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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-37390
image3a31.gif
Global Net Lease, Inc.
(Exact name of registrant as specified in its charter)
Maryland45-2771978
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
650 Fifth Ave., 30th Floor, New York, NY                 10019
______________________________________________________________________________ _____________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (332) 265-2020
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareGNLNew York Stock Exchange
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per shareGNL PR ANew York Stock Exchange
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareGNL PR BNew York Stock Exchange
7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareGNL PR DNew York Stock Exchange
7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per shareGNL PR ENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒ Accelerated filer ☐
Non-accelerated filer☐Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of November 4, 2024, the registrant had 230,633,265 shares of common stock outstanding.

GLOBAL NET LEASE, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
GLOBAL NET LEASE, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)

September 30,
2024		December 31,
2023
ASSETS
Real estate investments, at cost (Note 4):
Land$1,268,106 $1,430,607 
Buildings, fixtures and improvements5,505,148 5,842,314 
Construction in progress5,504 23,242 
Acquired intangible lease assets1,128,991 1,359,981 
Total real estate investments, at cost7,907,749 8,656,144 
Less accumulated depreciation and amortization(1,138,714)(1,083,824)
Total real estate investments, net6,769,035 7,572,320 
Assets held for sale9,391 3,188 
Cash and cash equivalents127,249 121,566 
Restricted cash53,526 40,833 
Derivative assets, at fair value (Note 9)
1,114 10,615 
Unbilled straight-line rent98,914 84,254 
Operating lease right-of-use asset (Note 11)
78,278 77,008 
Prepaid expenses and other assets130,077 121,997 
Deferred tax assets4,822 4,808 
Goodwill52,255 46,976 
Deferred financing costs, net11,209 15,412 
     Total Assets$7,335,870 $8,098,977 
LIABILITIES AND EQUITY  
Mortgage notes payable, net (Note 5)
$2,273,464 $2,517,868 
Revolving credit facility (Note 6)
1,583,936 1,744,182 
Senior notes, net (Note 7)
900,905 886,045 
Acquired intangible lease liabilities, net80,125 95,810 
Derivative liabilities, at fair value (Note 9)
18,656 5,145 
Accounts payable and accrued expenses90,653 99,014 
Operating lease liability (Note 11)
50,126 48,369 
Prepaid rent44,821 46,213 
Deferred tax liability6,152 6,009 
Dividends payable11,830 11,173 
Total Liabilities5,060,668 5,459,828 
Commitments and contingencies (Note 11)
— — 
Stockholders’ Equity (Note 10):
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of September 30, 2024 and December 31, 2023
68 68 
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,695,887 shares issued and outstanding as of September 30, 2024 and December 31, 2023
47 47 
7.500% Series D cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 7,933,711 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023
79 79 
7.375% Series E cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 4,595,175 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023
46 46 
Common Stock, $0.01 par value, 250,000,000 shares authorized, 230,818,198 and 230,885,197 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
3,638 3,639 
Additional paid-in capital4,354,823 4,350,112 
Accumulated other comprehensive loss(16,751)(14,096)
Accumulated deficit(2,069,400)(1,702,143)
Total Stockholders’ Equity2,272,550 2,637,752 
Non-controlling interest2,652 1,397 
 Total Equity2,275,202 2,639,149 
     Total Liabilities and Equity$7,335,870 $8,098,977 
The accompanying notes are an integral part of these consolidated financial statements.
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GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue from tenants$196,564 $118,168 $605,895 $308,344 
 Expenses:
Property operating33,515 13,623 106,878 30,802 
Operating fees to related parties— 8,652 — 28,863 
Impairment charges
38,583 65,706 70,312 65,706 
Merger, transaction and other costs1,901 43,765 4,234 50,143 
Settlement costs— 14,643 — 29,727 
General and administrative
12,598 6,977 43,971 23,320 
Equity-based compensation2,309 10,444 6,622 16,239 
Depreciation and amortization85,430 49,232 266,923 123,558 
Total expenses
174,336 213,042 498,940 368,358 
Operating income (loss) before gain on dispositions of real estate investments22,228 (94,874)106,955 (60,014)
(Loss) gain on dispositions of real estate investments(4,280)(684)35,689 (684)
Operating income (loss)17,948 (95,558)142,644 (60,698)
Other income (expense):
Interest expense(77,130)(41,161)(249,698)(95,836)
Loss on extinguishment of debt(317)— (13,465)(404)
(Loss) gain on derivative instruments(4,742)3,217 (2,624)787 
Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness— — 1,332 — 
Other (expense) income (49)119 244 1,835 
Total other expense, net
(82,238)(37,825)(264,211)(93,618)
Net loss before income tax(64,290)(133,383)(121,567)(154,316)
Income tax expense(1,345)(2,801)(3,483)(9,016)
Net loss(65,635)(136,184)(125,050)(163,332)
Preferred stock dividends(10,936)(6,304)(32,808)(16,502)
Net loss attributable to common stockholders$(76,571)$(142,488)$(157,858)$(179,834)
Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted$(0.33)$(1.11)$(0.69)$(1.62)
Weighted average common shares outstanding:
Weighted average shares outstanding — Basic and Diluted230,463,241 130,824,684 230,388,121 113,017,882 

The accompanying notes are an integral part of these consolidated financial statements.
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GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)




 Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(65,635)$(136,184)$(125,050)$(163,332)
Other comprehensive income (loss)
Cumulative translation adjustment12,571 (11,260)14,069 6,072 
Designated derivatives, fair value adjustments(22,489)(935)(16,724)(7,821)
Other comprehensive loss(9,918)(12,195)(2,655)(1,749)
Comprehensive loss(75,553)(148,379)(127,705)(165,081)
Preferred Stock dividends(10,936)(6,304)(32,808)(16,502)
Comprehensive loss attributable to common stockholders$(86,489)$(154,683)$(160,513)$(181,583)

The accompanying notes are an integral part of these consolidated financial statements.
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GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)



Nine Months Ended September 30, 2024
Series A Preferred StockSeries B Preferred StockSeries D Preferred StockSeries E Preferred StockCommon Stock
 
Number of Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par Value
Number of Shares		Par ValueAdditional Paid-in
Capital		Accumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, December 31, 20236,799,467 $68 4,695,887 $47 7,933,711 $79 4,595,175 $46 230,885,197 $3,639 $4,350,112 $(14,096)$(1,702,143)$2,637,752 $1,397 $2,639,149 
Dividends declared:
  Common Stock, $0.95 per share
— — — — — — — — — — — — (209,399)(209,399)— (209,399)
  Series A Preferred Stock, $1.35 per share
— — — — — — — — — — — — (9,243)(9,243)— (9,243)
  Series B Preferred Stock, $1.29 per share
— — — — — — — — — — — — (6,054)(6,054)— (6,054)
  Series D Preferred Stock, $1.41 per share
— — — — — — — — — — — — (11,157)(11,157)— (11,157)
  Series E Preferred Stock, $1.38 per share
— — — — — — — — — — — — (6,354)(6,354)— (6,354)
Equity-based compensation, net of forfeitures— — — — — — — — 2,906 — 5,262 — — 5,262 1,360 6,622 
Common stock shares withheld upon vesting of restricted stock— — — — — — — — (69,905)(1)(551)— — (552)— (552)
Distributions to non-controlling interest holders— — — — — — — — — — — — — — (105)(105)
Net loss— — — — — — — — — — — — (125,050)(125,050)— (125,050)
Cumulative translation adjustment— — — — — — — — — — — 14,069 — 14,069 — 14,069 
Designated derivatives, fair value adjustments— — — — — — — — — — — (16,724)— (16,724)— (16,724)
Balance, September 30, 20246,799,467 $68 4,695,887 $47 7,933,711 $79 4,595,175 $46 230,818,198 $3,638 $4,354,823 $(16,751)$(2,069,400)$2,272,550 $2,652 $2,275,202 


The accompanying notes are an integral part of these consolidated financial statements.









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GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)



Three Months Ended September 30, 2024
Series A Preferred StockSeries B Preferred StockSeries D Preferred StockSeries E Preferred StockCommon Stock
 
Number of Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par Value
Number of Shares		Par ValueAdditional Paid-in
Capital		Accumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, June 30, 20246,799,467 $68 4,695,887 $47 7,933,711 $79 4,595,175 $46 230,805,375 $3,638 $4,353,095 $(6,833)$(1,929,107)$2,421,033 $2,231 $2,423,264 
Dividends declared:
  Common Stock, $0.275 per share
— — — — — — — — — — — — (63,722)(63,722)— (63,722)
  Series A Preferred Stock, $0.45 per share
— — — — — — — — — — — — (3,081)(3,081)— (3,081)
  Series B Preferred Stock, $0.43 per share
— — — — — — — — — — — — (2,018)(2,018)— (2,018)
  Series D Preferred Stock, $0.47 per share
— — — — — — — — — — — — (3,719)(3,719)— (3,719)
  Series E Preferred Stock, $0.46 per share
— — — — — — — — — — — — (2,118)(2,118)— (2,118)
Equity-based compensation, net of forfeitures— — — — — — — — 19,381 — 1,856 — — 1,856 453 2,309 
Common stock shares withheld upon vesting of restricted stock— — — — — — — — (6,558)— (128)— — (128)— (128)
Distributions to non-controlling interest holders— — — — — — — — — — — — — — (32)(32)
Net loss— — — — — — — — — — — — (65,635)(65,635)— (65,635)
Cumulative translation adjustment— — — — — — — — — — — 12,571 — 12,571 — 12,571 
Designated derivatives, fair value adjustments— — — — — — — — — — — (22,489)— (22,489)— (22,489)
Balance, September 30, 20246,799,467 $68 4,695,887 $47 7,933,711 $79 4,595,175 $46 230,818,198 $3,638 $4,354,823 $(16,751)$(2,069,400)$2,272,550 $2,652 $2,275,202 



The accompanying notes are an integral part of these consolidated financial statements.
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GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)

Nine Months Ended September 30, 2023
Series A Preferred StockSeries B Preferred StockSeries D Preferred StockSeries E Preferred StockCommon Stock
 Number of
Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par ValueNumber of
Shares		Par ValueAdditional Paid-in
Capital		Accumulated Other Comprehensive (Loss) IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, December 31, 20226,799,467 $68 4,695,887 $47 — $— — $— 104,141,899 $2,371 $2,683,169 $1,147 $(1,247,781)$1,439,021 $14,898 $1,453,919 
Settlement and consulting costs paid with Common Stock (Note 10)
— — — — — — — — 2,140,579 21 21,873 — — 21,894 — 21,894 
Common stock issued for earned
and vested GNL LTIP Units
— — — — — — — — 883,750 9 27,666 — — 27,675 (27,675)— 
Common Stock issuance costs— — — — — — (45)— — (45)— (45)
Consideration for the Mergers:
    Issuance of Common Stock— — — — — — — — 123,257,658 1,233 1,368,160 — — 1,369,393 — 1,369,393 
    Issuance of Restricted Shares— — — — — — — — 221,136 2 — — — 2 — 2 
    Issuance of Series D Preferred
Stock
— — — — 7,933,711 79 — — — — 155,501 — — 155,580 — 155,580 
    Issuance of Series E Preferred
Stock
— — — — — — 4,595,175 46 — — 90,709 — — 90,755 — 90,755 
    Issuance of Class A Units— — — — — — — — — — — — — — 1,287 1,287 
Dividends declared:
    Common Stock, $1.20 per share
— — — — — — — — — — — — (125,329)(125,329)— (125,329)
     Series A Preferred Stock, $1.35 per share
— — — — — — — — — — — — (9,243)(9,243)— (9,243)
     Series B Preferred Stock, $1.29 per share
— — — — — — — — — — — — (6,054)(6,054)— (6,054)
      Series D preferred stock, $0.47 per share
— — — — — — — — — — — — (3,718)(3,718)— (3,718)
      Series E preferred stock, $0.46 per share
— — — — — — — — — — — — (2,118)(2,118)— (2,118)
Equity-based compensation, net of forfeitures— — — — — — — — 290,883 3 3,459 — — 3,462 12,777 16,239 
Common stock shares withheld upon vesting of restricted stock— — — — — — — — (107,030)(1)(1,091)— — (1,092)