$GNL-PB

Global Net Lease, Inc.

CIK:0001526113|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue from tenants	$ 112,475	$ 124,905	$ 221,761	$ 257,320
Expenses:
Property operating	13,400	12,018	26,325	25,971
Impairment charges	3,695	9,812	14,810	70,127
Merger, transaction and other costs	6,561	2,002	10,948	3,581
General and administrative	11,884	11,339	24,028	27,542
Equity-based compensation	3,942	3,338	7,984	6,431
Depreciation and amortization	41,512	45,636	83,124	101,970
Goodwill impairment	0	0	0	7,134
Total expenses	80,994	84,145	167,219	242,756
Operating income before gain (loss) on dispositions of real estate investments	31,481	40,760	54,542	14,564
Gain (loss) on dispositions of real estate investments	23,250	1,537	31,129	(141)
Operating income	54,731	42,297	85,671	14,423
Other income (expense):
Interest expense	(38,820)	(53,348)	(78,011)	(106,785)
Loss on extinguishment and modification of debt	(11,911)	(4,348)	(13,618)	(4,766)
(Loss) gain on derivative instruments	(302)	(8,823)	2,763	(12,679)
Unrealized gains (losses) on undesignated foreign currency advances and other hedge ineffectiveness	1,816	(6,324)	1,816	(12,675)
Other income	276	1,683	450	1,731
Total other expense, net	(48,941)	(71,160)	(86,600)	(135,174)
Net income (loss) before income tax	5,790	(28,863)	(929)	(120,751)
Income tax expense	(4,775)	(2,995)	(6,417)	(6,275)
Income (loss) from continuing operations	1,015	(31,858)	(7,346)	(127,026)
Income (loss) from discontinued operations	2,471	7,715	5,754	(86,496)
Net income (loss)	3,486	(24,143)	(1,592)	(213,522)
Preferred stock dividends	(10,936)	(10,936)	(21,872)	(21,872)
Net loss attributable to common stockholders	$ (7,450)	$ (35,079)	$ (23,464)	$ (235,394)
Basic and Diluted Loss Per Share:
Net loss per share from continuing operations, basic (in dollars per share)	$ (0.05)	$ (0.19)	$ (0.14)	$ (0.66)
Net loss per share from continuing operations, diluted (in dollars per share)	(0.05)	(0.19)	(0.14)	(0.66)
Net income (loss) per share from discontinued operations, basic (in dollars per share)	0.01	0.03	0.03	(0.38)
Net income (loss) per share from discontinued operations, diluted (in dollars per share)	0.01	0.03	0.03	(0.38)
Net loss per share attributable to common stockholders — Basic (in dollars per share)	(0.04)	(0.16)	(0.11)	(1.04)
Net loss per share attributable to common stockholders — Diluted (in dollars per share)	$ (0.04)	$ (0.16)	$ (0.11)	$ (1.04)
Weighted average common shares outstanding:
Weighted average shares outstanding — Basic (in shares)	211,338,853	222,960,030	212,681,722	226,591,693
Weighted average shares outstanding — Diluted (in shares)	211,338,853	222,960,030	212,681,722	226,591,693

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (1,592)	$ (213,522)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	56,007	72,166
Amortization of intangibles	27,117	59,566
Amortization of deferred financing costs	4,531	4,985
Amortization of discounts on mortgages and senior notes	17,726	28,569
Amortization of below-market lease liabilities	(1,243)	(4,735)
Amortization of above-market lease assets	2,956	5,372
Amortization related to right-of-use assets	481	755
Amortization of lease incentives	1,213	1,011
Unbilled straight-line rent	(302)	(8,194)
Equity-based compensation	7,984	6,431
Unrealized (gains) losses on foreign currency transactions, derivatives, and other	(3,576)	10,481
Unrealized (gains) losses on undesignated foreign currency advances and other hedge ineffectiveness	(1,816)	12,675
Net (gain) loss on multi-tenant disposition receivable	(3,575)	13,766
Loss on extinguishment and modification of debt	13,618	19,864
(Gain) loss on dispositions of real estate investments	(32,450)	52,096
Lease incentive and commission payments	(4,429)	(5,343)
Impairment charges	14,810	70,127
Goodwill impairment	0	7,134
Changes in operating assets and liabilities, net:
Prepaid expenses and other assets	7,051	(2,008)
Accounts payable and accrued expenses	3,572	(28,044)
Prepaid rent	(1,292)	8,042
Net cash provided by operating activities	106,791	111,194
Cash flows from investing activities:
Deposits for real estate investments	(250)	0
Capital expenditures	(3,396)	(19,579)
Net proceeds from dispositions of real estate investments	132,237	1,250,952
Cash received from multi-tenant disposition receivable	29,034	22,624
Net cash provided by investing activities	157,625	1,253,997
Cash flows from financing activities:
Borrowings under revolving credit facility	243,630	453,000
Repayments on revolving credit facility	(80,580)	(1,175,170)
Principal payments on mortgage notes payable	(294,229)	(489,982)
Penalties and charges related to repayments and early repayments of debt	(2,656)	(2,560)
Common shares repurchased upon vesting of restricted stock	(1,970)	(655)
Repurchases of Common Stock, net	(49,461)	(75,973)
Dividends paid on Common Stock	(81,895)	(107,421)
Net cash used in financing activities	(289,033)	(1,420,633)
Net change in cash, cash equivalents and restricted cash	(24,617)	(55,442)
Effect of exchange rate changes on cash	(1,454)	13,382
Cash, cash equivalents and restricted cash, beginning of period	194,063	224,208
Cash, cash equivalents and restricted cash, end of period	167,992	182,148
Cash and cash equivalents, end of period	153,640	144,809
Restricted cash, end of period	14,352	37,339
Cash, cash equivalents and restricted cash, end of period	167,992	182,148
Non-Cash Investing and Financing Activity:
Loss on extinguishment of debt	10,962	17,304
Accrued capital expenditures	0	3
Series A Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	(6,162)	(6,162)
Series B Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	(4,036)	(4,036)
Series D Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	(7,438)	(7,438)
Series E Preferred Stock
Cash flows from financing activities:
Dividends paid on Preferred Stock	$ (4,236)	$ (4,236)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate investments, at cost (Note 4):
Land	$ 636,934	$ 659,086
Buildings, fixtures and improvements	3,468,728	3,592,121
Construction in progress	406	2,993
Acquired intangible lease assets	492,330	523,406
Total real estate investments, at cost	4,598,398	4,777,606
Less accumulated depreciation and amortization	(989,221)	(966,982)
Total real estate investments, net	3,609,177	3,810,624
Real estate assets held for sale (Note 4)	33,834	49,654
Assets related to discontinued operations (Note 3)	0	348
Cash and cash equivalents	153,640	180,114
Restricted cash	14,352	13,949
Derivative assets, at fair value (Note 9)	978	7
Unbilled straight-line rent	71,952	72,919
Operating lease right-of-use asset (Note 13)	60,958	63,362
Prepaid expenses and other assets	53,636	60,415
Multi-tenant disposition receivable, net (Note 3)	2,475	27,934
Deferred tax assets	5,105	5,167
Goodwill	45,516	45,898
Deferred financing costs, net	14,465	16,812
Total Assets	4,066,088	4,347,203
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 5)	986,880	1,264,604
Revolving credit facility (Note 6)	472,946	324,165
Senior notes, net (Note 7)	940,019	928,169
Acquired intangible lease liabilities, net	15,781	17,501
Derivative liabilities, at fair value (Note 9)	1,797	5,298
Accounts payable and accrued expenses	42,771	43,821
Operating lease liability (Note 13)	40,043	41,429
Prepaid rent	26,962	28,254
Deferred tax liability	17,403	17,796
Dividends payable	11,623	11,718
Real estate liabilities held for sale (Note 4)	164	60
Liabilities related to discontinued operations (Note 3)	596	890
Total Liabilities	2,556,985	2,683,705
Commitments and contingencies (Note 11)	0	0
Stockholders’ Equity (Note 10):
Common Stock, $0.01 par value, 400,000,000 shares authorized, 210,951,435 and 216,016,247 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3,440	3,490
Additional paid-in capital	4,205,625	4,249,018
Accumulated other comprehensive income	16,480	22,169
Accumulated deficit	(2,716,682)	(2,611,419)
Total Stockholders’ Equity	1,509,103	1,663,498
Total Liabilities and Stockholders’ Equity	4,066,088	4,347,203
Series A Preferred Stock
Stockholders’ Equity (Note 10):
Cumulative redeemable preferred stock	68	68
Series B Preferred Stock
Stockholders’ Equity (Note 10):
Cumulative redeemable preferred stock	47	47
Series D Preferred Stock
Stockholders’ Equity (Note 10):
Cumulative redeemable preferred stock	79	79
Series E Preferred Stock
Stockholders’ Equity (Note 10):
Cumulative redeemable preferred stock	$ 46	$ 46