Here are 1-3 brief analogies for Global Net Lease (GNL):

• Realty Income for global commercial properties.
• American Tower for diversified commercial buildings.

• Commercial Property Leasing: Global Net Lease provides businesses with commercial real estate properties through long-term net leases, generating rental income from its diversified portfolio.
• Sale-Leaseback Transactions: Global Net Lease offers companies a financial solution by acquiring their owned real estate and simultaneously leasing it back to them, providing capital while allowing them to maintain operational control.

Global Net Lease (GNL) is a real estate investment trust (REIT) that acquires and leases commercial properties. Therefore, its major customers are the tenant companies that lease its properties.

Based on their recent disclosures, some of Global Net Lease's major tenant companies include:

• McLaren (a private company)
• FedEx (NYSE: FDX)
• Whirlpool (NYSE: WHR)
• GSA (U.S. General Services Administration, a government agency)
• ING Groep N.V. (NYSE: ING)
• Thermo Fisher Scientific (NYSE: TMO)

American Realty Capital Global Advisors, LLC

Michael Weil, Chief Executive Officer, President and Director

Michael Weil was appointed Chief Executive Officer in March 2024, having previously served as Co-Chief Executive Officer since May 2023. Mr. Weil previously served as Chairman and Managing Director of American Strategic Investment Co. He also held executive officer positions at Global Net Lease Advisors, LLC and Global Net Lease Properties, LLC from their inception in July 2011 and January 2012, respectively, until October 2014. Additionally, he served as a director of Global Net Lease from May 2012 to September 2014 and has been the Chief Executive Officer of AR Global Investments, LLC. His current focus includes debt reduction and opportunistic share repurchases for GNL.

Christopher Masterson, Chief Financial Officer, Treasurer & Secretary

Christopher Masterson oversees GNL's financial strategy, including the management of its debt balance. He is also listed as the Principal Accounting Officer. He is expected to continue in his role as CFO post the merger with The Necessity Retail REIT, Inc. Mr. Masterson received RSU awards for his ongoing efforts in overseeing the transition to internalized management following the merger.

Ori Kravel, Chief Operating Officer

Ori Kravel is responsible for the day-to-day operations of GNL's property portfolio. As of the third quarter of 2025, this portfolio comprised over 850 properties covering nearly 43 million square feet.

Jesse Galloway, Executive Vice President and General Counsel

Jesse Galloway is involved in the company's transition to internalized management following the merger with The Necessity Retail REIT, Inc.

Jason Slear, Executive Vice President

Jason Slear holds the position of Executive Vice President at Global Net Lease.

The key risks to Global Net Lease (GNL) largely revolve around its financial performance, the macroeconomic environment, and its real estate portfolio specifics.

1. Profitability and Dividend Coverage Pressure: Global Net Lease has faced challenges with consistent profitability, reporting sizeable losses and uneven Funds From Operations (FFO). Critics highlight that losses have grown over the past five years, with forecasts suggesting the company may remain unprofitable, which is consistent with trailing twelve-month net income staying in the red despite quarterly swings into positive territory in Q4 2025. This situation raises questions about the reliability of its income and the sustainability of its dividend, which on a trailing twelve-month basis to Q4 2025, was not covered by earnings. The company also cut its dividend by 33% in 2020 during the pandemic, indicating vulnerability to adverse economic conditions.
2. Economic Volatility and High Interest Rate Environment / Debt Dependency: As a real estate investment trust (REIT), GNL's operations are significantly exposed to broader economic volatility and changes in interest rates. The company's strategy involves substantial debt financing for acquisitions and operations, which increases its risk profile, particularly in a volatile interest rate environment. High interest rates elevate the cost of new debt and refinancing existing debt, directly impacting GNL's bottom line. While the company has undertaken efforts to reduce its net debt, high leverage remains a risk from macro volatility.
3. Tenant Solvency and Office Segment Exposure: The stability of GNL's net lease structure relies heavily on the financial health and stability of its tenants. A significant portion of GNL's portfolio, 27% as of December 31, 2025, consists of office properties. The office segment faces technology-driven obsolescence risk for older, less adaptable assets, and the ongoing sociological pressure of remote work continues to create valuation drag on its office properties. There is concern that revenue from the office segment may not be sustainable as leases expire, potentially impacting occupancy and property values and putting further stress on the balance sheet.

Increasing corporate emphasis on directly controlling and reporting the environmental footprint and social impact of their core operational facilities (ESG considerations), which may lead some companies to prefer outright ownership of mission-critical assets over sale-leaseback arrangements or long-term net leases to better manage and demonstrate their sustainability commitments.

Global Net Lease (GNL) operates within the commercial real estate market, specifically targeting single-tenant, mission-critical, income-producing net-leased assets through sale-leaseback transactions in the United States, Western Europe, and Northern Europe.

The addressable markets for Global Net Lease's main products and services can be sized as follows:

United States

• The U.S. sale-leaseback market recorded an aggregate dollar volume of approximately $14.4 billion in 2025. Other industry estimates place the annual market for these transactions between US$10 billion and US$15 billion.
• The total net-lease investment volume in the U.S. reached $51.4 billion in 2025. This figure represents a 16% increase from the previous year. Another report indicates a net-lease investment volume of $44.6 billion in 2025, an increase of 21% from the previous year.
• In the second quarter of 2025, investment sales volumes for the single-tenant net lease (STNL) sector in the United States reached $9.6 billion.

Europe (including Western and Northern Europe)

• The broader European corporate-owned real estate market, which represents the potential pool for sale-leaseback transactions, is estimated to be worth approximately €5.7 trillion. Specifically, the owner-occupied corporate real estate market in Europe (excluding the UK) is estimated at €5.5 trillion.
• Annual sale-leaseback transaction volumes in Europe have shown significant activity, with European volume totaling €8.4 billion in a year prior to 2021. For the industrial-logistics sector alone, European sale-leaseback transactions reached €3.4 billion in fiscal year 2020. In 2021, corporate disposals across EMEA (Europe, Middle East, and Africa), which include sale-leaseback transactions, reached a post-Global Financial Crisis high of €29.2 billion across 670 disposals.
• The overall European commercial real estate market was valued at USD 1.55 trillion in 2025 and is projected to reach USD 1.64 trillion in 2026, with a forecast to grow to USD 2.17 trillion by 2031.

Global Net Lease (GNL) expects several key drivers to contribute to its future revenue growth over the next two to three years, following a strategic repositioning to focus on higher-quality, single-tenant net lease assets.

1. Selective, Accretive Acquisitions in Industrial and Retail Properties: Global Net Lease is strategically shifting its focus towards growth, with plans to redeploy capital from asset sales into accretive acquisitions of single-tenant industrial and retail properties. The company has provided initial financial guidance for 2026, which includes a gross transaction volume of $250 million to $350 million, encompassing both dispositions and acquisitions, with an emphasis on these asset classes.
2. Contractual Rent Escalations within Existing Leases: A significant portion of GNL's existing lease portfolio includes built-in rent escalations. As of December 31, 2025, approximately 61.7% of the company's leases featured fixed-rate increases, while an additional 19.6% were tied to the Consumer Price Index, providing a consistent and predictable stream of organic rental revenue growth. Contractual cash base rent increases are expected to average 1.4% per year.
3. Strong Leasing Momentum and Favorable Renewal Spreads: The company has demonstrated robust leasing activity, with renewal leasing spreads doubling from 7% in Q4 2024 to 12% in Q4 2025. This ability to secure higher rents upon lease renewals contributes directly to revenue growth by maximizing occupancy and rental income across its portfolio.
4. Strategic Repositioning towards Higher-Quality Single-Tenant Net Lease Assets: GNL has completed a multi-year strategic repositioning, transitioning to a pure-play, single-tenant net lease REIT. This involves divesting non-core and multi-tenant retail assets, as well as selectively selling office properties, to focus on mission-critical, investment-grade rated single-tenant properties. This enhanced portfolio quality and streamlined operations are expected to create a more durable foundation for long-term revenue growth by attracting and retaining high-credit tenants and potentially improving future acquisition terms.

Share Repurchases

• Global Net Lease initiated a Share Repurchase Program in February 2025.
• Through February 20, 2026, GNL repurchased 17.2 million shares for $135.9 million at a weighted average price of $7.88 per share.
• The company authorized an equity buyback for up to $300 million worth of its shares, with no stated expiration date, announced on February 28, 2025.

Share Issuance

• During the year ended December 31, 2025, Global Net Lease did not sell any shares of Common Stock or Series B Preferred Stock through its "at-the-market" programs.

Outbound Investments

• Global Net Lease completed approximately $3.4 billion in asset sales since 2024, including a $1.8 billion multi-tenant retail portfolio sale, to transition to a pure-play single-tenant net lease REIT and reduce debt.
• The company sold its McLaren Campus for £250 million in December 2025, generating approximately £80 million above its original purchase price.
• For 2026, GNL plans $250 million to $350 million in gross transaction volume, focusing on disposing of select office assets and redeploying capital into accretive acquisitions of single-tenant industrial and retail assets on a leverage-neutral basis.

Capital Expenditures

• The strategic disposition program in 2025, particularly the sale of the Multi-Tenant Retail Portfolio, aimed to eliminate operational complexities and associated capital expenditures on older, less-efficient retail assets.
• GNL anticipates a reduction of approximately $34 million in annual capital expenditures, tenant improvements, and leasing commissions due to the multi-tenant retail portfolio sale.