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):  August 5, 2021

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.)

650 Fifth Avenue, 30th Floor

New York, New York 10019

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

(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))

Securities registered pursuant to section 12(b) of the Act:
Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, $0.01 par value per share	GNL	New York Stock Exchange
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share	GNL PR A	New York Stock Exchange
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share	GNL PR B	New York Stock Exchange
Preferred Stock Purchase Rights		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

                                         Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2021, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2021, and supplemental financial information for the quarter ended June 30, 2021, 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 August 5, 2021, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2021, and supplemental financial information for the quarter ended June 30, 2021, 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 Exhibits 99.1 and 99.2 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 that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company, the Company’s tenants and the global economy and financial markets and that the information about rent collections may not be indicative of any future period, as well as those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 26, 2021 and all other filings filed with the Securities and Exchange Commission after that date. Further, 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, unless required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated August 5, 2021
99.2	Quarterly supplemental information for the quarter ended June 30, 2021
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.

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.

                             Global Net Lease, Inc.

Date: August 5, 2021	By:	/s/ James L. Nelson
		Name:	James L. Nelson
		Title:	Chief Executive Officer and President

EX-99.1

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

GLOBAL NET LEASE REPORTS SECOND QUARTER 2021 RESULTS

Company to Host Investor Conference Call Today at 1 PM Eastern

New York, August 5, 2021 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter ended June 30, 2021.

Second Quarter 2021 and Subsequent Events Highlights

•Revenue increased 22.8% to $99.6 million from $81.1 million in second quarter 2020

•Net loss was $2.4 million as compared to net income of $1.0 million in second quarter 2020

•Net operating income ("NOI") grew 18.5% to $86.9 million from $73.3 million in second quarter 2020

•Core Funds from Operations (“Core FFO”) grew to $44.0 million compared to $35.4 million in second quarter 2020

•Adjusted Funds from Operations (“AFFO”) increased by $3.1 million to $42.8 million versus $39.8 million in the prior year quarter

•AFFO per share was $0.44, unchanged compared to second quarter 2020

•Distributed $38.1 million, or $0.40 per share, in common dividends to shareholders

•Ample Liquidity of $268.5 millionas of June 30, 20211

•Collected 100% of second quarter original cash rents, including 100% from top 20 tenants, as of July 15, 20212, 3

•Closed on acquisition of 841,000 square foot McLaren Group headquarters for $236 million (based on the exchange rate on the acquisition date) with 20-Year NNN leases4

•Portfolio 99.7% leased with 8.5 years of weighted average remaining lease term5

•Lease extensions and expansions completed and under non-binding letter of intent for related leases that will cover 1.2 million square feet that will extend weighted-average remaining lease term to 10.1 years from 5.4 years for 3.0% of the portfolio if the non-binding letters of intent lead to definitive agreements, which is not assured 6

•Industrial and Distribution asset concentration expanded to 52% from 47% in same quarter, 2020 based on annualized straight line rent.

•Contractual rent increases embedded in 94.0% of leases

•High quality tenants are 64% investment grade or implied investment grade7

•Acquisitions pipeline of $388.0 million8, consisting of second quarter completed and pending acquisitions,at a going-in capitalization9 rate of 9.7% and with 16.9 years of weighted-average remaining lease term10

"Our second quarter results reflect another quarter of strong acquisitions and portfolio enhancements that showcase our unique global capabilities, as illustrated by the mid-quarter acquisition of the McLaren headquarters," said James Nelson, CEO of GNL. "Although the full impact of this acquisition will reflect in our third quarter results, I am pleased with our significant year over year growth in NOI and AFFO, and the expanded concentration of Industrial and Distribution assets in our portfolio. We have strong leasing and acquisition momentum that we will carry into the second half of the year."

	Three Months Ended June 30,
(In thousands, except per share data)	2021		2020
Revenue from tenants	$	99,564	$	81,109
Net (loss) income attributable to common stockholders	$	(2,428)	$	966
Net (loss) income per diluted common share	$	(0.14)	$	0.01
NAREIT defined FFO attributable to common stockholders	$	43,988	$	35,103
NAREIT defined FFO per diluted common share	$	0.46	$	0.39
Core FFO attributable to common stockholders	$	44,016	$	35,445
Core FFO per diluted common share	$	0.46	$	0.39
AFFO attributable to common stockholders	$	42,827	$	39,777
AFFO per diluted common share	$	0.44	$	0.44

Property Portfolio

The Company’s portfolio of 311 net lease properties is located in ten countries and comprised of 38.2 million rentable square feet leased to 134 tenants across 48 industries at June 30, 2021. The real estate portfolio metrics include:

•99.7% leased with a remaining weighted-average lease term of 8.5 years

•94.0% of the portfolio contains contractual rent increases based on square footage

•63.5% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants

•60% U.S. and Canada, 40% Europe (based on annualized straight-line rent)

•43% Office, 52% Industrial / Distribution and 5% Retail (based on an annualized straight-line rent)

Rent Collection

For the second quarter of 2021, the Company had collected 100% of original cash rents as of July 15, 2021, including 100% of the original cash rent payable from the top 20 tenants in the portfolio (measured based on original cash rent), which represent 49% of GNL's second quarter original cash rent. On a geographic basis, GNL collected 100% of the original cash rent from U.K. based assets, 100% from European tenants and 100% of tenants located in the U.S. and Canada. Cash rent collected includes both contractual rents and deferred rents paid during the period.2

Capital Structure and Liquidity Resources11

As of June 30, 2021, the Company had $174.9 million of cash and cash equivalents. The Company’s net debt to enterprise value was 51.4% with an enterprise value of $4.5 billion based on the quarter end closing share price of $18.50 for common stock, $26.79 for the Series A preferred stock and $27.50 for the Series B preferred stock, with net debt of $2.3 billion12, including $1.5 billion of mortgage debt.

As of June 30, 2021, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) increased to 92.1% from 86.6% as of June 30, 2020. The Company’s total combined debt had a weighted average interest rate of 3.4% resulting in an interest coverage ratio of 3.4 times13. Weighted-average debt maturity was 4.7 years as of June 30, 2021 as compared to 5.2 years as of June 30, 2020.

As of June 30, 2021, Liquidity was $268.5 million.1

Footnotes/Definitions

1 Liquidity includes $93.6 million of availability under the Company's revolving credit facility and $174.9 million of cash and cash equivalents.

2 Includes amounts collected under original lease agreements and amended leases, including deferral arrangements entered into previous periods. We calculate “original cash rent collections” by comparing original cash rent due under our lease agreements to the total amount of rent collected during the period, which includes both original cash rent due and payments of amounts deferred from prior periods. Eliminating the impact of deferred rent paid, we collected 99% of the original cash rent due in the total portfolio, 99% of original cash rent due in the US and Canada, 100% of original cash rent due in the UK and 100% of original cash rent due in Europe. Top 20 tenants based on second quarter 2021 original cash rent due. This information may not be indicative of any future period.

3 The impact of the COVID-19 pandemic on our future results of operations and liquidity will depend on the overall length and severity of the pandemic, which management is unable to predict.

4 The annual base rent is subject to a one-time contingent adjustment which only occurs upon a McLaren Holdings Limited corporate credit rating enhancement to B- (or equivalent) from one of S&P, Moody’s or Fitch by May 2023 and if the Company refinances the property-level debt by October 2024 after such upgrade occurs. Since closing the sale leaseback transaction, McLaren priced a $620 million bond issuance and McLaren Holdings Limited is expected to receive a B- corporate credit rating from Fitch, contingent upon the closing of the bond sale. The Company is under no obligation to complete a refinancing of this loan, and the Company has no immediate plans to do so.

5 Weighted-average remaining lease term in years is based on square feet as of June 30, 2021.

6Represents total square feet covered by and total amount due for leases that were (or, for LOIs, expected to be) expanded or extended giving effect to such extension or expansion. The annual rent due is based on the exchange rate of 1.20 U.S. Dollars to one Euro. All information as of July 31, 2021.

7 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of June 30, 2021. Comprised of 34.4% leased to tenants with an actual investment grade rating and 29.1% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of June 30, 2021.

8 Represents the contract purchase price and excludes acquisition costs which are capitalized per GAAP. For the three months ended June 30, 2021, capitalized acquisition costs were approximately $15 million. Includes four pending acquisitions with a contract purchase price of $138.1 million. Two of the pending acquisitions are subject to a definitive purchase and sale agreement, which are subject to conditions, and two of the pending acquisitions are subject to a letter of intent, which is non-binding. These pending acquisitions may not be completed on the contemplated terms or at all.

9 Going-in capitalization rate is a rate of return on a real estate investment property based on the expected, cash rental income that the property will generate under its existing lease during the first year of the lease. Going-in capitalization rate is calculated by dividing the cash rental income the property will generate during the first year of the lease (before debt service and depreciation and after fixed costs and variable costs) and the purchase price of the property. The weighted average going-in capitalization rate is based upon square feet of the date of acquisition.

10    The weighted average remaining lease term in years is based upon square feet as of the date of acquisition.

11 During the three months ended June 30, 2021, the Company sold 2,597,694 shares through its common stock "at-the-market" program for gross proceeds of $51.0 million, before commissions paid of $0.8 million and nominal issuance costs, and 641,940 shares through its Series B preferred stock "at-the-market" program for gross proceeds of $16.2 million, before commissions paid of approximately $0.2 million and nominal additional issuance costs.

12 Comprised of the principal amount of GNL's outstanding debt totaling $2.5 billion less cash and cash equivalents totaling $174.9 million, as of June 30, 2021.

13 The interest coverage ratio is calculated by dividing adjusted EBITDA by cash paid for interest (interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net) for the quarter ended June 30, 2021. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

Conference Call 

GNL will host a conference call on August 5, 2021 at 1:00 p.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.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792

International Dial-In: 1-201-689-8263

Conference Replay*

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13721107 

*Available one hour after the end of the conference call through November 5, 2021.

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 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. 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. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company, the Company's tenants and the global economy and financial markets and that any potential future acquisition is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, as well as those risk and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 26, 2021 and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Accounting Treatment of Rent Deferrals

All of the concessions granted to the Company's tenants as a result of the COVID-19 pandemic are rent deferrals with the original lease term unchanged and collection of deferred rent deemed probable. The Company’s revenue recognition policy requires that it must be probable that the Company will collect virtually all of the lease payments due and does not provide for partial reserves, or the ability to assume partial recovery. In light of the COVID-19 pandemic, the FASB and SEC agreed that for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects, companies may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract as a practical expedient and account for rent concessions as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. As a result, rental revenue used to calculate Net Income and NAREIT FFO has not, and the

Company does not expect it to be, significantly impacted by deferrals it has entered into. In addition, since the Company currently believes that these deferral amounts are collectable, it has excluded from the increase in straight-line rent for AFFO purposes the amounts recognized under GAAP relating to rent deferrals.

Contacts:

Investors and Media:

Email: investorrelations@globalnetlease.com

Phone: (212) 415-6510

Global Net Lease, Inc.

Consolidated Balance Sheets

(In thousands)

	June 30, 2021		December 31, 2020
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	498,917	$	476,599
Buildings, fixtures and improvements	3,324,480		3,124,884
Construction in progress	6,458		5,486
Acquired intangible lease assets	736,442		711,985
Total real estate investments, at cost	4,566,297		4,318,954
Less accumulated depreciation and amortization	(753,749)		(675,200)
Total real estate investments, net	3,812,548		3,643,754
Cash and cash equivalents	174,862		124,245
Restricted cash	2,053		1,448
Derivative assets, at fair value	560		525
Unbilled straight-line rent	63,505		61,007
Operating lease right-of-use asset	56,007		58,395
Prepaid expenses and other assets	99,633		43,929
Due from related parties	351		377
Deferred tax assets	2,343		2,367
Goodwill and other intangible assets, net	22,655		23,089
Deferred financing costs, net	6,499		7,878
Total Assets	$	4,241,016	$	3,967,014
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,487,083	$	1,363,698
Revolving credit facility	167,885		111,132
Term loan, net	291,189		300,154
Senior notes, net	491,036		490,345
Acquired intangible lease liabilities, net	30,847		32,970
Derivative liabilities, at fair value	13,228		19,984
Due to related parties	294		2,002
Accounts payable and accrued expenses	29,174		28,310
Operating lease liability	24,192		25,350
Prepaid rent	36,404		21,481
Deferred tax liability	11,699		12,157
Dividends payable	5,386		5,152
Total Liabilities	2,588,417		2,412,735
Commitments and contingencies	—		—
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock	68		68
6.875% Series B cumulative redeemable perpetual preferred stock	45		39
Common stock	2,335		2,227
Additional paid-in capital	2,616,383		2,418,659
Accumulated other comprehensive income	17,303		8,073
Accumulated deficit	(984,958)		(896,547)
Total Stockholders' Equity	1,651,176		1,532,519
Non-controlling interest	1,423		21,760
Total Equity	1,652,599		1,554,279
Total Liabilities and Equity	$	4,241,016	$	3,967,014

Global Net Lease, Inc.

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)

	Three Months Ended June 30,
	2021		2020
Revenue from tenants	$	99,564	$	81,109
Expenses:
Property operating	7,467		7,835
Operating fees to related parties	9,479		8,874
Impairment charges	6,707		—
Acquisition, transaction and other costs	28		33
General and administrative	4,201		3,412
Equity-based compensation	3,007		2,513
Depreciation and amortization	39,702		33,984
Total expenses	70,591		56,651
Operating income before loss on dispositions of real estate investments	28,973		24,458
Loss on dispositions of real estate investments	(7)		(153)
Operating income	28,966		24,305
Other income (expense):
Interest expense	(24,018)		(17,529)
Loss on extinguishment of debt	—		(309)
Loss on derivative instruments	(514)		(317)
Other income	84		71
Total other expense, net	(24,448)		(18,084)
Net income before income taxes	4,518		6,221
Income tax expense	(1,930)		(691)
Net income	2,588		5,530
Preferred stock dividends	(5,016)		(4,564)
Net (loss) income attributable to common stockholders	$	(2,428)	$	966
Basic and Diluted (Loss) Earnings Per Share:
Net (loss) income per share attributable to common stockholders — Basic and Diluted	$	(0.14)	$	0.01
Weighted average shares outstanding — Basic	96,386		89,470
Weighted average shares outstanding — Diluted	96,386		90,103

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)

	Three Months Ended June 30,
	2021		2020
Adjusted EBITDA
Net income	$	2,588	$	5,530
Depreciation and amortization	39,702		33,984
Interest expense	24,018		17,529
Income tax expense	1,930		691
Impairment charges	6,707		—
Equity-based compensation	3,007		2,513
Acquisition and transaction related	28		33
Gain on dispositions of real estate investments	7		153
Gain on derivative instruments	514		317
Loss on extinguishment of debt	—		309
Other income	(84)		(71)
Reimbursement of financing costs from McLaren loan1	(5,234)		—
Adjusted EBITDA	73,183		60,988
Net operating income (NOI)
Operating fees to related parties	9,479		8,874
General and administrative	4,201		3,412
NOI	86,863		73,274
Amortization related to above- and below- market lease intangibles and right-of-use assets, net	158		204
Straight-line rent	(1,483)		(3,068)
Cash NOI	$	85,538	$	70,410
Cash Paid for Interest:
Interest Expense	$	24,018	$	17,529
Non-cash portion of interest expense	(2,395)		(1,847)
Amortization of mortgage (discount) premium, net	(187)		(3)
Total cash paid for interest	$	21,436	$	15,679

Footnotes:

[1] Amount represents a receivable recorded for financing costs we incurred in connection with the mortgage loan that financed the acquisition of the global headquarters of the McLaren Group that the McLaren Group is required to reimburse us for. For accounting purposes, the receivable for these reimbursable costs is included in prepaid expenses and other assets on the consolidated balance sheet and in revenue from tenants in the consolidated statements of operations since the receivable is considered to be earned revenue attributed to the current period.

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)

	Three Months Ended June 30,
	2021		2020
Net (loss) income attributable to stockholders (in accordance with GAAP)	$	(2,428)	$	966
Impairment charges	6,707		—
Depreciation and amortization	39,702		33,984
Loss on dispositions of real estate investments	7		153
FFO (defined by NAREIT)	43,988		35,103
Acquisition, transaction and other costs	28		33
Loss on extinguishment of debt	—		309
Core FFO attributable to common stockholders	44,016		35,445
Non-cash equity-based compensation	3,007		2,513
Non-cash portion of interest expense	2,395		1,847
Amortization related to above- and below-market lease intangibles and right-of-use assets, net	158		204
Straight-line rent	(1,483)		(3,068)
Straight-line rent (rent deferral agreements) [1]	(521)		1,508
Eliminate unrealized losses on foreign currency transactions [2]	302		1,325
Amortization of mortgage discounts and premiums, net	187		3
Reimbursement of financing costs from McLaren loan [3]	(5,234)		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	42,827	$	39,777

Footnotes:

[1] Represents amounts related to deferred rent pursuant to lease negotiations which qualify for FASB relief for which rent was deferred but not reduced. These amounts are included in the straight-line rent receivable on our balance sheet but are considered to be earned revenue attributed to the current period for rent that was deferred, for purposes of AFFO, as they are expected to be collected. Accordingly, when the deferred amounts are collected, the amounts reduce AFFO.

[2] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended June 30, 2021, losses on derivative instruments were $0.5 million, which consisted of unrealized losses of $0.3 million and realized losses of $0.2 million. For the three months ended June 30, 2020, loss on derivative instruments were $0.3 million, which consisted of unrealized losses of $1.3 million and realized gains of $1.0 million.

[3] Amount represents a receivable recorded for financing costs we incurred in connection with the mortgage loan that financed the acquisition of the global headquarters of the McLaren Group that the McLaren Group is required to reimburse us for. For accounting purposes, the receivable for these reimbursable costs is included in prepaid expenses and other assets on the consolidated balance sheet and in revenue from tenants in the consolidated statements of operations since the receivable is considered to be earned revenue attributed to the current period.

Caution on Use of Non-GAAP Measures

Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and Net Operating Income (“NOI”) 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 measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may 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.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss 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, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

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 operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect the proportionate share of adjustments for non-controlling interest to arrive at FFO, Core FFO and AFFO, as applicable.

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

Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, 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. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. 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. 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.

Core Funds from Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as acquisition, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment costs, fire loss and other costs related to damages at our properties. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core 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 subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other 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.

Adjusted Funds from Operations

In calculating AFFO, we start with Core FFO, then 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 other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss 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 exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently.

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, transaction and other costs (including prepayment penalties for debt extinguishments) 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 on-going performance. 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 gain and loss 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 our operating performance. 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 gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to better assess

the sustainability of our ongoing operating performance without the impact of transactions or other items that are not related to the ongoing performance of our portfolio of properties. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. AFFO 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 or ability to make distributions.

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

We believe that Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non- cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. 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. 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, transaction and other costs, 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.

EX-99.2

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Table of Contents
Item	Page
Non-GAAP Definitions	3
Key Metrics	6
Consolidated Balance Sheets	8
Consolidated Statements of Operations	9
Non-GAAP Measures	10
Debt Overview	12
Future Minimum Lease Rents	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 of Global Net Lease, Inc. (the “Company”) includes “forward looking statements.” These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. 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. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, on the Company, the Company's tenants and the global economy and financial markets and that any potential future acquisition is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all, as well as those risk and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 26, 2021 and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

Accounting Treatment of Rent Deferrals

All of the concessions granted to the Company's tenants as a result of the COVID-19 pandemic are rent deferrals with the original lease term unchanged and collection of deferred rent deemed probable. The Company’s revenue recognition policy requires that it must be probable that the Company will collect virtually all of the lease payments due and does not provide for partial reserves, or the ability to assume partial recovery. In light of the COVID-19 pandemic, the FASB and SEC agreed that for leases where the total lease cash flows will remain substantially the same or less than those after the COVID-19 related effects, companies may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract as a practical expedient and account for rent concessions as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. As a result, rental revenue used to calculate Net Income and NAREIT FFO has not, and the Company does not expect it to be, significantly impacted by deferrals it has entered into. In addition, since the Company currently believes that these deferral amounts are collectable, it has excluded from the increase in straight-line rent for AFFO purposes the amounts recognized under GAAP relating to rent deferrals.

2

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Non-GAAP Financial Measures

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

Caution on Use of Non-GAAP Measures

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, and Cash NOI 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 measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may 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.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss 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, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

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 operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect the proportionate share of adjustments for non-controlling interest to arrive at FFO, Core FFO and AFFO, as applicable.

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

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, 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. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. 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. 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.

3

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as acquisition, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment costs, fire loss and other costs related to damages at our properties. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core 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 subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other 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.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then 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 other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss 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 exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently.

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, transaction and other costs (including prepayment penalties for debt extinguishments) 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 on-going performance. 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 gain and loss 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 our operating performance. 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 gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to better assess the sustainability of our ongoing operating performance without the impact of transactions or other items that are not related to the ongoing performance of our portfolio of properties. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. AFFO 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 or ability to make distributions.

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

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. 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.

4

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

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, transaction and other costs, 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 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.

5

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Key Metrics

As of and for the three months ended June 30, 2021

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

Financial Results
Revenue from tenants	$	99,564
Net loss attributable to common stockholders	$	(2,428)
Basic and diluted net loss per share attributable to common stockholders [1]	$	(0.14)
Cash NOI [2]	$	85,538
Adjusted EBITDA [2]	$	73,183
AFFO attributable to common stockholders [2]	$	42,827
Dividends per share - first quarter [3]	$	0.40
Dividend yield - annualized, based on quarter end share price	8.6		%
Balance Sheet and Capitalization
Equity market capitalization - based on quarter end share price of $18.50 for common shares, $26.79 for Series A preferred shares and $27.50 for Series B preferred shares	$	2,164,702
Net debt [4] [5]	2,291,385
Enterprise value	$	4,456,087
Total capitalization	$	4,630,949
Total consolidated debt [5]	$	2,466,247
Total assets	$	4,241,016
Liquidity [6]	$	268,462
Common shares outstanding as of June 30, 2021 (thousands)	100,470
Common share price, end of quarter	$	18.50
Net debt to enterprise value	51.4		%
Net debt to annualized adjusted EBITDA [7]	7.8		x
Weighted-average interest rate cost [8]	3.4		%
Weighted-average debt maturity (years) [9]	4.7
Interest Coverage Ratio [10]	3.4		x
Real Estate Portfolio
Number of properties	311
Number of tenants	134
Square footage (millions)	38.2
Leased	99.7		%
Weighted-average remaining lease term (years) [11]	8.5

Footnotes:

[1]  Adjusted for net income (loss) attributable to common stockholders for common share equivalents.

[2]  This Non-GAAP metric is reconciled below.

[3]  Represents quarterly dividend per share rate based off the annualized dividend rate of $1.60.

[4]  Represents total debt outstanding of $2.5 billion, less cash and cash equivalents of $174.9 million.

[5]  Excludes the effect of deferred financing costs, net.

[6]  Liquidity includes $93.6 million of availability under the credit facility and $174.9 million of cash and cash equivalents.

[7]  Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended June 30, 2021 multiplied by four.

[8] The weighted average interest rate cost is based on the outstanding principal balance of the debt.

[9]  The weighted average debt maturity is based on the outstanding principal balance of the debt.

6

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

[10] The interest coverage ratio is calculated by dividing adjusted EBITDA by cash paid for interest (interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net) for the quarter ended June 30, 2021.  Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

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

7

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021

Consolidated Balance Sheets

Amounts in thousands

	June 30, 2021		December 31, 2020
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	498,917	$	476,599
Buildings, fixtures and improvements	3,324,480		3,124,884
Construction in progress	6,458		5,486
Acquired intangible lease assets	736,442		711,985
Total real estate investments, at cost	4,566,297		4,318,954
Less accumulated depreciation and amortization	(753,749)		(675,200)
Total real estate investments, net	3,812,548		3,643,754
Cash and cash equivalents	174,862		124,245
Restricted cash	2,053		1,448
Derivative assets, at fair value	560		525
Unbilled straight-line rent	63,505		61,007
Operating lease right-of-use asset	56,007		58,395
Prepaid expenses and other assets	99,633		43,929
Due from related parties	351		377
Deferred tax assets	2,343		2,367
Goodwill and other intangible assets, net	22,655		23,089
Deferred financing costs, net	6,499		7,878
Total Assets	$	4,241,016	$	3,967,014
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,487,083	$	1,363,698
Revolving credit facility	167,885		111,132
Term loan, net	291,189		300,154
Senior notes, net	491,036		490,345
Acquired intangible lease liabilities, net	30,847		32,970
Derivative liabilities, at fair value	13,228		19,984
Due to related parties	294		2,002
Accounts payable and accrued expenses	29,174		28,310
Operating lease liability	24,192		25,350
Prepaid rent	36,404		21,481
Deferred tax liability	11,699		12,157
Dividends payable	5,386		5,152
Total Liabilities	2,588,417		2,412,735
Commitments and contingencies	—		—
Stockholders’ Equity:
7.25% Series A cumulative redeemable preferred stock	68		68
6.875% Series B cumulative redeemable perpetual preferred stock	45		39
Common stock	2,335		2,227
Additional paid-in capital	2,616,383		2,418,659
Accumulated other comprehensive income	17,303		8,073
Accumulated deficit	(984,958)		(896,547)
Total Stockholders’ Equity	1,651,176		1,532,519
Non-controlling interest	1,423		21,760
Total Equity	1,652,599		1,554,279
Total Liabilities and Equity	$	4,241,016	$	3,967,014

8

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except per share data

	Three Months Ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Revenue from tenants	$	99,564	$	89,390	$	87,042	$	82,711
Expenses:
Property operating	7,467		7,570		9,635		7,525
Operating fees to related parties	9,479		9,639		9,194		8,939
Impairment charges	6,707		—		—		—
Acquisition, transaction and other costs	28		17		275		75
General and administrative	4,201		4,128		4,250		2,641
Equity-based compensation	3,007		2,577		2,585		2,479
Depreciation and amortization	39,702		39,684		35,977		35,049
Total expenses	70,591		63,615		61,916		56,708
Operating income before loss on dispositions of real estate investments	28,973		25,775		25,126		26,003
Loss on dispositions of real estate investments	(7)		—		—		—
Operating income	28,966		25,775		25,126		26,003
Other income (expense):
Interest expense	(24,018)		(21,368)		(19,158)		(18,677)
Loss on extinguishment of debt	—		—		(3,292)		—
(Loss) gain on derivative instruments	(514)		1,842		(2,703)		(2,464)
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness	—		—		(6,039)		—
Other income	84		15		28		142
Total other expense, net	(24,448)		(19,511)		(31,164)		(20,999)
Net income (loss) before income taxes	4,518		6,264		(6,038)		5,004
Income tax expense	(1,930)		(2,080)		(2,457)		(862)
Net income (loss)	2,588		4,184		(8,495)		4,142
Preferred stock dividends	(5,016)		(5,016)		(4,782)		(4,644)
Net loss attributable to common stockholders	$	(2,428)	$	(832)	$	(13,277)	$	(502)
Basic and Diluted Earnings Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted	$	(0.14)	$	(0.01)	$	(0.15)	$	(0.01)
Weighted average shares outstanding — Basic	96,386		91,479		89,483		89,483
Weighted average shares outstanding — Diluted	96,386		91,479		89,483		89,483

9

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

	Three Months Ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
EBITDA:
Net income (loss)	$	2,588	$	4,184	$	(8,495)	$	4,142
Depreciation and amortization	39,702		39,684		35,977		35,049
Interest expense	24,018		21,368		19,158		18,677
Income tax expense	1,930		2,080		2,457		862
EBITDA	68,238		67,316		49,097		58,730
Impairment charges	6,707		—		—		—
Equity-based compensation	3,007		2,577		2,585		2,479
Acquisition, transaction and other costs	28		17		275		75
Loss on dispositions of real estate investments	7		—		—		—
Loss (gain) on derivative instruments	514		(1,842)		2,703		2,464
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness	—		—		6,039		—
Loss on extinguishment of debt	—		—		3,292		—
Other income	(84)		(15)		(28)		(142)
Reimbursement of financing costs from McLaren loan [1]	(5,234)		—		—		—
Adjusted EBITDA	73,183		68,053		63,963		63,606
Operating fees to related parties	9,479		9,639		9,194		8,939
General and administrative	4,201		4,128		4,250		2,641
NOI	86,863		81,820		77,407		75,186
Amortization related to above and below-market lease intangibles and right-of-use assets, net	158		59		157		198
Straight-line rent	(1,483)		(944)		(1,503)		(1,879)
Cash NOI	$	85,538	$	80,935	$	76,061	$	73,505
Cash Paid for Interest:
Interest Expense	$	24,018	$	21,368	$	19,158	$	18,677
Non-cash portion of interest expense	(2,395)		(2,279)		(2,077)		(2,075)
Amortization of mortgage discounts	(187)		—		—		—
Total cash paid for interest	$	21,436	$	19,089	$	17,081	$	16,602

Footnote:

[1] Amount represents a receivable recorded for financing costs we incurred in connection with the mortgage loan that financed the acquisition of the global headquarters of the McLaren Group that the McLaren Group is required to reimburse us for. For accounting purposes, the receivable for these reimbursable costs is included in prepaid expenses and other assets on the consolidated balance sheet and in revenue from tenants in the consolidated statements of operations since the receivable is considered to be earned revenue attributed to the current period.

10

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

	Three Months Ended
	June 30, 2021		March 31, 2021		December 31, 2020		September 30, 2020
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with GAAP)	$	(2,428)	$	(832)	$	(13,277)	$	(502)
Impairment charges	6,707		—		—		—
Depreciation and amortization	39,702		39,684		35,977		35,049
Loss on dispositions of real estate investments	7		—		—		—
FFO (as defined by NAREIT) attributable to common stockholders	43,988		38,852		22,700		34,547
Acquisition, transaction and other costs	28		17		275		75
Loss on extinguishment of debt	—		—		3,292		—
Core FFO attributable to common stockholders	44,016		38,869		26,267		34,622
Non-cash equity-based compensation	3,007		2,577		2,585		2,479
Non-cash portion of interest expense	2,395		2,279		2,077		2,075
Amortization related to above and below-market lease intangibles and right-of-use assets, net	158		59		157		198
Straight-line rent	(1,483)		(944)		(1,503)		(1,879)
Straight-line rent (rent deferral agreements) [1]	(521)		(649)		(20)		320
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness	—		—		6,039		—
Eliminate unrealized losses (gains) on foreign currency transactions [2]	302		(1,762)		4,448		3,061
Amortization of mortgage discounts and premiums, net	187		—		—		—
Reimbursement of financing costs from McLaren [3]	(5,234)		—		—		—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	42,827	$	40,429	$	40,050	$	40,876
Weighted average common shares outstanding — Basic	96,386		91,479		89,483		89,483
Weighted average common shares outstanding — Diluted	96,386		91,479		89,483		89,483
Net loss per share attributable to common shareholders	$	(0.14)	$	(0.01)	$	(0.15)	$	(0.01)
FFO per diluted common share	$	0.46	$	0.42	$	0.25	$	0.39
Core FFO per diluted common share	$	0.46	$	0.42	$	0.29	$	0.39
AFFO per diluted common share	$	0.44	$	0.44	$	0.45	$	0.46
Dividends declared [4]	$	38,139	$	36,213	$	35,844	$	35,794

Footnotes:

[1] Represents amounts related to deferred rent pursuant to lease negotiations which qualify for FASB relief for which rent was deferred but not reduced. These amounts are included in the straight-line rent receivable on our balance sheet but are considered to be earned revenue attributed to the current period for rent that was deferred, for purposes of AFFO, as they are expected to be collected. Accordingly, when the deferred amounts are collected, the amounts reduce AFFO.

[2] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended June 30, 2021, losses on derivative instruments was $0.5 million which consisted of unrealized losses of $0.3 million and realized losses of $0.2 million. For the three months ended March 31, 2021, gain on derivative instruments was $1.8 million which consisted of unrealized gains of $1.8 million. For the three months ended December 31, 2020, loss on derivative instruments were $2.7 million, which were comprised of unrealized losses of $4.4 million and realized gains of $1.7 million. For the three months ended September 30, 2020, loss on derivative instruments were $2.5 million which consisted of unrealized losses of $3.1 million and realized gains of $0.6 million.

[3] Amount represents a receivable recorded for financing costs we incurred in connection with the mortgage loan that financed the acquisition of the global headquarters of the McLaren Group that the McLaren Group is required to reimburse us for. For accounting purposes, the receivable for these reimbursable costs is included in prepaid expenses and other assets on the consolidated balance sheet and in revenue from tenants in the consolidated statements of operations since the receivable is considered to be earned revenue attributed to the current period.

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

A Preferred Stock or Series B Preferred Stock.

11

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Debt Overview

As of June 30, 2021

Year of Maturity	Number of Encumbered Properties [1]	Weighted-Average Debt Maturity (Years) [1]	Weighted-Average Interest Rate [2]		Total Outstanding Balance [3] (In thousands)			Percent
Non-Recourse Debt
2021 (remainder)	—	—	—	%	$	26,150
2022	—	—	—	%	20,754
2023	47	2.1	2.9	%	314,881
2024	11	2.8	3.2	%	370,186
2025	7	3.9	2.5	%	83,150
2026	—	—	—	%	—
Thereafter	56	7.4	4.3	%	689,750
Total Non-Recourse Debt	121	4.8	3.6	%	1,504,871			61	%
Recourse Debt
Revolving Credit Facility		1.4	3.4	%	167,885
Term Loan		3.1	1.9	%	293,491
Senior Notes		6.5	3.8	%	500,000
Total Recourse Debt		4.5	3.1	%	961,376			39	%
Total Debt		4.7	3.4	%	$	2,466,247		100	%
Total Debt by Currency					Percent
USD					50		%
EUR					30		%
GBP					20		%
Total					100		%

Footnotes:

[1] For non-recourse debt, amounts are shown within the year that the loan fully matures.

[2] As of June 30, 2021, the Company’s total combined debt was 92.1% fixed rate or swapped to a fixed rate and 7.9% floating rate.

[3] Excludes the effect of deferred financing costs, net. Current balances as of June 30, 2021 are shown in the year the debt matures.

12

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Future Minimum Lease Rents

As of June 30, 2021

Amounts in thousands

	Future Minimum Base Rent Payments [1]
2021 (remainder)	$	208,334
2022	347,071
2023	326,464
2024	292,243
2025	250,226
2026	219,731
Thereafter	1,233,947
Total	$	2,878,016

Footnotes:

[1] Base rent assumes exchange rates of £1.00 to $1.38 for GBP, €1.00 to $1.19 for EUR and C$1.00 to $0.81 as of June 30, 2021 for illustrative purposes, as applicable.

13

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Top Ten Tenants

As of June 30, 2021

Amounts in thousands, except percentages

Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent [1]		SL Rent Percent
The McLaren Group	Industrial	Auto Manufacturing	$	21,616	6	%
FedEx	Distribution	Freight	14,087		4	%
Whirlpool	Distribution	Consumer Goods	13,215		4	%
Foster Wheeler	Office	Engineering	12,057		3	%
Government Services Administration (GSA)	Office	Government	12,041		3	%
ING Bank	Office	Financial Services	10,150		3	%
FCA USA	Industrial/Distribution	Auto Manufacturing	9,515		3	%
Broadridge Finanical Solutions	Industrial	Financial Services	9,332		3	%
Finnair	Industrial	Aerospace	8,828		2	%
Penske	Distribution	Logistics	8,500		2	%
Subtotal			119,341		33	%
Remaining portfolio			245,962		67	%
Total Portfolio			$	365,303	100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.38 for GBP, €1.00 to $1.19 for EUR and C$1.00 to $0.81 as of June 30, 2021 for illustrative purposes, as applicable.

14

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Diversification by Property Type

As of June 30, 2021

Amounts in thousands, except percentages

	Total Portfolio							Unencumbered Portfolio [2]
Property Type	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
Office	$	157,526	43	%	8,757	23	%	$	40,628	28	%	2,417	13	%
Industrial	121,696		33	%	16,641	44	%	68,951		48	%	10,940	59	%
Distribution	69,454		19	%	11,430	30	%	28,322		20	%	5,053	27	%
Retail	16,627		5	%	1,325	3	%	5,063		4	%	265	1	%
Total	$	365,303	100	%	38,153	100	%	$	142,964	100	%	18,675	100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.38 for GBP, €1.00 to $1.19 for EUR and

C$1.00 to $0.81 as of June 30, 2021 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.

15

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Diversification by Tenant Industry

As of June 30, 2021

Amounts in thousands, except percentages

	Total Portfolio							Unencumbered Portfolio [3]
Industry Type	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
Financial Services	$	43,067	12	%	3,291	9	%	$	9,332	7	%	1,166	6	%
Auto Manufacturing	42,853		12	%	4,237	11	%	15,729		11	%	2,099	11	%
Healthcare	23,191		6	%	1,049	3	%	11,598		8	%	626	3	%
Technology	21,999		6	%	1,084	3	%	2,486		2	%	178	1	%
Consumer Goods	17,004		5	%	4,061	11	%	14,264		10	%	3,217	17	%
Aerospace	15,380		4	%	1,416	4	%	3,390		2	%	293	2	%
Freight	15,026		4	%	1,494	4	%	7,097		5	%	774	4	%
Government	14,571		4	%	536	1	%	11,673		8	%	424	2	%
Telecommunications	14,443		4	%	865	2	%	—		—	%	—	—	%
Logistics	14,415		4	%	2,269	6	%	1,132		1	%	170	1	%
Metal Processing	14,331		4	%	2,472	6	%	10,906		8	%	1,852	10	%
Energy	12,709		3	%	1,087	3	%	9,459		7	%	719	4	%
Engineering	12,057		3	%	366	1	%	—		—	%	—	—	%
Pharmaceuticals	10,913		3	%	476	1	%	1,020		1	%	86	1	%
Automotive Parts Supplier	9,548		3	%	964	3	%	7,131		5	%	643	3	%
Metal Fabrication	9,035		2	%	1,300	3	%	4,265		3	%	589	3	%
Discount Retail	8,139		2	%	1,001	3	%	1,851		1	%	200	1	%
Retail Food Distribution	8,025		2	%	1,128	3	%	825		1	%	170	1	%
Publishing	7,284		2	%	873	2	%	—		—	%	—	—	%
Home Furnishings	5,977		2	%	2,456	6	%	5,977		4	%	2,456	13	%
Specialty Retail	5,791		2	%	486	1	%	2,541		2	%	206	1	%
Food Manufacturing	3,979		1	%	598	2	%	3,979		3	%	598	3	%
Other	35,566		10	%	4,644	12	%	18,309		11	%	2,209	14	%
Total	$	365,303	100	%	38,153	100	%	$	142,964	100	%	18,675	100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.38 for GBP, €1.00 to $1.19 for EUR and

C$1.00 to $0.81 as of June 30, 2021 for illustrative purposes, as applicable.

[2] Other includes 25 industry types as of June 30, 2021.

[3] Includes properties on the credit facility borrowing base.

16

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Diversification by Geography

As of June 30, 2021

Amounts in thousands, except percentages

	Total Portfolio							Unencumbered Portfolio [2]
Region	Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent		Annualized SL Rent [1]		SL Rent Percent		Square Feet	Sq. ft. Percent
United States	$	215,537	59.3	%	27,136	71.1	%	$	131,720	92.2	%	18,003	96.1	%
Michigan	52,084		14.3	%	5,878	15.5	%	34,049		23.8	%	3,741	19.8	%
Texas	24,393		6.7	%	1,970	5.2	%	11,954		8.4	%	1,014	5.4	%
Ohio	19,247		5.3	%	4,316	11.3	%	15,127		10.6	%	3,276	17.3	%
California	18,176		5.0	%	1,226	3.2	%	7,699		5.4	%	838	4.5	%
New Jersey	8,430		2.3	%	349	0.9	%	—		—	%	—	—	%
Tennessee	8,247		2.3	%	1,125	3.0	%	6,513		4.6	%	662	3.5	%
North Carolina	8,210		2.3	%	2,657	7.0	%	7,465		5.2	%	2,628	14.1	%
Indiana	6,982		1.9	%	1,521	4.0	%	3,748		2.6	%	665	3.6	%
Missouri	6,810		1.9	%	656	1.7	%	4,840		3.4	%	566	3.0	%
Alabama	5,606		1.5	%	257	0.7	%	320		0.2	%	58	0.3	%
Illinois	5,369		1.5	%	963	2.5	%	4,793		3.4	%	887	4.7	%
New York	5,254		1.4	%	760	2.0	%	1,747		1.2	%	145	0.8	%
South Carolina	4,912		1.3	%	801	2.1	%	4,912		3.4	%	801	4.3	%
Pennsylvania	4,223		1.2	%	459	1.2	%	1,915		1.3	%	122	0.7	%
Kentucky	4,175		1.1	%	523	1.4	%	3,267		2.3	%	446	2.4	%
Connecticut	2,742		0.8	%	305	0.8	%	2,742		1.9	%	305	1.6	%
Colorado	2,703		0.7	%	87	0.2	%	2,703		1.9	%	87	0.5	%
Massachusetts	2,384		0.7	%	192	0.5	%	2,384		1.7	%	192	1.0	%
Minnesota	2,143		0.6	%	150	0.4	%	691		0.5	%	103	0.5	%
Kansas	2,118		0.6	%	292	0.8	%	1,922		1.3	%	277	1.5	%
New Hampshire	2,076		0.6	%	339	0.9	%	1,676		1.2	%	256	1.4	%
Maine	1,889		0.5	%	50	0.1	%	1,889		1.3	%	50	0.3	%
Florida	1,878		0.5	%	179	0.5	%	1,878		1.3	%	179	1.0	%
Mississippi	1,580		0.4	%	314	0.8	%	283		0.2	%	14	0.1	%
Georgia	1,557		0.4	%	492	1.3	%	—		—	%	—	—	%
South Dakota	1,289		0.4	%	54	0.1	%	1,289		0.9	%	54	0.3	%
Vermont	1,237		0.3	%	213	0.6	%	—		—	%	—	—	%
Nebraska	1,150		0.3	%	101	0.3	%	278		0.2	%	27	0.1	%
Iowa	1,117		0.3	%	236	0.6	%	1,117		0.8	%	236	1.3	%
Louisiana	1,111		0.3	%	112	0.3	%	434		0.3	%	36	0.2	%
West Virginia	980		0.3	%	104	0.3	%	—		—	%	—	—	%
North Dakota	884		0.2	%	47	0.1	%	884		0.6	%	47	0.3	%
Oklahoma	699		0.2	%	79	0.2	%	699		0.5	%	79	0.4	%
Maryland	690		0.2	%	120	0.3	%	690		0.5	%	120	0.6	%
New Mexico	556		0.2	%	46	0.1	%	556		0.4	%	46	0.2	%
Wyoming	498		0.1	%	37	0.1	%	—		—	%	—	—	%
Montana	441		0.1	%	58	0.2	%	—		—	%	—	—	%
Idaho	441		0.1	%	22	0.1	%	—		—	%	—	—	%
Delaware	362		0.1	%	10	—	%	362		0.3	%	10	0.1	%
Nevada	344		0.1	%	14	—	%	344		0.2	%	14	0.1	%
Utah	315		0.1	%	12	—	%	315		0.2	%	12	0.1	%
Virginia	235		0.1	%	10	—	%	235		0.2	%	10	0.1	%
United Kingdom	81,906		22.4	%	4,967	13.0	%	1,606		1.1	%	95	0.5	%
The Netherlands	15,246		4.2	%	849	2.2	%	2,541		1.8	%	206	0.9	%
Finland	15,116		4.1	%	1,457	3.8	%	—		—	%	—	—	%
France	14,320		3.9	%	1,663	4.4	%	418		0.3	%	32	0.2	%
Germany	10,538		2.9	%	1,584	4.2	%	—		—	%	—	—	%
Luxembourg	5,961		1.6	%	156	0.4	%	—		—	%	—	—	%
Puerto Rico	3,212		0.9	%	65	0.2	%	3,212		2.2	%	65	0.3	%
Italy	2,240		0.6	%	196	0.5	%	2,240		1.6	%	196	1.1	%
Canada	795		0.2	%	49	0.1	%	795		0.6	%	49	0.3	%
Spain	432		—	%	31	0.1	%	432		0.2	%	29	0.6	%
Total	$	365,303	100	%	38,153	100	%	$	142,964	100	%	18,675	100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.38 for GBP, €1.00 to $1.19 for EUR and

C$1.00 to $0.81 as of June 30, 2021 for illustrative purposes, as applicable.

[2] Includes properties on the credit facility borrowing base.  

17

Global Net Lease, Inc.

Supplemental Information

Quarter ended June 30, 2021 (Unaudited)

Lease Expirations

As of June 30, 2021

Year of Expiration	Number of Leases Expiring	Annualized SL Rent [1]		Annualized SL Rent Percent		Leased Rentable Square Feet	Percent of Rentable Square Feet Expiring
		(In thousands)				(In thousands)
2021 (Remaining)	3	$	5,879	1.6	%	419	1.1	%
2022	15	22,202		6.1	%	1,500	3.9	%
2023	27	24,641		6.7	%	2,098	5.5	%
2024	37	48,904		13.4	%	4,478	11.8	%
2025	38	39,705		10.9	%	3,237	8.5	%
2026	18	22,088		6.0	%	2,079	5.5	%
2027	19	7,941		2.2	%	788	2.1	%
2028	39	28,584		7.8	%	3,927	10.3	%
2029	23	35,118		9.6	%	4,076	10.7	%
2030	20	25,870		7.1	%	2,083	5.5	%
2031	14	22,287		6.1	%	3,857	10.1	%
2032	25	17,246		4.7	%	1,655	4.4	%
2033	5	14,375		3.9	%	1,261	3.3	%
2034	1	922		0.3	%	228	0.6	%
2035	5	7,414		2.0	%	750	2.0	%
2036	—	—		—	%	—	—	%
Thereafter (>2036)	21	42,127		11.6	%	5,592	14.7	%
Total	310	$	365,303	100	%	38,028	100	%

[1] Annualized rental income converted from local currency into USD as of June 30, 2021 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

18

XML

Cover Page Document	Aug. 05, 2021
Class of Stock [Line Items]
Document Type	8-K
Document Period End Date	Aug. 05, 2021
Entity Registrant Name	Global Net Lease, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-37390
Entity Tax Identification Number	45-2771978
Entity Address, Address Line One	650 Fifth Avenue, 30th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	415-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001526113
Amendment Flag	false
Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GNL
Security Exchange Name	NYSE
7.25% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR A
Security Exchange Name	NYSE
6.85% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Title of 12(b) Security	6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
Trading Symbol	GNL PR B
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Class of Stock [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE
No Trading Symbol Flag	true