1. Realty Income (O), but focused on a global and diversified portfolio of net lease commercial properties.

2. Like American Tower (AMT), but owning a global portfolio of office, industrial, and retail buildings rather than cell towers, all leased on long-term net contracts.

• Commercial Property Leasing: Providing long-term, net-leased commercial real estate, primarily industrial, office, and retail properties, to corporate tenants.
• Real Estate Investment & Asset Management: Acquiring, managing, and optimizing a diversified portfolio of global commercial properties to generate stable rental income and potential capital appreciation for shareholders.

Global Net Lease (GNL) primarily sells its services (leasing properties) to other companies rather than individuals. As a net lease Real Estate Investment Trust (REIT), its major customers are the tenants that lease its properties.

Based on their 2023 10-K filing (as of December 31, 2023), GNL's 10 largest tenants by straight-line rent are:

• Whirlpool Corporation (WHR)
• Dollar General Corporation (DG)
• FedEx Corporation (FDX)
• ING Groep N.V. (ING)
• ArcelorMittal S.A. (MT)
• SBM Offshore N.V. (SBMFF)
• General Electric Company (GE)
• Prologis, Inc. (PLD)
• GFL Environmental Inc. (GFL)
• T-Mobile US, Inc. (TMUS)

null

Michael Weil, Chief Executive Officer, President and Director

Michael Weil was appointed as the sole CEO and President of Global Net Lease, Inc. in April 2024, following the merger with The Necessity Retail REIT, Inc., where he previously served as CEO and President. He has been a member of the Board of Directors of Global Net Lease, Inc. since 2012. Mr. Weil has a history of managing various companies, having also served as Chairman and Managing Director of American Strategic Investment Co. and as CEO of AR Global Investments LLC. His experience includes leadership roles at American Realty Capital-Retail Centers of America, Inc. and American Realty Capital Daily Net Asset Value Trust, Inc. His current employment agreement as CEO and President is effective January 1, 2025, and extends until January 1, 2029.

Christopher Masterson, Chief Financial Officer, Secretary and Treasurer

Christopher Masterson was appointed Chief Financial Officer of Global Net Lease, Inc. in November 2017. Prior to this role, he joined AR Global Investments LLC in February 2013, where he held various senior accounting positions, including Chief Accounting Officer for Global Net Lease, Inc., American Finance Trust, Inc., and American Realty Capital – Retail Centers of America, Inc. Before his time at AR Global, Mr. Masterson gained experience in accounting roles at Goldman Sachs & Co. as a Vice President in Investment Banking Controllers and Merchant Banking Controllers from 2006 to 2013, and as a Senior Associate at KPMG LLP from 2004 to 2006. He also served as Chief Financial Officer at American Strategic Investment Co. from September 2019 to September 2023. Mr. Masterson is a Certified Public Accountant in New York State and holds a B.B.A. in accounting from the University of Notre Dame and an M.B.A. in Finance from NYU Stern School of Business.

Jesse Galloway, Executive Vice President and General Counsel

Jesse Galloway serves as the Executive Vice President and General Counsel for Global Net Lease.

Ori Kravel, Chief Operating Officer

Ori Kravel holds the position of Chief Operating Officer at Global Net Lease.

Jason Slear, Executive Vice President

Jason Slear is an Executive Vice President at Global Net Lease.

The public company Global Net Lease (GNL) faces several key risks, primarily stemming from its strategic transformation, debt management, and portfolio composition:

1. Execution Risk of Deleveraging Strategy and Asset Sales: GNL is undergoing an aggressive deleveraging strategy, which involves significant asset sales to reduce debt and reposition as a pure-play single-tenant net-lease REIT. There is a substantial risk associated with the successful execution of these sales. Delays in finalizing the remaining asset sales could strain liquidity, and there's a possibility that assets might need to be sold at suboptimal prices to meet targets or obligations.
2. Interest Rate Risk and Debt Maturities: Despite a significant portion of GNL's debt being fixed-rate, rising interest rates pose a risk to refinancing costs for its variable-rate debt and upcoming debt maturities. The company has forward debt maturities that require careful management, and an inability to refinance these debts on favorable terms could lead to increased borrowing costs or necessitate asset sales at disadvantageous prices to meet obligations.
3. Exposure to Office Portfolio and Weak Demand: GNL has considerable exposure to the office property sector. This segment faces significant headwinds due to secular shifts towards remote work and higher interest rates, which threaten occupancy rates, rent growth, and overall property values. This exposure can result in costly vacancies and the potential need to sell properties at reduced values upon lease expirations.

Global Net Lease (GNL) primarily invests in industrial and distribution, office, and retail properties across the United States and Europe.

Addressable Market Sizes for Global Net Lease (GNL)

• Industrial and Distribution Properties:
• Global Logistics Real Estate Market: The global logistics real estate market was valued at approximately USD 385.2 billion in 2024 and is anticipated to reach USD 625.8 billion by 2033.
• North America (including U.S.): North America dominates the global logistics real estate market, representing approximately 40% of worldwide value. Based on a global market size of USD 385.2 billion in 2024, the estimated addressable market for North America is approximately USD 154.08 billion.
• Europe: null
• Office Properties:
• Global Office Real Estate Market: The global office real estate market was valued at USD 2.5 trillion in 2024 and is expected to reach USD 3.4 trillion by 2030.
• U.S. Office Real Estate Market: The U.S. Office Real Estate Market size is estimated at USD 369.58 billion in 2025, and is expected to reach USD 436.81 billion by 2030.
• Europe Office Real Estate Market: The Europe office real estate market was valued at USD 377.20 billion in 2025 and is projected to reach USD 460.12 billion by 2030.
• Retail Properties:
• U.S. (Net Lease Retail): null
• Europe (Net Lease Retail): null

Diversification and Strategic Asset Allocation

Reinvestment of Disposition Proceeds into Accretive Opportunities

Contractual Rent Escalations and Lease Renewals

High Portfolio Occupancy

Share Repurchases

• A new share repurchase program was authorized on February 20, 2025, allowing for the opportunistic repurchase of up to $300 million of outstanding common stock.
• As of August 1, 2025, Global Net Lease repurchased 10.2 million shares of common stock for a total of $76.9 million under the February 2025 program.
• Year-to-date as of the third quarter of 2025, the company repurchased 12.1 million shares for $91.7 million.

Share Issuance

• On November 7, 2025, GNL entered into an At-The-Market (ATM) Equity Offering Sales Agreement, which permits the sale of common stock with an aggregate gross sales price of up to $300.0 million.
• The company plans to use the net proceeds from any future share sales for general corporate purposes, including property acquisitions, debt repayment, and working capital.
• Previous ATM programs from 2019, allowing for the issuance of up to $285.0 million of common stock and up to $170.0 million of Series B preferred stock, were terminated on November 4, 2025.

Capital Expenditures

• The sale of GNL's multi-tenant portfolio is expected to generate additional cash savings from a substantial reduction in annual capital expenditures.
• This reduction in capital expenditures is attributed to the elimination of operational complexities associated with owning multi-tenant retail properties, as GNL transitions to a pure-play single-tenant net lease REIT.