Global Net Lease — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue was $112.9 million for the quarter ended September 30, 2026, compared to $121.0 million in the third quarter of 2025, primarily reflecting the effects of asset dispositions.
• Net loss attributable to common stockholders was $67.1 million, or $(0.31) per diluted share, compared to $71.1 million, or $(0.32) per diluted share, in the third quarter of 2025.
• Adjusted Funds from Operations (AFFO) was $48.3 million, or $0.22 per share, compared to $53.2 million, or $0.24 per share, in the third quarter of 2025, primarily reflecting the effects of asset dispositions.
• Net debt to Adjusted EBITDA was temporarily elevated to 7.7x due to the timing of the Modiv closing, which reflected full Modiv debt but only partial-quarter earnings.
• Net debt decreased by $163.8 million since the third quarter of 2025.
• Weighted-average interest rate on total combined debt was 4.1% in the third quarter of 2026, down from 4.2% in the third quarter of 2025.
• Interest coverage ratio was 3.0 times.
• Annualized G&A expense was reduced by over $2.5 million year-over-year.
• Recurring capital expenditures for the nine months ended September 30, 2026, were $5.7 million, down from $26.2 million in the prior-year period.

Guidance and Future Outlook:

• Raised full-year 2026 AFFO per share guidance to $0.83 – $0.85, up from the previous range of $0.82 – $0.85.
• Reaffirmed full-year 2026 Net Debt to Adjusted EBITDA guidance of 6.5x – 6.9x.
• Raised full-year 2026 Gross Transaction Volume guidance to $750 million – $800 million, up from the previous range of $700 million – $800 million.
• Expect to further reduce office exposure to approximately 18% upon completion of pending dispositions.
• No debt is maturing until the fourth quarter of 2027.
• Management intends to remain patient regarding market conditions that do not support accretive acquisitions while focusing on reducing office exposure and leverage.

Business Segments and Product Lines:

• Closed the $535 million acquisition of Modiv Industrial on August 12, 2026, fully integrating its 40-property portfolio with a 15.0-year weighted-average remaining lease term and 2.4% average annual rent increases.
• Industrial & Distribution exposure increased to 51% of portfolio straight-line rent following the Modiv acquisition.
• Office exposure was reduced to 23% of portfolio straight-line rent in the third quarter of 2026, down from 27% at the beginning of the year.
• Retail exposure stands at 26% of portfolio straight-line rent.
• Portfolio occupancy was 96% as of September 30, 2026, with office occupancy increasing to 98% from 94% in the third quarter of 2025.
• Portfolio weighted-average remaining lease term increased to 6.3 years as of September 30, 2026, up from 5.7 years as of June 30, 2026.
• 63% of annualized straight-line rent is derived from investment-grade or implied investment-grade tenants, up from 60% in the third quarter of 2025.
• Leased more than 840,000 square feet, achieving a 4.9% renewal leasing spread and a weighted-average renewal term of 5.2 years.
• Weighted-average annual rent increase of 1.5% provides embedded organic rental growth, excluding approximately 20% of the portfolio with CPI-linked leases.
• Closed plus disposition pipeline totaled $391 million as of October 30, 2026, including $167 million of closed sales, approximately $58 million under signed purchase and sale agreements, and approximately $166 million under letters of intent.
• Approximately $70 million of car wash and gas and convenience assets are under contract at a 6.5% cash cap rate.

Market and Competitive Landscape:

• Buyer demand for year-end bonus depreciation benefits supports attractive pricing for opportunistic sales of car wash and gas and convenience assets.
• The company operates in ten countries and territories, with 76% of the portfolio located in the U.S. and Canada and 24% in Europe.
• The portfolio consists of 835 net lease properties comprising approximately 44 million rentable square feet.
• 87% of the portfolio contains contractual rent increases based on annualized straight-line rent.

Risks and Challenges:

• Net debt to Adjusted EBITDA was temporarily elevated to 7.7x due to the mid-August closing of the Modiv acquisition, reflecting full transaction debt but only partial-quarter earnings.
• Forward-looking statements are subject to risks including market conditions, capital availability, and timing considerations that could cause actual results to differ materially.
• Potential future acquisitions or dispositions are subject to market conditions and may not be identified or completed on favorable terms.

Management Commentary and Tone:

• Michael Weil, Chief Executive Officer, stated the company continued to deliver on priorities by completing and integrating the Modiv Industrial acquisition and accelerating the reduction in office exposure.
• Management noted the Modiv transaction increased industrial exposure to 51%, extended the weighted-average remaining lease term to 6.3 years, and increased the weighted-average annual contractual rent increase to 1.5%.
• The integration has already delivered anticipated G&A synergies, with quarterly G&A expense declining from both the prior year and the prior quarter.
• Management expressed confidence in the business, citing strong liquidity, an investment-grade balance sheet, and the ability to advance strategy without issuing common equity or debt in the current market.
• The company views itself as undervalued, noting that share repurchases offered greater accretion than current real estate acquisition opportunities evaluated.

Other Key Points:

• Repurchased 6.6 million shares for $58.5 million in the third quarter of 2026 at an AFFO yield of approximately 10%.
• Total share repurchases under the program announced in February 2025 reached 29.7 million shares for $245.8 million as of October 30, 2026, at a weighted-average price of $8.28.
• Maintained strong liquidity of $863.3 million and Revolving Credit Facility capacity of $1 billion.
• Occupied assets sold in the quarter were disposed of at a 7.7% cash cap rate.
• Remaining closed dispositions primarily consist of vacant assets eliminating over $2 million of annualized NOI drag.
• The company did not sell any shares of common stock through its "at-the-market" equity offering program during the three months ended September 30, 2026.
• 86% of the debt is fixed rate (including variable rate debt fixed with swaps).
• Weighted-average debt maturity was 2.6 years as of September 30, 2026.