
2017		-	$	-		-			-		-
2018		-		-		-			-		-
2019		-		-		-			-		-
2020		2		3,482		1.5	%		386		1.8	%
2021		2		5,003		2.1	%		323		1.5	%
2022		16		23,594		10.1	%		1,553		7.1	%
2023		32		27,678		11.9	%		2,642		12.0	%
2024		45		64,638		27.7	%		5,869		26.7	%
2025		38		35,389		15.2	%		3,211		14.6	%
2026		13		18,864		8.1	%		1,783		8.1	%
2027		9		2,095		0.9	%		154		0.7	%
2028		29		7,129		3.1	%		885		4.0	%
2029		105		20,808		8.9	%		2,079		9.4	%
2030		10		7,250		3.1	%		458		2.1	%
2031		-		-		-			-		-
2032		-		-		-			-		-
Thereafter (>2032)		9		17,521		7.5	%		2,661		12.0	%
Total		310	$	233,452		100	%		22,005		100	%

Straight-Line Rent by Year of Lease Expiration as a Percentage of Total Straight-Line Rent

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and is based on foreign currency exchange rates as of December 31, 2016.

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