Document

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

GLOBAL NET LEASE REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS

Company to Host Investor Conference Call Today at 11 AM Eastern

New York, February 26, 2020 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a real estate investment trust focused on the acquisition and management of industrial and office properties leased long-term to high quality corporate tenants in select markets in the United States and Europe, announced today its financial and operating results for the quarter and year ended December 31, 2019.

Full Year 2019 Highlights


•	Revenue from tenants increased 8.5% to $306.2 million from $282.2 million in prior year


•	Net income attributable to common stockholders was $34.5 million, or $0.39 per diluted share compared to $1.1 million or $0.01 per diluted share in 2018


•	Core Funds from Operations ("Core FFO") decreased 2.4% to $145.6 million, or $1.69 per diluted share


•	Cash Net Operating Income ("Cash NOI") increased by 9.4% to $272.8 million as compared to $249.3 million in the prior year


•	Adjusted Funds From Operations ("AFFO") increased 8.4% to $159.7 million from $147.3 million in the prior year


•	AFFO per diluted share decreased year over year to $1.85, in part due to late fourth quarter closings and from the issuance of 13.4 million shares of common stock for gross common equity proceeds of $262.6 million used for $576.4 million of acquisitions in 2019, which also caused interim deleveraging


•	Net debt to annualized adjusted EBITDA¹ improved to 6.7x from 7.9x and net debt to enterprise value improved to 43.7% from 53.3%


•	Strengthened and diversified balance sheet by extending weighted-average debt maturity to 5.8 years from 4.2 years while decreasing weighted average interest rate to 3.0% from 3.1%


•	Closed and pipeline acquisitions of $850.1 million² in 2019at a weighted average capitalization rate³ of 7.83% with 14.6 years of remaining lease term⁴, up 60% from $531.2 million² of 2018 closed and pipeline acquisitions at a weighted average capitalization rate of 7.72% with 11.6 years of remaining lease term


•	Strategic European disposition of $146 million at a 6.72% cash capitalization rate generated a $10 million realized gain with all proceeds to be redeployed into Q1 2020 closed and current pipeline acquisitions of $273.7 million at a weighted average cash capitalization rate of 7.10%, providing a 38 basis point arbitrage spread


•	Fourth quarter 2019 and first quarter 2020 closed and pipeline acquisitions expected to increase net annualized straight-line rent by an incremental $26.9 million

Fourth Quarter 2019 Highlights


•	Revenue from tenants increased 7.7% to $76.7 million from $71.2 million in fourth quarter 2018


•	Net income attributable to common stockholders was $9.3 million, or $0.10 per diluted share, as compared to a loss of $6.7 million, or ($0.09) per diluted share in fourth quarter 2018


•	Core FFO decreased 13.2% to $32.1 million, or $0.35 per diluted share


•	Cash NOI increased by 12.0% to $69.9 million as compared to $62.4 million in the fourth quarter 2018


•	AFFO was $39.9 million, up 7.5% from $37.1 million in the prior year fourth quarter


•	AFFO per diluted share was $0.44, a decrease from $0.50 per diluted share in fourth quarter 2018 due to the absence of full period rent from acquisitions that closed late in the quarter and changes to European tax policies that increased income tax expenses by $2.0 million from prior year


•	Acquired 19 properties for a contract purchase price of $252.3 million at a 7.25% weighted average capitalization rate and a weighted average remaining lease term of 12.1 yearsplus a pipeline of $273.7 million at a 8.42% weighted average capitalization rate and a weighted average remaining lease term of 17.7 years


•	Increased portfolio occupancy to 99.6% leased from 99.2% leased in fourth quarter 2018


•	Increased Industrial / Distribution concentration to 46% from 39% in fourth quarter 2018


•	68.2% of annualized straight-line rent from tenants rated as investment grade or implied investment grade⁵, providing portfolio quality and stability


•	Annual rent escalators in 93.2% of leases as of December 31, 2019 provide contractually embedded rent growth


•	Raised gross equity proceeds of $89.3 million, which includes $86.3 million raised from the underwritten public offering of its 6.875% Series B preferred stock

James Nelson, Chief Executive Officer of GNL, commented, "I am very proud of all that GNL achieved in 2019. We had a very active year for both acquisitions and dispositions and have over $270 million in Industrial and Office acquisitions in our pipeline. Our fourth quarter closed

and pipeline acquisitions of $526 million is expected to increase our annualized straight-line rent by $26.9 million, net of closed fourth quarter dispositions, further increasing our contractually embedded rent growth. We believe the consistent execution of our business plan will continue to benefit our shareholders as we continue this work in 2020 and beyond."



	Quarter Ended December 31,					Year Ended December 31,
(In thousands, except per share data)	2019		2018			2019		2018
Revenue	$	76,685	$	71,226		$	306,214	$	282,207

Net income (loss) attributable to common stockholders	$	9,263	$	(6,744	)	$	34,535	$	1,082
Net income (loss) per diluted common share	$	0.10	$	(0.09	)	$	0.39	$	0.01

NAREIT defined FFO attributable to common stockholders	$	32,428	$	28,334		$	143,290	$	131,415
FFO per diluted common share	$	0.36	$	0.38		$	1.66	$	1.89

Core FFO attributable to common stockholders	$	32,068	$	36,940		$	145,559	$	149,112
Core FFO per diluted common share	$	0.35	$	0.50		$	1.69	$	2.14

AFFO attributable to common stockholders	$	39,906	$	37,137		$	159,703	$	147,330
AFFO per diluted common share	$	0.44	$	0.50		$	1.85	$	2.11

Property Portfolio

At December 31, 2019, the Company’s portfolio consisted of 278 net lease properties located in eight countries and comprises 31.6 million rentable square feet substantially all of which was net leased to 124 tenants across 45 industries. The real estate portfolio metrics include:


•	99.6% leased with a remaining weighted-average lease term of 8.3 years⁶


•	93.2% of the portfolio contains contractual rent increases based on square footage


•	68.2% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants


•	63% U.S. and Canada and 37% Europe (based on annualized straight-line rent)


•	49% Office, 46% Industrial / Distribution and 5% Retail (based on an annualized straight-line rent)

Acquisition and Disposition Activity

During the fourth quarter, the Company acquired 19 net leased assets for a contract purchase price of approximately $252.3 million. These assets were purchased at a weighted average going-in capitalization rate of 6.50%⁷, and an overall weighted average capitalization rate of 7.25%, with a weighted average remaining lease term of 12.1 years. During the year, the Company acquired 39 net leased assets for a contract sales price of approximately $576.4 million, including $11.4 million of capital expenditures to expand and remodel four properties. These assets were purchased at a weighted average going in capitalization rate of 6.69%, and an overall weighted average capitalization rate of 7.43%, with a weighted average remaining lease term of 12.5 years.

During the fourth quarter of 2019, the Company sold five properties for a total contract sales price of approximately $165.5 million, resulting in $95.2 million in net proceeds after repayment of related debt. During the year, the Company sold 103 properties for a contract purchase price of approximately $311.3 million, resulting in $235.7 million in net proceeds after repayment of related debt.

Capital Structure and Liquidity Resources

On November 20, 2019 the Company completed an underwritten public offering of 3,450,000 shares of its 6.875% Series B preferred stock at a public offering price of $25.00 per share.

As of December 31, 2019, the Company had $270.3 million of cash and cash equivalents. The Company’s net debt to enterprise value was 43.7% with an enterprise value of $3.7 billion based on the December 31, 2019 closing share price of $20.28 for common stock, $26.43 for the Series A preferred stock and $25.64 for the Series B preferred stock, with net debt⁸of $1.6 billion, including $1.3 billion of mortgage debt.

As of December 31, 2019, the percentage of fixed rate debt (including variable rate debt fixed with swaps) increased to 88.2% from 79.9% as of December 31, 2018. The Company’s total combined debt had a weighted average interest rate cost of 3.0% resulting in an interest coverage ratio of 4.0 times⁹. Debt maturity is 5.8 years as compared to 4.2 years at the end of the fourth quarter 2018.

Subsequent Events

Subsequent to December 31, 2019 and through January 31, 2020, the Company acquired one property for a contract purchase price of $9.4 million. The Company has also signed four definitive purchase and sale agreements ("PSAs") to acquire four net lease properties for approximately $21.1 million at a weighted average capitalization rate of 8.01% and 4 letters of intent ("LOIs") to acquire a total of 11 net lease properties for an aggregate purchase price of $243.2 million at a weighted average capitalization rate of 8.45%. The PSAs are subject to conditions and the LOIs may not lead to a definitive agreement. There can be no assurance that the Company will complete any of these transactions, or any future acquisitions or other investments, on a timely basis or on acceptable terms and conditions, if at all.

Footnotes/Definitions


¹	Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Annualized based on fourth quarter 2019 Adjusted EBITDA multiplied by four.

² Closed and pipeline acquisitions of $850.1 million during the period from January 1, 2019 to January 31, 2020 include: (i) two acquisitions for $23.4 million in purchase price completed in the first quarter of 2019; (ii) nine acquisitions for $187.3 million in purchase price completed in the second quarter of 2019; (iii) nine acquisitions for $102.0 million in purchase price completed in the third quarter of 2019; (iv) 19 acquisitions for $252.3 million in purchase price completed in the fourth quarter of 2019; (v) one acquisition in the first quarter of 2020 for $9.4 million purchase price (vi) amendments to four leases whereby annual rent was increased at closing in exchange for the Company funding an aggregate amount of approximately $11.4 million in capital expenditures to expand and remodel four properties of a single tenant; (vii) four definitive purchase and sale agreements (“PSA”) to acquire a total of four net lease properties for an aggregate purchase price of approximately $21.1 million; and (vi) four LOIs to acquire a total of 11 properties for an aggregate purchase price of $243.2 million. The PSAs are subject to conditions and the LOIs may not lead to a definitive agreement. There can be no assurance the Company will complete any of these pending acquisitions on their contemplated terms, or at all.

Closed and pipeline acquisitions of $531.2 million as of December 31, 2018 includes: (i) 23 acquisitions for $478.2 million in purchase price completed during the year ended December 31, 2018; (ii) three acquisitions for $41.6 million in purchase price which were pending as of December 31, 2018 and completed on the same terms during 2019; and (iii) amendments to four leases, which were pending as of December 31, 2018 and complete on the same terms during 2019, whereby annual rent was increased at closing in exchange for the Company funding an aggregate amount of approximately $11.4 million in capital expenditures to expand and remodel four properties of a single tenant.

Capitalization rate is a rate of return on a real estate investment property based on the expected, annualized straight-line rental income that the property will generate under its existing lease. Capitalization rate is calculated by dividing the average annualized straight-line rental income the property will generate (before debt service and depreciation and after fixed costs and variable costs) and the purchase price of the property. The weighted average capitalization rate is based upon square feet.

⁴The weighted average remaining lease term in years is based upon square feet as of the date of acquisition.

⁵

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. Ratings information is as of December 31, 2019. Comprised of 37.6% leased to tenants with an actual investment grade rating and 30.6% leased to tenants with an Implied Investment Grade rating as of December 31, 2019.


⁶	Weighted-average remaining lease term in years is based on square feet as of December 31, 2019.

⁷

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.

⁸ Comprised of the principal amount of GNL's debt totaling $1.9 billion less cash and cash equivalents totaling $270.3 million, as of December 31, 2019.

⁹ 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 December 31, 2019. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.

Conference Call

GNL will host a conference call on February 26, 2020 at 11:00 a.m. ET to discuss its financial and operating results.

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

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

Conference Call Details

Live Call

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

International Dial-In: 1-412-317-6061

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

Participant Elite Entry Number: 0204255

Conference Replay*

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

International Dial-In: 1-412-317-0088

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

Conference Number: 10138772

*Available one hour after the end of the conference call through May 26, 2020.

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. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “would,” or similar expressions indicate a forward-looking statement, although not all forward-looking statements contain these identifying words. Any statements referring to the future value of an investment in GNL, as well as the success that GNL may have in executing its business plan, are also forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause GNL’s actual results to differ materially from those contemplated by such forward-looking statements, including those risks, uncertainties and other important factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of GNL’s Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 28, 2019 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 GNL’s subsequent reports. Further, forward looking statements speak only as of the date they are made, and GNL 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, except as required by law.

Contacts:

Investors and Media:

Email: [email protected]

Phone: (212) 415-6510

Global Net Lease, Inc.

Consolidated Balance Sheets

(In thousands)



	December 31,
	2019			2018
ASSETS	(Unaudited)
Real estate investments, at cost:
Land	$	414,446		$	398,911
Buildings, fixtures and improvements	2,685,325			2,345,202
Construction in progress	11,725			1,235
Acquired intangible lease assets	651,768			675,551
Total real estate investments, at cost	3,763,264			3,420,899
Less: accumulated depreciation and amortization	(517,123		)	(437,974		)
Total real estate investments, net	3,246,141			2,982,925
Assets held for sale	—			112,902
Cash and cash equivalents	270,302			100,324
Restricted cash	3,985			3,369
Derivative assets, at fair value	4,151			8,730
Unbilled straight-line rent	51,795			47,183
Operating lease right-of-use asset	50,211			—
Prepaid expenses and other assets	37,370			22,245
Due from related parties	351			16
Deferred tax assets	4,441			3,293
Goodwill and other intangible assets, net	21,920			22,180
Deferred financing costs, net	10,938			6,311
Total Assets	$	3,701,605		$	3,309,478

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,272,154		$	1,129,807
Revolving credit facility	199,071			363,894
Term loan, net	397,893			278,727
Acquired intangible lease liabilities, net	30,529			35,757
Derivative liabilities, at fair value	7,507			3,886
Due to related parties	342			790
Accounts payable and accrued expenses	22,903			31,529
Operating lease liability	23,985			—
Prepaid rent	17,236			16,223
Deferred tax liability	14,975			15,227
Taxes payable	1,046			2,228
Dividends payable	4,006			2,664
Total Liabilities	1,991,647			1,880,732
Commitments and contingencies
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock	68			54
6.875% Series B cumulative redeemable perpetual preferred stock	35			—
Common stock	2,225			2,091
Additional paid-in capital	2,408,353			2,031,981
Accumulated other comprehensive income	20,195			6,810
Accumulated deficit	(733,245		)	(615,448		)
Total Stockholders' Equity	1,697,631			1,425,488
Non-controlling interest	12,327			3,258
Total Equity	1,709,958			1,428,746
Total Liabilities and Equity	$	3,701,605		$	3,309,478

Global Net Lease, Inc.

Consolidated Statements of Operations

(In thousands, except per share data)



	Three Months Ended						Year Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
	(Unaudited)			(Unaudited)			(Unaudited)
Revenue from tenants	$	76,685		$	71,226		$	306,214		$	282,207

Expenses:
Property operating	5,701			7,750			28,314			28,732
Fire (recovery) loss	—			(1		)	—			(50		)
Operating fees to related parties	8,867			7,309			33,292			28,234
Impairment charges and related lease intangible write-offs	—			5,000			6,375			5,000
Acquisition, transaction and other costs	19			8,607			1,320			13,850
General and administrative	1,334			2,617			10,108			10,439
Equity-based compensation	2,491			1,451			9,530			2,649
Depreciation and amortization	31,989			30,078			125,996			119,582
Total expenses	50,401			62,811			214,935			208,436
Operating income before gain (loss) on dispositions of real estate investments	26,284			8,415			91,279			73,771
Gain (loss) on dispositions of real estate investments	8,824			—			23,616			(5,751		)
Operating income	35,108			8,415			114,895			68,020
Other income (expense):
Interest expense	(17,194		)	(15,479		)	(64,199		)	(57,973		)
Loss on extinguishment of debt	379			—			(949		)	(3,897		)
(Loss) gain on derivative instruments	(3,905		)	2,950			769			7,638
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness	—			(452		)	76			(434		)
Other income (loss)	195			(90		)	216			(23		)
Total other expense, net	(20,525		)	(13,071		)	(64,087		)	(54,689		)
Net income (loss) before income tax	14,583			(4,656		)	50,808			13,331
Income tax expense (benefit)	(1,652		)	366			(4,332		)	(2,434		)
Net income (loss)	12,931			(4,290		)	46,476			10,897
Preferred stock dividends	(3,668		)	(2,454		)	(11,941		)	(9,815		)
Net income (loss) attributable to common stockholders	$	9,263		$	(6,744	)	$	34,535		$	1,082

Basic and Diluted Earnings (Loss) Per Share:
Basic net income (loss) per share attributable to common stockholders	$	0.10		$	(0.09	)	$	0.40		$	0.01
Diluted net income (loss) per share attributable to common stockholders	$	0.10		$	(0.09	)	$	0.39		$	0.01
Weighted Average Shares Outstanding:
Basic	89,458			73,554			85,031			69,411
Diluted	90,777			74,001			86,350			69,663

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)



	Three Months Ended												Year Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2019
Adjusted EBITDA
Net income	$	8,276		$	15,328		$	9,941		$	12,931		$	46,476
Depreciation and amortization	31,303			31,084			31,620			31,989			125,996
Interest expense	15,162			15,689			16,154			17,194			64,199
Income tax expense	960			780			940			1,652			4,332
Impairment charges	—			—			6,375			—			6,375
Equity-based compensation	2,109			2,429			2,501			2,491			9,530
Acquisition, transaction and other costs	262			847			192			19			1,320
Gain on dispositions of real estate investments	(892		)	(6,923		)	(6,977		)	(8,824		)	(23,616		)
(Gain) loss on derivative instruments	(240		)	(1,390		)	(3,044		)	3,905			(769		)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(76		)	—			—			—			(76		)
Loss on extinguishment of debt	—			765			563			(379		)	949
Other (income) loss	(4		)	(19		)	2			(195		)	(216		)
Adjusted EBITDA	56,860			58,590			58,267			60,783			234,500
Operating fees to related parties	8,043			8,162			8,220			8,867			33,292
General and administrative	3,206			2,318			3,250			1,334			10,108
NOI	68,109			69,070			69,737			70,984			277,900
Amortization of above- and below- market leases and ground lease assets and liabilities, net	337			344			341			633			1,655
Straight-line rent	(1,626		)	(1,931		)	(1,506		)	(1,695		)	(6,758		)
Cash NOI	$	66,820		$	67,483		$	68,572		$	69,922		$	272,797

Cash Paid for Interest:
Interest Expense	$	15,162		$	15,689		$	16,154		$	17,194		$	64,199
Non-cash portion of interest expense	(1,742		)	(1,177		)	(1,906		)	(1,789		)	(6,614		)
Amortization of mortgage (discount) premium, net	(102		)	(100		)	(30		)	(28		)	(260		)
Total cash paid for interest	$	13,318		$	14,412		$	14,218		$	15,377		$	57,325

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands, except per share data)



	Three Months Ended												Year Ended
	March 31, 2019			June 30, 2019			September 30, 2019			December 31, 2019			December 31, 2019
Funds from operations (FFO):
Net income attributable to common stockholders (in accordance with GAAP)	$	5,791		$	12,621		$	6,860		$	9,263		$	34,535
Impairment charges and related lease intangible write-offs	—			—			6,375			—			6,375
Depreciation and amortization	31,303			31,084			31,620			31,989			125,996
Gain on dispositions of real estate investments	(892		)	(6,923		)	(6,977		)	(8,824		)	(23,616		)
FFO (defined by NAREIT)	36,202			36,782			37,878			32,428			143,290
Acquisition, transaction and other costs ^[1]	262			847			192			19			1,320
Loss on extinguishment of debt ^[2]	—			765			563			(379		)	949
Core FFO attributable to common stockholders	36,464			38,394			38,633			32,068			145,559
Equity-based compensation	2,109			2,429			2,501			2,491			9,530
Non-cash portion of incentive fee	—			—			—			—			—
Non-cash portion of interest expense	1,742			1,177			1,906			1,789			6,614
Amortization of above- and below-market leases and ground lease assets and liabilities, net	337			344			341			633			1,655
Straight-line rent	(1,626		)	(1,931		)	(1,506		)	(1,695		)	(6,758		)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	(76		)	—			—			—			(76		)
Eliminate unrealized losses (gains) on foreign currency transactions ^[3]	452			(455		)	(1,670		)	4,592			2,919
Amortization of mortgage discounts and premiums, net	102			100			30			28			260
Adjusted funds from operations (AFFO) attributable to common stockholders	$	39,504		$	40,058		$	40,235		$	39,906		$	159,703

Weighted average common shares outstanding - Basic	81,475			83,847			85,255			89,458			85,031
Weighted average common shares outstanding - Diluted	82,798			85,166			86,203			90,777			86,350
Net income per diluted share attributable to common shareholders	$	0.07		$	0.15		$	0.08		$	0.10		$	0.39
FFO per diluted common share	$	0.44		$	0.43		$	0.44		$	0.36		$	1.66
Core FFO per diluted common share	$	0.44		$	0.45		$	0.45		$	0.35		$	1.69
AFFO per diluted common share	$	0.48		$	0.47		$	0.47		$	0.44		$	1.85
Dividends declared to common stockholders	$	43,297		$	14,940		$	45,028		$	47,659		$	150,922

Footnotes:

[1] Primarily includes litigation costs resulting from the termination of the Former Service Provider and fees associated with the exploration of a potential equity offering.

[2] For the three months ended September 30, 2019 and June 30, 2019, primarily includes non-cash write-off of deferred financing costs.

[3] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2019, gains on derivative instruments were $0.2 million which consisted of unrealized losses of $0.5 million and realized gains of $0.7 million. For the three months ended June 30, 2019, gains on derivative instruments were $1.4 million which consisted of unrealized gains of $0.5 million and realized gains of $0.9 million. For the three months ended September 30, 2019, gains on derivative instruments were $3.0 million which consisted of unrealized gains of $1.7 million and realized gains of $1.3 million. For the three months ended December 31, 2019, losses on derivative instruments were $3.9 million, which were comprised of unrealized losses of $4.6 million and realized gains of $0.7 million. For the year ended December 31, 2019, gains on derivative instruments were $0.8 million which were comprised of unrealized losses of $2.9 million and realized gains of $3.7 million.

Global Net Lease, Inc.

Quarterly Reconciliation of Non-GAAP Measures (Unaudited)

(In thousands)



	Three Months Ended			Year Ended
	December 31, 2018			December 31, 2018
Funds from operations (FFO):
Net income (loss) attributable to common stockholders (in accordance with GAAP)	$	(6,744	)	$	1,082
Impairment charges and related lease intangible write-offs	5,000			5,000
Depreciation and amortization	30,078			119,582
Loss on dispositions of real estate investments	—			5,751
FFO (defined by NAREIT)	28,334			131,415
Acquisition, transaction and other costs	8,607			13,850
Loss on extinguishment of debt	—			3,897
Fire (recovery) loss	(1		)	(50		)
Core FFO attributable to common stockholders	36,940			149,112
Non-cash equity-based compensation	1,451			2,649
Non-cash portion of incentive fee	(180		)	—
Non-cash portion of interest expense	1,454			5,193
Amortization of above- and below-market leases and ground lease assets and liabilities, net	590			2,130
Straight-line rent	(1,482		)	(6,310		)
Unrealized loss (gain) on undesignated foreign currency advances and other hedge ineffectiveness	452			434
Eliminate unrealized losses (gains) on foreign currency transactions	(2,206		)	(7,127		)
Amortization of mortgage discounts and premiums, net	118			1,249
Adjusted funds from operations (AFFO) attributable to common stockholders	$	37,137		$	147,330

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 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. 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.

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended December 31, 2019 (unaudited)



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)



Table of Contents

Item		Page
Non-GAAP Definitions		3
Key Metrics		6
Consolidated Balance Sheets		7
Consolidated Statements of Operations		8
Non-GAAP Measures		9
Debt Overview		11
Future Minimum Lease Rents		12
Top Ten Tenants		13
Diversification by Property Type		14
Diversification by Tenant Industry		15
Diversification by Geography		16
Lease Expirations		17

Please note that totals may not add due to rounding.

Forward-looking Statements:

This supplemental package includes “forward looking statements”. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “would,” or similar expressions indicate a forward-looking statement, although not all forward-looking statements contain these identifying words. Any statements referring to the future value of an investment in GNL, as well as the success that GNL may have in executing its business plan, are also forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause GNL’s actual results to differ materially from those contemplated by such forward-looking statements, including those risks, uncertainties and other important factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of GNL’s Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 28, 2019 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 GNL’s subsequent reports. Further, forward looking statements speak only as of the date they are made, and GNL 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, except as required by law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (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.

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

Funds From Operations

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.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (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 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. 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-



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

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.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Key Metrics

As of and for the three months ended December 31, 2019

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



Financial Results
Revenue from tenants	$	76,685
Net income attributable to common stockholders	$	9,263
Basic and diluted net income per share attributable to common stockholders ^[1]	$	0.10
Cash NOI ^[2]	$	69,922
Adjusted EBITDA ^[2]	$	60,783
AFFO attributable to common stockholders ^[2]	$	39,906
Dividends paid per share - fourth quarter^[3]	$	0.53
Dividend yield - annualized, based on quarter end share price	10.5		%

Balance Sheet and Capitalization
Equity market capitalization - based on quarter end share price of $20.28 for common shares, $26.43 for Series A preferred shares and $25.64 for Series B preferred shares	$	2,082,391
Net debt ^{[4] [5]}	1,619,475
Enterprise value	3,701,866

Total capitalization	3,972,168

Total consolidated debt ^[5]	1,889,777
Total assets	3,701,605
Liquidity ^[6]	474,377

Common shares outstanding as of December 31, 2019 (thousands)	89,459
Share price, end of quarter	$	20.28

Net debt to enterprise value	43.7		%
Net debt to annualized adjusted EBITDA^[7]	6.7		x

Weighted-average interest rate cost ^[8]	3.0		%
Weighted-average debt maturity (years) ^[9]	5.8
Interest Coverage Ratio ^[10]	4.0		x

Real Estate Portfolio
Number of properties	278
Number of tenants	124

Square footage (millions)	31.6
Leased	99.6		%
Weighted-average remaining lease term (years) ^[11]	8.3

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 $2.13.

[4] Represents total debt outstanding of 1.9 billion less cash and cash equivalents of $270.3 million.

[5] Excludes the effect of deferred financing costs, net and mortgage (discount) premium, net.

[6] Liquidity includes $204.1 million of availability under the credit facility and $270.3 million of cash and cash equivalents.

[7] Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended December 31, 2019 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.

[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 December 31, 2019. 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.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019

Consolidated Balance Sheets

Amounts in thousands



	December 31,
	2019			2018
	(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	414,446		$	398,911
Buildings, fixtures and improvements	2,685,325			2,345,202
Construction in progress	11,725			1,235
Acquired intangible lease assets	651,768			675,551
Total real estate investments, at cost	3,763,264			3,420,899
Less accumulated depreciation and amortization	(517,123		)	(437,974		)
Total real estate investments, net	3,246,141			2,982,925
Assets held for sale	—			112,902
Cash and cash equivalents	270,302			100,324
Restricted cash	3,985			3,369
Derivative assets, at fair value	4,151			8,730
Unbilled straight-line rent	51,795			47,183
Operating lease right-of-use asset	50,211			—
Prepaid expenses and other assets	37,370			22,245
Due from related parties	351			16
Deferred tax assets	4,441			3,293
Goodwill and other intangible assets, net	21,920			22,180
Deferred financing costs, net	10,938			6,311
Total Assets	$	3,701,605		$	3,309,478

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,272,154		$	1,129,807
Revolving credit facility	199,071			363,894
Term loan, net	397,893			278,727
Acquired intangible lease liabilities, net	30,529			35,757
Derivative liabilities, at fair value	7,507			3,886
Due to related parties	342			790
Accounts payable and accrued expenses	22,903			31,529
Operating lease liability	23,985			—
Prepaid rent	17,236			16,223
Deferred tax liability	14,975			15,227
Taxes payable	1,046			2,228
Dividends payable	4,006			2,664
Total Liabilities	1,991,647			1,880,732
Commitments and contingencies	—			—
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock	68			54
6.875% Series B cumulative redeemable perpetual preferred stock	35			—
Common stock	2,225			2,091
Additional paid-in capital	2,408,353			2,031,981
Accumulated other comprehensive income	20,195			6,810
Accumulated deficit	(733,245		)	(615,448		)
Total Stockholders' Equity	1,697,631			1,425,488
Non-controlling interest	12,327			3,258
Total Equity	1,709,958			1,428,746
Total Liabilities and Equity	$	3,701,605		$	3,309,478



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except per share data



	Three Months Ended
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Revenue form tenants	$	76,685		$	77,942		$	76,119		$	75,468

Expenses:
Property operating	5,701			8,205			7,049			7,359
Operating fees to related parties	8,867			8,220			8,162			8,043
Impairment charges	—			6,375			—			—
Acquisition, transaction and other costs	19			192			847			262
General and administrative	1,334			3,250			2,318			3,206
Equity-based compensation	2,491			2,501			2,429			2,109
Depreciation and amortization	31,989			31,620			31,084			31,303
Total expenses	50,401			60,363			51,889			52,282
Operating income before loss on dispositions of real estate investments	26,284			17,579			24,230			23,186
Gain on dispositions of real estate investments	8,824			6,977			6,923			892
Operating income	35,108			24,556			31,153			24,078
Other income (expense):
Interest expense	(17,194		)	(16,154		)	(15,689		)	(15,162		)
Loss on extinguishment of debt	379			(563		)	(765		)	—
(Loss) gain on derivative instruments	(3,905		)	3,044			1,390			240
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	—			—			—			76
Other income (loss)	195			(2		)	19			4
Total other expense, net	(20,525		)	(13,675		)	(15,045		)	(14,842		)
Net income before income tax	14,583			10,881			16,108			9,236
Income tax expense	(1,652		)	(940		)	(780		)	(960		)
Net income	12,931			9,941			15,328			8,276
Preferred stock dividends	(3,668		)	(3,081		)	(2,707		)	(2,485		)
Net income attributable to common stockholders	$	9,263		$	6,860		$	12,621		$	5,791

Basic and Diluted Earnings Per Share:
Basic and Diluted net income per share attributable to common stockholders	$	0.10		$	0.08		$	0.15		$	0.07
Weighted average shares outstanding:
Basic	89,458			85,255			83,847			81,475
Diluted	90,777			86,203			85,166			82,798



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data



	Three Months Ended
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
EBITDA:
Net income	$	12,931		$	9,941		$	15,328		$	8,276
Depreciation and amortization	31,989			31,620			31,084			31,303
Interest expense	17,194			16,154			15,689			15,162
Income tax expense	1,652			940			780			960
EBITDA	63,766			58,655			62,881			55,701
Impairment charges and related lease intangible write-offs	—			6,375			—			—
Equity-based compensation	2,491			2,501			2,429			2,109
Non-cash portion of incentive fee	—			—			—			—
Acquisition, transaction and other costs	19			192			847			262
Gain on dispositions of real estate investments	(8,824		)	(6,977		)	(6,923		)	(892		)
Gain on derivative instruments	3,905			(3,044		)	(1,390		)	(240		)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	—			—			—			(76		)
Loss on extinguishment of debt	(379		)	563			765			—
Other (income) loss	(195		)	2			(19		)	(4		)
Adjusted EBITDA	60,783			58,267			58,590			56,860
Operating fees to related parties	8,867			8,220			8,162			8,043
General and administrative	1,334			3,250			2,318			3,206
NOI	70,984			69,737			69,070			68,109
Amortization of above- and below- market leases and ground lease assets and liabilities, net	633			341			344			337
Straight-line rent	(1,695		)	(1,506		)	(1,931		)	(1,626		)
Cash NOI	$	69,922		$	68,572		$	67,483		$	66,820

Cash Paid for Interest:
Interest expense	$	17,194		$	16,154		$	15,689		$	15,162
Non-cash portion of interest expense	(1,789		)	(1,906		)	(1,177		)	(1,742		)
Amortization of mortgage (discount) premium, net	(28		)	(30		)	(100		)	(102		)
Total cash paid for interest	$	15,377		$	14,218		$	14,412		$	13,318



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data



	Three Months Ended
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Funds from operations (FFO):
Net income attributable to common stockholders (in accordance with GAAP)	$	9,263		$	6,860		$	12,621		$	5,791
Impairment charges	—			6,375			—			—
Depreciation and amortization	31,989			31,620			31,084			31,303
Gain on dispositions of real estate investments	(8,824		)	(6,977		)	(6,923		)	(892		)
FFO (as defined by NAREIT) attributable to common stockholders	32,428			37,878			36,782			36,202
Acquisition, transaction and other costs ^[1]	19			192			847			262
Loss on extinguishment of debt ^[2]	(379		)	563			765			—
Core FFO attributable to common stockholders	32,068			38,633			38,394			36,464
Non-cash equity-based compensation	2,491			2,501			2,429			2,109
Non-cash portion of interest expense	1,789			1,906			1,177			1,742
Amortization of above and below-market leases and ground lease assets and liabilities, net	633			341			344			337
Straight-line rent	(1,695		)	(1,506		)	(1,931		)	(1,626		)
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness	—			—			—			(76		)
Eliminate unrealized losses (gains) on foreign currency transactions ^[3]	4,592			(1,670		)	(455		)	452
Amortization of mortgage discounts and premiums, net	28			30			100			102
Adjusted funds from operations (AFFO) attributable to common stockholders	$	39,906		$	40,235		$	40,058		$	39,504

Weighted average common shares outstanding - Basic	89,458			85,255			83,847			81,475
Weighted average common shares outstanding - Diluted	90,777			86,203			85,166			82,798
Net income per basic and diluted share attributable to common stockholders	$	0.10		$	0.08		$	0.15		$	0.07
FFO per common share	$	0.36		$	0.44		$	0.43		$	0.44
Core FFO per common share	$	0.35		$	0.45		$	0.45		$	0.44
AFFO per common share	$	0.44		$	0.47		$	0.47		$	0.48
Dividends declared ^[4]	$	47,659		$	45,028		$	14,940		$	43,297

Footnotes:

[1] Primarily includes litigation costs resulting from the termination of the Former Service Provider and fees associated with the exploration of a potential equity offering.

[2] For the three months ended September 30, 2019 and June 30, 2019, primarily includes non-cash write-off of deferred financing costs.

[3] For the three months ended December 31, 2019, losses on derivative instruments were $3.9 million, which were comprised of unrealized losses of $4.6 million and realized gains of $0.7 million. For the three months ended September 30, 2019, gains on derivative instruments were $3.0 million which consisted of unrealized gains of $1.7 million and realized gains of $1.3 million. For the three months ended June 30, 2019, gains on derivative instruments were $1.4 million which consisted of unrealized gains of $0.5 million and realized gains of $0.9 million. For the three months ended March 31, 2019, gains on derivative instruments were $0.2 million which consisted of unrealized losses of $0.5 million and realized gains of $0.7 million.

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

A Preferred Stock.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Debt Overview

As of December 31, 2019



Year of Maturity	Number of Encumbered Properties	Weighted-Average Debt Maturity (Years)	Weighted-Average Interest Rate ^[1]		Total Outstanding Balance ^[2] (In thousands)			Percent
Non-Recourse Debt
2020	2	0.8	1.6	%	$	16,263
2021	2	1.4	1.3	%	11,776
2022	—	—	—	%	—
2023	47	3.6	3.0	%	352,076
2024	8	—	1.5	%	217,583
Thereafter	56	8.9	4.3	%	689,750
Total Non-Recourse Debt	115	6.5	3.4	%	1,287,448			68	%

Recourse Debt
Revolving Credit Facility		3.6	2.8	%	199,071
Term Loan		4.6	1.9	%	403,258
Total Recourse Debt		4.3	2.2	%	602,329			32	%

Total Debt		5.8	3.0	%	$	1,889,777		100	%

Total Debt by Currency					Percent
USD					40		%
EUR					42		%
GBP					18		%
Total					100		%

Footnotes:

[1] As of December 31, 2019, the Company’s total combined debt was 88.2% fixed rate or swapped to a fixed rate and 11.8% floating rate.

[2] Excludes the effect of deferred financing costs, net and mortgage (discount) premium, net. Current balances as of December 31, 2019 are shown in the year the loan matures.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Future Minimum Lease Rents

As of December 31, 2019

Amounts in thousands



	Future Base Rent Payments ^[1]
2020	$	294,087
2021	295,428
2022	286,725
2023	264,583
2024	225,344
Thereafter	934,179
Total	$	2,300,346

Footnotes:

[1] Base rent assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.12 for Euro and $1.00 Canadian Dollar (“CAD”) to $0.77 as of December 31, 2019 for illustrative purposes, as applicable.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Top Ten Tenants

As of December 31, 2019

Amounts in thousands, except percentages



Tenant / Lease Guarantor	Property Type	Tenant Industry	Annualized SL Rent ^[1]		SL Rent Percent
FedEx	Distribution	Freight	$	13,983	5	%
Government Services Administration (GSA)	Office	Government	12,041		4	%
Foster Wheeler	Office	Engineering	11,202		4	%
Whirlpool	Industrial/Distribution	Consumer Goods	10,975		4	%
ING Bank	Office	Financial Services	9,182		3	%
Finnair	Industrial	Aerospace	8,963		3	%
Penske	Distribution	Logistics	8,500		3	%
Contractors Steel	Industrial	Metal Processing	7,958		3	%
Harper Collins	Distribution	Publishing	6,767		2	%
Trinity Health	Office	Healthcare	6,584		2	%
Subtotal			96,155		33	%

Remaining portfolio			204,315		67	%

Total Portfolio			$	300,470	100	%

Footnotes:

[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.32 for GBP, €1.00 to $1.12 for Euro and $1.00 CAD to $0.77 as of December 31, 2019 for illustrative purposes, as applicable.



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Diversification by Property Type

As of December 31, 2019

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	$	145,659	49	%	8,367	27	%	$	40,883	36	%	2,333	17	%
Industrial	82,195		27	%	12,763	40	%	51,410		44	%	7,387	55	%
Distribution	56,869		19	%	9,162	29	%	18,360		16	%	3,454	26	%
Retail	15,747		5	%	1,325	4	%	5,063		4	%	265	2	%
Total	$	300,470	100	%	31,617	100	%	$	115,716	100	%	13,439	100	%

Footnotes:

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



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Diversification by Tenant Industry

As of December 31, 2019

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	$	31,108	9	%	2,126	5	%	$	—	—	%	(1	)	—	%
Healthcare	25,257		8	%	1,249	4	%	13,663		12	%	826		6	%
Technology	20,521		7	%	1,038	3	%	1,820		2	%	132		1	%
Aerospace	16,732		6	%	1,416	4	%	4,606		4	%	293		2	%
Freight	14,921		5	%	1,466	5	%	6,993		6	%	745		6	%
Consumer Goods	14,645		5	%	3,864	12	%	12,024		10	%	3,020		23	%
Government	14,414		5	%	536	2	%	12,585		11	%	466		4	%
Metal Processing	14,331		5	%	2,472	8	%	10,906		9	%	1,852		14	%
Logistics	14,129		5	%	2,269	7	%	1,132		1	%	170		1	%
Telecommunications	13,635		5	%	865	3	%	5,800		5	%	265		2	%
Auto Manufacturing	12,921		4	%	2,400	8	%	7,487		6	%	1,102		8	%
Energy	12,621		4	%	1,169	4	%	8,761		8	%	801		6	%
Engineering	11,202		4	%	366	1	%	—		—	%	—		—	%
Pharmaceuticals	10,805		4	%	476	2	%	1,020		1	%	86		1	%
Metal Fabrication	7,779		3	%	1,129	4	%	3,078		3	%	417		3	%
Discount Retail	7,628		3	%	1,001	3	%	1,851		2	%	200		2	%
Retail Food Distribution	7,497		2	%	1,128	4	%	2,236		2	%	322		2	%
Publishing	6,767		2	%	873	3	%	—		—	%	—		—	%
Specialty Retail	5,345		2	%	486	2	%	2,325		2	%	206		2	%
Food Manufacturing	3,979		1	%	598	2	%	3,979		3	%	598		4	%
Automotive Parts Supplier	3,852		1	%	469	1	%	1,631		1	%	149		1	%
Restaurant - Quick Service	3,396		1	%	74	—	%	3,212		3	%	65		1	%
Other ^[2]	26,985		9	%	4,147	13	%	10,607		9	%	1,725		12	%
Total	$	300,470	100	%	31,617	100	%	$	115,716	100	%	13,439		100	%

Footnotes:

[2] Other includes 23 industry types as of December 31, 2019.

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



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Diversification by Geography

As of December 31, 2019

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	$	185,799	61.9	%	21,823	69	%	$	101,539	87.8	%	12,689	94.5	%
Michigan	43,854		14.6	%	4,881	15.5	%	25,818		22.5	%	2,744	20.4	%
Texas	24,315		8.1	%	1,926	6.1	%	11,256		9.7	%	970	7.2	%
Ohio	17,218		5.7	%	4,069	12.9	%	13,098		11.3	%	3,028	22.5	%
California	13,587		4.5	%	627	2.0	%	3,109		2.7	%	238	1.8	%
New Jersey	8,322		2.8	%	349	1.1	%	—		—	%	—	—	%
Tennessee	8,247		2.8	%	1,125	3.6	%	6,513		5.6	%	662	4.9	%
Indiana	6,831		2.3	%	1,490	4.7	%	3,596		3.1	%	634	4.7	%
Alabama	5,606		1.9	%	257	0.8	%	320		0.3	%	58	0.4	%
Illinois	5,369		1.8	%	963	3.0	%	4,793		4.1	%	887	6.6	%
South Carolina	4,912		1.6	%	801	2.5	%	4,912		4.2	%	801	6.0	%
Kentucky	4,287		1.4	%	523	1.7	%	3,379		2.9	%	446	3.3	%
Pennsylvania	3,995		1.3	%	447	1.4	%	1,686		1.5	%	110	0.8	%
New York	3,959		1.3	%	677	2.1	%	450		0.4	%	63	0.5	%
Missouri	3,197		1.1	%	292	0.9	%	1,227		1.1	%	202	1.5	%
Florida	2,775		0.9	%	179	0.6	%	2,775		2.4	%	179	1.3	%
Colorado	2,703		0.9	%	87	0.3	%	2,703		2.3	%	87	0.6	%
Massachusetts	2,453		0.8	%	192	0.6	%	2,453		2.1	%	192	1.4	%
North Carolina	2,232		0.7	%	201	0.6	%	1,488		1.3	%	172	1.3	%
Minnesota	2,143		0.7	%	150	0.5	%	691		0.6	%	103	0.8	%
Kansas	2,118		0.7	%	292	0.9	%	1,922		1.7	%	277	2.1	%
Maine	1,889		0.6	%	50	0.2	%	1,889		1.6	%	50	0.4	%
Mississippi	1,580		0.5	%	314	1.0	%	283		0.2	%	14	0.1	%
Georgia	1,557		0.5	%	492	1.6	%	—		—	%	—	—	%
South Dakota	1,289		0.4	%	54	0.2	%	1,289		1.1	%	54	0.4	%
Vermont	1,166		0.4	%	213	0.7	%	—		—	%	—	—	%
Nebraska	1,150		0.4	%	101	0.3	%	278		0.2	%	27	0.2	%
New Hampshire	1,139		0.4	%	199	0.6	%	740		0.6	%	116	0.9	%
Louisiana	1,111		0.4	%	112	0.4	%	434		0.4	%	36	0.3	%
West Virginia	980		0.3	%	104	0.3	%	—		—	%	—	—	%
North Dakota	884		0.3	%	47	0.2	%	884		0.8	%	47	0.4	%
Iowa	848		0.3	%	225	0.7	%	848		0.7	%	225	1.7	%
Maryland	785		0.3	%	120	0.4	%	785		0.7	%	120	0.9	%
Oklahoma	699		0.2	%	79	0.3	%	699		0.6	%	79	0.6	%
New Mexico	556		0.2	%	46	0.2	%	556		0.5	%	46	0.3	%
Wyoming	498		0.2	%	37	0.1	%	—		—	%	—	—	%
Montana	441		0.2	%	58	0.2	%	—		—	%	—	—	%
Idaho	441		0.2	%	22	0.1	%	—		—	%	—	—	%
Delaware	362		0.1	%	10	—	%	362		0.3	%	10	0.1	%
Utah	303		0.1	%	12	—	%	303		0.3	%	12	0.1	%
United Kingdom	54,519		18.2	%	4,031	12.8	%	—		—	%	—	—	%
Finland	14,740		4.9	%	1,457	4.6	%	—		—	%	—	—	%
The Netherlands	13,839		4.6	%	849	2.7	%	2,325		2.0	%	206	1.5	%
France	12,761		4.2	%	1,632	5.2	%	8,152		7.0	%	459	3.4	%
Germany	9,657		3.2	%	1,584	5.0	%	—		—	%	—	—	%
Luxembourg	5,455		1.8	%	156	0.5	%	—		—	%	—	—	%
Canada	488		0.2	%	20	0.1	%	3,212		2.8	%	65	0.5	%
Puerto Rico	3,212		1.1	%	65	0.2	%	488		0.4	%	20	0.1	%
Total	$	300,470	100	%	31,617	100	%	$	115,716	100	%	13,439	100	%

Footnotes:

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



Global Net Lease, Inc.
Supplemental Information
Quarter ended December 31, 2019 (Unaudited)

Lease Expirations

As of December 31, 2019



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)
2020	1	$	1,056	0.4	%	100	0.3	%
2021	2	4,944		1.6	%	323	1.0	%
2022	16	23,819		7.9	%	1,553	4.9	%
2023	29	25,953		8.6	%	2,319	7.4	%
2024	42	56,406		18.8	%	5,254	16.7	%
2025	38	37,581		12.5	%	3,237	10.3	%
2026	17	21,256		7.1	%	2,050	6.5	%
2027	19	7,863		2.6	%	788	2.5	%
2028	41	29,633		9.9	%	4,171	13.2	%
2029	20	25,127		8.4	%	2,910	9.2	%
2030	14	15,206		5.1	%	982	3.1	%
2031	7	11,295		3.8	%	2,982	9.5	%
2032	12	8,970		3.0	%	868	2.8	%
2033	4	12,073		4.0	%	1,045	3.3	%
2034	1	923		0.3	%	228	0.7	%
2035	3	5,312		1.8	%	528	1.7	%
Thereafter (>2035)	11	13,053		4.2	%	2,154	7.0	%
Total	277	$	300,470	100.0	%	31,492	100.0	%

[1] Annualized rental income converted from local currency into USD as of December 31, 2019 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.



Maryland	001-37390	45-2771978
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



☐	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	GNL	New York Stock Exchange
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value	GNL PR A	New York Stock Exchange
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value	GNL PR B	New York Stock Exchange



Exhibit No.		Description
99.1		Press release dated February 26, 2020

99.2		Quarterly supplemental information for the quarter and year ended December 31, 2019

104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.



Date: February 26, 2020	By:	/s/ James L. Nelson
		Name:	James L. Nelson
		Title:	Chief Executive Officer and President