10-Q 1 gnl-20220331.htm 10-Q gnl-20220331
000152611312/312022Q1FALSEtrue0.00100015261132022-01-012022-03-310001526113us-gaap:CommonStockMember2022-01-012022-03-310001526113gnl:A7.25SeriesACumulativeRedeemablePreferredStockMember2022-01-012022-03-310001526113gnl:A6.875SeriesBCumulativeRedeemablePerpetualPreferredStock0.01parvalueMember2022-01-012022-03-310001526113gnl:PreferredStockPurchaseRightsMember2022-01-012022-03-3100015261132022-04-29xbrli:shares00015261132022-03-31iso4217:USD00015261132021-12-310001526113us-gaap:SeriesAPreferredStockMember2021-01-012021-12-31xbrli:pure0001526113us-gaap:SeriesAPreferredStockMember2022-01-012022-03-310001526113us-gaap:SeriesAPreferredStockMember2021-12-31iso4217:USDxbrli:shares0001526113us-gaap:SeriesAPreferredStockMember2022-03-310001526113us-gaap:SeriesBPreferredStockMember2022-01-012022-03-310001526113us-gaap:SeriesBPreferredStockMember2021-01-012021-12-310001526113us-gaap:SeriesBPreferredStockMember2022-03-310001526113us-gaap:SeriesBPreferredStockMember2021-12-3100015261132021-01-012021-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-12-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-12-310001526113us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-12-310001526113us-gaap:AdditionalPaidInCapitalMember2021-12-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001526113us-gaap:RetainedEarningsMember2021-12-310001526113us-gaap:ParentMember2021-12-310001526113us-gaap:NoncontrollingInterestMember2021-12-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2022-01-012022-03-310001526113us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesBPreferredStockMember2022-01-012022-03-310001526113us-gaap:ParentMemberus-gaap:SeriesBPreferredStockMember2022-01-012022-03-310001526113us-gaap:CommonStockMemberus-gaap:RetainedEarningsMember2022-01-012022-03-310001526113us-gaap:ParentMemberus-gaap:CommonStockMember2022-01-012022-03-310001526113us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2022-01-012022-03-310001526113us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-03-310001526113us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2022-01-012022-03-310001526113us-gaap:CommonStockMember2022-01-012022-03-310001526113us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001526113us-gaap:ParentMember2022-01-012022-03-310001526113us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001526113us-gaap:RetainedEarningsMember2022-01-012022-03-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2022-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2022-03-310001526113us-gaap:CommonStockMemberus-gaap:CommonStockMember2022-03-310001526113us-gaap:AdditionalPaidInCapitalMember2022-03-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001526113us-gaap:RetainedEarningsMember2022-03-310001526113us-gaap:ParentMember2022-03-310001526113us-gaap:NoncontrollingInterestMember2022-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-12-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-12-310001526113us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-12-310001526113us-gaap:AdditionalPaidInCapitalMember2020-12-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001526113us-gaap:RetainedEarningsMember2020-12-310001526113us-gaap:ParentMember2020-12-310001526113us-gaap:NoncontrollingInterestMember2020-12-3100015261132020-12-310001526113us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-01-012021-03-310001526113us-gaap:AdditionalPaidInCapitalMemberus-gaap:CommonStockMember2021-01-012021-03-310001526113us-gaap:ParentMemberus-gaap:CommonStockMember2021-01-012021-03-310001526113us-gaap:CommonStockMember2021-01-012021-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001526113us-gaap:AdditionalPaidInCapitalMemberus-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001526113us-gaap:ParentMemberus-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001526113us-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001526113us-gaap:CommonStockMemberus-gaap:RetainedEarningsMember2021-01-012021-03-310001526113us-gaap:SeriesAPreferredStockMember2021-01-012021-03-310001526113us-gaap:SeriesAPreferredStockMemberus-gaap:RetainedEarningsMember2021-01-012021-03-310001526113us-gaap:ParentMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-03-310001526113us-gaap:SeriesBPreferredStockMemberus-gaap:RetainedEarningsMember2021-01-012021-03-310001526113us-gaap:CommonStockMember2021-01-012021-03-310001526113us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001526113us-gaap:ParentMember2021-01-012021-03-310001526113us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001526113us-gaap:RetainedEarningsMember2021-01-012021-03-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-03-310001526113us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-03-310001526113us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-03-310001526113us-gaap:AdditionalPaidInCapitalMember2021-03-310001526113us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001526113us-gaap:RetainedEarningsMember2021-03-310001526113us-gaap:ParentMember2021-03-310001526113us-gaap:NoncontrollingInterestMember2021-03-3100015261132021-03-31gnl:propertyutr:sqft0001526113gnl:UnitedStatesAndCanadaMember2022-01-012022-03-310001526113srt:EuropeMember2022-03-310001526113gnl:IndustrialAndDistributionPropertiesMember2022-03-310001526113srt:OfficeBuildingMember2022-03-310001526113srt:RetailSiteMember2022-03-310001526113gnl:OneTenantLeaseTerminationMember2021-09-03iso4217:GBP0001526113gnl:OneTenantLeaseTerminationMember2022-01-012022-03-3100015261132021-10-012021-12-310001526113gnl:A2018MultiYearOutperformancePlanMember2022-01-012022-03-310001526113gnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-06-032021-06-0300015261132021-01-012021-12-310001526113us-gaap:LandMember2022-03-310001526113us-gaap:BuildingAndBuildingImprovementsMember2022-03-310001526113gnl:AcquiredIntangibleLeaseAssetsMember2022-03-310001526113us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-03-310001526113us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-01-012021-03-310001526113country:US2022-01-012022-03-310001526113country:US2021-01-012021-06-300001526113stpr:MI2022-01-012022-03-310001526113stpr:MI2021-01-012021-06-300001526113country:GB2022-01-012022-03-310001526113country:GB2021-01-012021-06-300001526113currency:EURgnl:FinlandPropertyMemberus-gaap:MortgagesMember2022-03-310001526113currency:EURgnl:FinlandPropertyMemberus-gaap:MortgagesMember2021-12-310001526113currency:EURgnl:FrenchPropertiesMemberus-gaap:MortgagesMember2022-03-310001526113currency:EURgnl:FrenchPropertiesMemberus-gaap:MortgagesMember2021-12-310001526113currency:EURus-gaap:MortgagesMembergnl:GermanyPropertiesMember2022-03-310001526113currency:EURus-gaap:MortgagesMembergnl:GermanyPropertiesMember2021-12-310001526113currency:EURgnl:BeneluxMemberus-gaap:MortgagesMember2022-03-310001526113currency:EURgnl:BeneluxMemberus-gaap:MortgagesMember2021-12-310001526113currency:EURus-gaap:MortgagesMember2022-03-310001526113currency:EURus-gaap:MortgagesMember2021-12-310001526113gnl:McLarenLoanMembercurrency:GBPus-gaap:MortgagesMember2022-03-310001526113gnl:McLarenLoanMembercurrency:GBPus-gaap:MortgagesMember2021-12-310001526113gnl:TrafalgarCourtMembercurrency:GBPus-gaap:MortgagesMember2022-03-310001526113gnl:TrafalgarCourtMembercurrency:GBPus-gaap:MortgagesMember2021-12-310001526113currency:GBPus-gaap:MortgagesMembergnl:UKMultiPropertyLoanMember2022-03-310001526113currency:GBPus-gaap:MortgagesMembergnl:UKMultiPropertyLoanMember2021-12-310001526113currency:GBPus-gaap:MortgagesMember2022-03-310001526113currency:GBPus-gaap:MortgagesMember2021-12-310001526113currency:USDgnl:PenskeLogisticsMemberus-gaap:MortgagesMember2022-03-310001526113currency:USDgnl:PenskeLogisticsMemberus-gaap:MortgagesMember2021-12-310001526113currency:USDgnl:MultiTenantMortgageLoanMemberus-gaap:MortgagesMember2022-03-310001526113currency:USDgnl:MultiTenantMortgageLoanMemberus-gaap:MortgagesMember2021-12-310001526113currency:USDgnl:MultiTenantMortgageLoanIIMemberus-gaap:MortgagesMember2022-03-310001526113currency:USDgnl:MultiTenantMortgageLoanIIMemberus-gaap:MortgagesMember2021-12-310001526113gnl:U.S.MultiTenantMortgageLoanIIIMembercurrency:USDus-gaap:MortgagesMember2022-03-310001526113gnl:U.S.MultiTenantMortgageLoanIIIMembercurrency:USDus-gaap:MortgagesMember2021-12-310001526113currency:USDgnl:MultiTenantMortgageLoanIVMemberus-gaap:MortgagesMember2022-03-310001526113currency:USDgnl:MultiTenantMortgageLoanIVMemberus-gaap:MortgagesMember2021-12-310001526113gnl:MultiTenantMortgageLoanVMembercurrency:USDus-gaap:MortgagesMember2022-03-310001526113gnl:MultiTenantMortgageLoanVMembercurrency:USDus-gaap:MortgagesMember2021-12-310001526113currency:USDus-gaap:MortgagesMember2022-03-310001526113currency:USDus-gaap:MortgagesMember2021-12-310001526113us-gaap:MortgagesMember2022-03-310001526113us-gaap:MortgagesMember2021-12-310001526113currency:EURgnl:FinlandPropertyMembergnl:EuriborRateMemberus-gaap:MortgagesMember2022-01-012022-03-310001526113currency:EURgnl:FrenchPropertiesMemberus-gaap:MortgagesMember2022-01-012022-03-310001526113currency:EURgnl:EuriborRateMembergnl:FrenchPropertiesMemberus-gaap:MortgagesMember2022-01-012022-03-310001526113currency:EURus-gaap:MortgagesMembergnl:GermanyPropertiesMember2022-01-012022-03-310001526113currency:EURgnl:EuriborRateMemberus-gaap:MortgagesMembergnl:GermanyPropertiesMember2022-01-012022-03-310001526113currency:GBPus-gaap:MortgagesMembergnl:UKMultiPropertyLoanMember2022-01-012022-03-310001526113currency:GBPus-gaap:MortgagesMemberus-gaap:LondonInterbankOfferedRateLIBORMembergnl:UKMultiPropertyLoanMember2022-01-012022-03-31iso4217:USDiso4217:GBPiso4217:USDiso4217:EUR0001526113us-gaap:LineOfCreditMember2022-03-310001526113gnl:U.S.MultiTenantMortgageLoanIIIMemberus-gaap:MortgagesMember2022-03-310001526113gnl:U.S.MultiTenantMortgageLoanIIIMemberus-gaap:MortgagesMember2021-03-310001526113us-gaap:LineOfCreditMembergnl:U.S.MultiTenantMortgageLoanIIIMemberus-gaap:MortgagesMember2021-03-310001526113us-gaap:LineOfCreditMembergnl:U.S.MultiTenantMortgageLoanIIIMemberus-gaap:MortgagesMember2021-09-30iso4217:EUR0001526113us-gaap:MortgagesMember2022-01-012022-03-310001526113gnl:MultiTenantMortgageLoanIVMemberus-gaap:MortgagesMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-31iso4217:CAD0001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2022-03-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2021-12-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:TermLoanFacilityMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:USDgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:GBPgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113currency:EURgnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembercurrency:CADgnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-12-31iso4217:USDiso4217:CAD0001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-02-240001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2021-02-240001526113us-gaap:FederalFundsEffectiveSwapRateMembergnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMember2021-02-242021-02-240001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembersrt:MinimumMembergnl:TermLoanMemberus-gaap:BaseRateMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembergnl:TermLoanMemberus-gaap:BaseRateMembersrt:MaximumMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembersrt:MinimumMembergnl:TermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-02-242021-02-240001526113gnl:CreditFacilityAmendmentMembergnl:TermLoanMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMember2021-02-242021-02-240001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMember2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:AboveThresholdMember2017-07-012017-07-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:AboveThresholdMember2017-07-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:BelowThresholdMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2017-07-012017-07-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMembergnl:BelowThresholdMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2017-07-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2017-07-012017-07-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2022-03-3100015261132020-10-012020-12-310001526113gnl:SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2020-12-160001526113gnl:SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2022-03-310001526113gnl:SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2021-12-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMember2022-03-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForwardContractsMember2021-12-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForwardContractsMember2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001526113us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113us-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113us-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel3Member2022-03-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113gnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FairValueInputsLevel3Member2021-12-310001526113us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2022-03-310001526113us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2022-03-310001526113us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2021-12-310001526113us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USDus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USDus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:GBPus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:GBPus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:GBPus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:GBPus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113currency:EURus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113currency:EURus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:SwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:ForwardContractsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:DerivativeFinancialInstrumentsAssetsMembercurrency:EURus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USDus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USDus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Member2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:FairValueInputsLevel2Member2021-12-310001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMembercurrency:GBPus-gaap:DesignatedAsHedgingInstrumentMember2022-03-31gnl:derivative0001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMembercurrency:GBPus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:CashFlowHedgingMembercurrency:EURus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:CashFlowHedgingMembercurrency:EURus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMembercurrency:USDus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMembercurrency:USDus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001526113us-gaap:CashFlowHedgingMemberus-gaap:SwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001526113us-gaap:InterestRateSwapMember2022-01-012022-03-310001526113us-gaap:InterestRateSwapMember2021-01-012021-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-03-310001526113us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-03-310001526113us-gaap:NondesignatedMember2022-01-012022-03-310001526113us-gaap:NondesignatedMember2021-01-012021-03-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:ForwardContractsMember2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMembercurrency:GBPus-gaap:ForwardContractsMember2021-12-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:ForwardContractsMember2022-03-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:SwapMemberus-gaap:ForwardContractsMember2021-12-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMember2022-03-310001526113currency:EURus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMember2021-12-310001526113us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USD2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:SwapMembercurrency:USD2021-12-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMember2022-03-310001526113us-gaap:NondesignatedMemberus-gaap:SwapMember2021-12-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2018MultiYearOutperformancePlanMembergnl:AdvisorMember2021-06-022021-06-020001526113gnl:LongTermIncentivePlanUnitsMembergnl:MultiYearOutperformancePlanMember2021-06-182021-06-180001526113gnl:AdvisorMember2021-06-300001526113gnl:AgentMembergnl:AttheMarketProgramMember2022-03-310001526113gnl:AgentMembergnl:AttheMarketProgramMember2022-01-012022-03-310001526113gnl:AgentMembergnl:AttheMarketProgramMember2021-01-012021-03-310001526113us-gaap:SeriesCPreferredStockMember2022-03-310001526113us-gaap:SeriesCPreferredStockMember2021-12-310001526113gnl:AttheMarketProgramMembergnl:AgentMemberus-gaap:SeriesBPreferredStockMember2019-12-310001526113gnl:AttheMarketProgramMembergnl:AgentMemberus-gaap:SeriesBPreferredStockMember2022-01-012022-03-310001526113gnl:AttheMarketProgramMembergnl:AgentMemberus-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001526113us-gaap:SeriesCPreferredStockMember2020-04-300001526113us-gaap:SeriesCPreferredStockMember2020-04-012020-04-300001526113us-gaap:SeriesCPreferredStockMember2020-04-200001526113srt:MinimumMember2022-03-310001526113srt:MaximumMember2022-03-310001526113us-gaap:LimitedPartnerMember2022-03-310001526113gnl:AdvisorMembergnl:AmericanRealtyCapitalGlobalAdvisorsLlcMember2022-03-310001526113gnl:AdvisorMembergnl:AmericanRealtyCapitalGlobalAdvisorsLlcMember2021-12-310001526113gnl:ThirdPartyProfessionalFeesAndOfferingCostsMember2022-03-310001526113gnl:ThirdPartyProfessionalFeesAndOfferingCostsMember2021-12-310001526113gnl:LongTermIncentivePlanUnitsMember2022-01-012022-03-310001526113gnl:LongTermIncentivePlanUnitsMember2021-01-012021-03-310001526113gnl:LongTermIncentivePlanUnitsMember2022-03-310001526113gnl:LongTermIncentivePlanUnitsMember2021-12-310001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2015-06-022015-06-020001526113gnl:RecurringFeesMembergnl:IncentiveCompensationMembergnl:IncurredMember2022-01-012022-03-310001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2020-05-062020-05-060001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2021-05-062021-05-060001526113srt:MinimumMembergnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2018-08-142018-08-140001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMembersrt:MaximumMember2018-08-142018-08-140001526113gnl:AdvisorMember2018-08-142018-08-140001526113gnl:AdvisorMember2018-08-140001526113gnl:AdvisorMember2018-08-140001526113gnl:AdvisorMember2018-08-142018-08-140001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2015-06-020001526113srt:MinimumMembergnl:AdvisorMembergnl:AmendedAdvisoryAgreementMember2015-06-020001526113gnl:AdvisorMembergnl:AmendedAdvisoryAgreementMembersrt:MaximumMember2015-06-020001526113gnl:StandAloneSingleTenantNetLeasedMembergnl:AmericanRealtyCapitalGlobalPropertiesLlcMembergnl:PropertyManagerMembersrt:MaximumMembergnl:GrossRevenueManagedPropertiesMember2022-03-310001526113gnl:AmericanRealtyCapitalGlobalPropertiesLlcMembergnl:AllOtherPropertiesOtherthanStandAloneSingleTenantNetLeasedMembergnl:PropertyManagerMembersrt:MaximumMembergnl:GrossRevenueManagedPropertiesMember2022-03-310001526113gnl:AmericanRealtyCapitalGlobalPropertiesLlcMembergnl:PropertyManagerMembergnl:GrossRevenueManagedPropertiesMembersrt:MaximumMember2022-03-3100015261132019-02-012019-02-280001526113gnl:AdvisorMember2021-01-012021-06-300001526113gnl:AdvisorMember2022-01-012022-03-310001526113gnl:AssetManagementFeesMembergnl:AdvisorMember2022-01-012022-03-310001526113gnl:AssetManagementFeesMembergnl:AdvisorMember2021-01-012021-03-310001526113gnl:AverageInvestedAssetsMembergnl:AdvisorMembergnl:AmericanRealtyCapitalGlobalAdvisorsLlcMembergnl:GreaterOfMembersrt:MaximumMember2022-03-310001526113gnl:NetIncomeExcludingAdditionsToNonCashReservesAndGainsOnSalesOfAssetsMembergnl:AdvisorMembergnl:AmericanRealtyCapitalGlobalAdvisorsLlcMembergnl:GreaterOfMembersrt:MaximumMember2022-03-310001526113gnl:AdvisorMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2021-01-012021-03-310001526113gnl:AdvisorMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-01-012022-03-310001526113gnl:RecurringFeesMembergnl:AssetManagementFeesMembergnl:IncurredMember2022-01-012022-03-310001526113gnl:RecurringFeesMembergnl:AssetManagementFeesMembergnl:IncurredMember2021-01-012021-03-310001526113gnl:RecurringFeesMembergnl:IncurredMembergnl:PropertyManagementAndLeasingFeesMember2022-01-012022-03-310001526113gnl:RecurringFeesMembergnl:IncurredMembergnl:PropertyManagementAndLeasingFeesMember2021-01-012021-03-310001526113gnl:IncurredMember2022-01-012022-03-310001526113gnl:IncurredMember2021-01-012021-03-310001526113us-gaap:GeneralAndAdministrativeExpenseMembergnl:IncurredMember2022-01-012022-03-310001526113us-gaap:GeneralAndAdministrativeExpenseMembergnl:IncurredMember2021-01-012021-03-310001526113gnl:AdvisorMembergnl:VariableBaseManagementFeeMember2022-01-012022-03-310001526113gnl:A2021EquityPlanMember2021-04-120001526113us-gaap:EmployeeStockOptionMembergnl:StockOptionPlanMember2022-03-310001526113us-gaap:EmployeeStockOptionMembergnl:StockOptionPlanMember2021-01-012021-04-120001526113us-gaap:RestrictedStockUnitsRSUMembergnl:IncentiveRestrictedSharePlanMember2022-01-012022-03-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:A2021EquityPlanMember2021-04-120001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2021-12-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2022-01-012022-03-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2022-03-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2020-12-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2021-01-012021-03-310001526113us-gaap:RestrictedStockUnitsRSUMembergnl:RestrictedSharePlanMember2021-03-310001526113us-gaap:RestrictedStockMember2020-09-012020-09-300001526113us-gaap:RestrictedStockMember2021-05-012021-05-310001526113us-gaap:ShareBasedCompensationAwardTrancheTwoMembergnl:AdvisorMemberus-gaap:RestrictedStockMember2022-01-012022-03-310001526113gnl:AdvisorMemberus-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-03-310001526113us-gaap:ShareBasedCompensationAwardTrancheThreeMembergnl:AdvisorMemberus-gaap:RestrictedStockMember2022-01-012022-03-310001526113gnl:ShareBasedPaymentArrangementTrancheFourMembergnl:AdvisorMemberus-gaap:RestrictedStockMember2022-01-012022-03-310001526113us-gaap:RestrictedStockMember2022-01-012022-03-310001526113us-gaap:RestrictedStockMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-03-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-12-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2022-01-012022-03-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2022-03-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2020-12-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-01-012021-03-310001526113gnl:RestrictedSharePlanMemberus-gaap:RestrictedStockMember2021-03-310001526113gnl:RestrictedSharePlanMember2022-01-012022-03-310001526113gnl:RestrictedSharePlanMember2021-01-012021-03-310001526113gnl:RestrictedSharePlanMember2022-03-310001526113gnl:IndependentDirectorsMembergnl:IncentiveRestrictedSharePlanMember2022-03-310001526113gnl:NonExecutiveChairMembergnl:IncentiveRestrictedSharePlanMember2022-03-310001526113srt:DirectorMembergnl:IncentiveRestrictedSharePlanMember2022-03-310001526113srt:DirectorMembergnl:IncentiveRestrictedSharePlanMember2022-01-012022-03-310001526113gnl:A2021MultiYearOutperformancePlanMember2021-06-032021-06-030001526113gnl:A2021MultiYearOutperformancePlanMember2021-06-030001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2021MultiYearOutperformancePlanMembergnl:AdvisorMember2021-06-032021-06-030001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-06-030001526113gnl:A2018MultiYearOutperformancePlanMember2018-07-192018-07-190001526113gnl:A2018MultiYearOutperformancePlanMember2018-07-190001526113gnl:A2018MultiYearOutperformancePlanMembergnl:LongTermIncentivePlanUnitsMembergnl:AdvisorMember2018-07-192018-07-190001526113gnl:A2018MultiYearOutperformancePlanMembergnl:LongTermIncentivePlanUnitsMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2019-01-010001526113gnl:A2018MultiYearOutperformancePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-01-012022-03-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2018MultiYearOutperformancePlanAmendmentMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2019-02-280001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2018MultiYearOutperformancePlanAmendmentMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2019-01-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2018MultiYearOutperformancePlanAmendmentMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-03-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:MultiYearOutperformancePlanMember2021-06-022021-06-020001526113us-gaap:NoncontrollingInterestMembergnl:A2018And2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2022-01-012022-03-310001526113us-gaap:NoncontrollingInterestMembergnl:A2018And2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2021-01-012021-03-310001526113gnl:A2018MultiYearOutperformancePlanMember2022-03-310001526113gnl:LongTermIncentivePlanUnitsMember2021-06-012021-06-300001526113gnl:A2018And2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-06-032021-06-030001526113us-gaap:ShareBasedCompensationAwardTrancheTwoMembergnl:A2018And2021MultiYearOutperformancePlanMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-06-032021-06-030001526113us-gaap:ShareBasedCompensationAwardTrancheThreeMembergnl:A2018And2021MultiYearOutperformancePlanMember2018-07-192018-07-190001526113us-gaap:ShareBasedCompensationAwardTrancheThreeMembergnl:A2021MultiYearOutperformancePlanMember2021-06-032021-06-030001526113gnl:A2018And2021MultiYearOutperformancePlanMembergnl:ShareBasedCompensationAwardTrancheFourMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMembergnl:ShareBasedCompensationAwardTrancheFourMember2021-06-032021-06-030001526113gnl:A2018MultiYearOutperformancePlanMembersrt:MinimumMembergnl:LinearInterpolationTierOneMember2018-07-192018-07-190001526113gnl:A2018MultiYearOutperformancePlanMembergnl:LinearInterpolationTierOneMembersrt:MaximumMember2018-07-192018-07-190001526113gnl:LinearInterpolationTierTwoMembergnl:A2018MultiYearOutperformancePlanMembersrt:MaximumMember2018-07-192018-07-190001526113gnl:LinearInterpolationTierTwoMembergnl:A2018MultiYearOutperformancePlanMembersrt:MinimumMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2018-07-192018-07-190001526113us-gaap:ShareBasedCompensationAwardTrancheThreeMembergnl:A2021MultiYearOutperformancePlanMember2018-07-192018-07-190001526113gnl:A2021MultiYearOutperformancePlanMembergnl:ShareBasedCompensationAwardTrancheFourMember2018-07-192018-07-190001526113srt:DirectorMember2021-01-012021-03-310001526113srt:DirectorMember2022-01-012022-03-310001526113us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001526113us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001526113us-gaap:RestrictedStockMember2022-01-012022-03-310001526113us-gaap:RestrictedStockMember2021-01-012021-03-310001526113gnl:LongTermIncentivePlanUnitsMember2022-01-012022-03-310001526113gnl:LongTermIncentivePlanUnitsMember2021-01-012021-03-310001526113us-gaap:RestrictedStockUnitsRSUMember2022-03-310001526113us-gaap:RestrictedStockUnitsRSUMember2021-03-310001526113us-gaap:RestrictedStockMember2022-03-310001526113us-gaap:RestrictedStockMember2021-03-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2021MultiYearOutperformancePlanMember2022-03-310001526113gnl:LongTermIncentivePlanUnitsMembergnl:A2018MultiYearOutperformancePlanMember2021-03-310001526113us-gaap:SubsequentEventMember2022-05-050001526113us-gaap:SubsequentEventMember2022-04-012022-05-050001526113us-gaap:SubsequentEventMembergnl:SeniorUnsecuredMultiCurrencyRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-04-070001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMemberus-gaap:LetterOfCreditMember2022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:BridgeLoanMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMembergnl:USDollarLoansMember2022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMembersrt:MaximumMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMemberus-gaap:BaseRateMembergnl:KeyBankNationalAssociationMember2022-04-082022-04-080001526113gnl:CreditFacilityAmendmentMemberus-gaap:SubsequentEventMembergnl:TermLoanMembergnl:KeyBankNationalAssociationMemberus-gaap:UnsecuredDebtMember2022-04-082022-04-08gnl:extension

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 March 31, 2022
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
gnl-20220331_g1.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 YorkNY                 10019
______________________________________________________________________________ ___________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading SymbolsName 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
Preferred Stock Purchase Rights per shareNew 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 filerSmaller 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 April 29, 2022, the registrant had 103,627,074 shares of common stock outstanding.


GLOBAL NET LEASE, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Page

1

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

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

March 31,
2022
December 31,
2021
ASSETS 
Real estate investments, at cost (Note 3):
Land
$505,823 $511,579 
Buildings, fixtures and improvements
3,394,391 3,424,431 
Construction in progress
6,377 6,975 
Acquired intangible lease assets
710,418 748,363 
Total real estate investments, at cost
4,617,009 4,691,348 
Less accumulated depreciation and amortization
(810,182)(810,686)
Total real estate investments, net
3,806,827 3,880,662 
Assets held for sale3,360  
Cash and cash equivalents123,502 89,668 
Restricted cash4,572 3,643 
Derivative assets, at fair value (Note 8)
15,262 4,260 
Unbilled straight-line rent67,672 74,221 
Operating lease right-of-use asset (Note 10)
52,465 52,851 
Prepaid expenses and other assets51,184 49,178 
Due from related parties447 — 
Deferred tax assets1,470 1,488 
Goodwill21,808 22,060 
Deferred financing costs, net4,171 4,925 
     Total Assets$4,152,740 $4,182,956 
LIABILITIES AND EQUITY  
Mortgage notes payable, net (Note 4)
$1,399,713 $1,430,915 
Revolving credit facility (Note 5)
260,270 225,566 
Term loan, net (Note 5)
273,197 278,554 
Senior notes, net (Note 6)
492,077 491,735 
Acquired intangible lease liabilities, net28,158 29,345 
Derivative liabilities, at fair value (Note 8)
991 4,259 
Due to related parties892 893 
Accounts payable and accrued expenses29,218 25,887 
Operating lease liability (Note 10)
23,247 22,771 
Prepaid rent
36,228 32,756 
Deferred tax liability
7,983 8,254 
Taxes payable
  
Dividends payable
5,428 5,386 
Total Liabilities2,557,402 2,556,321 
Commitments and contingencies (Note 10)
  
Stockholders’ Equity (Note 9):
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 March 31, 2022 and December 31, 2021
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, 4,601,277 and 4,503,893 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
46 45 
Common Stock, $0.01 par value, 250,000,000 shares authorized, 103,909,713 and 103,900,452 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
2,369 2,369 
Additional paid-in capital2,678,030 2,675,154 
Accumulated other comprehensive income15,309 15,546 
Accumulated deficit(1,108,645)(1,072,462)
Total Stockholders’ Equity1,587,177 1,620,720 
Non-controlling interest8,161 5,915 
 Total Equity
1,595,338 1,626,635 
     Total Liabilities and Equity$4,152,740 $4,182,956 
The accompanying notes are an integral part of these consolidated financial statements.
2

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
 Three Months Ended March 31,
20222021
Revenue from tenants$97,133 $89,390 
 Expenses:
Property operating7,460 7,570 
Operating fees to related parties10,076 9,639 
Impairment charges
230  
Acquisition, transaction and other costs8 17 
General and administrative
3,894 4,128 
Equity-based compensation2,727 2,577 
Depreciation and amortization39,889 39,684 
Total expenses
64,284 63,615 
Operating income
32,849 25,775 
Other income (expense):
Interest expense(24,123)(21,368)
Gain on derivative instruments4,6151,842
Other income 29515
Total other expense, net
(19,213)(19,511)
Net income before income tax13,636 6,264 
Income tax expense(3,095)(2,080)
Net income10,541 4,184 
Preferred stock dividends(5,058)(5,016)
Net income (loss) attributable to common stockholders$5,483$(832)
Basic and Diluted Earnings (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic and Diluted$0.05 $(0.01)
Weighted average common shares outstanding:
Weighted average shares outstanding — Basic and Diluted103,596,182 91,479,497 
The accompanying notes are an integral part of these consolidated financial statements.
3

GLOBAL NET LEASE, INC.

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


 Three Months Ended March 31,
20222021
Net income$10,541 $4,184 
Other comprehensive income (loss)
Cumulative translation adjustment(10,285)2,017 
Designated derivatives, fair value adjustments10,048 3,795 
Other comprehensive (loss) income(237)5,812 
Comprehensive income10,304 9,996 
Preferred Stock dividends(5,058)(5,016)
Comprehensive income attributable to common stockholders$5,246 $4,980 

The accompanying notes are an integral part of these consolidated financial statements.
4

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)
Three Months Ended March 31, 2022
Series A Preferred StockSeries B Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, December 31, 20216,799,467 $68 4,503,893 $45 103,900,452 $2,369 $2,675,154 $15,546 $(1,072,462)$1,620,720 $5,915 $1,626,635 
Issuance of Common Stock, net— — — — — — — — — — — — 
Issuance of Series B Preferred Stock, net— — 97,384 1 — — 2,395 — — 2,396 — 2,396 
Dividends declared:
   Common Stock, $0.40 per share
— — — — — — — — (41,566)(41,566)— (41,566)
  Series A Preferred Stock, $0.45 per share
— — — — — — — — (3,081)(3,081)— (3,081)
  Series B Preferred Stock, $0.43 per share
— — — — — — — — (1,977)(1,977)— (1,977)
Equity-based compensation, net of forfeitures— — — — 9,261 — 481 — — 481 2,246 2,727 
Distributions to non-controlling interest holders— — — — — — — — (100)(100)— (100)
Net Income— — — — — — — — 10,541 10,541 — 10,541 
Cumulative translation adjustment— — — — — — — (10,285)— (10,285)— (10,285)
Designated derivatives, fair value adjustments— — — — — — — 10,048 — 10,048 — 10,048 
Balance, March 31, 20226,799,467 $68 4,601,277 $46 103,909,713 $2,369 $2,678,030 $15,309 $(1,108,645)$1,587,177 $8,161 $1,595,338 

Three Months Ended March 31, 2021
Series A Preferred StockSeries B Preferred StockCommon Stock
 Number of
Shares
Par ValueNumber of
Shares
Par ValueNumber of
Shares
Par ValueAdditional Paid-in
Capital
Accumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, December 30, 20206,799,467 $68 3,861,953 $39 89,614,601 $2,227 $2,418,659 $8,073 $(896,547)$1,532,519 $21,760 $1,554,279 
Issuance of Common Stock, net — — — — 5,895,802 59 105,691 — — 105,750 — 105,750 
Issuance of Series B Preferred Stock, net— — 641,940 6 — — 15,953 — — 15,959 — 15,959 
Dividends declared:
— — 
Common Stock, $0.40 per share
— — — — — — — — (36,213)(36,213)— (36,213)
Series A Preferred Stock, $0.45 per share
— — — — — — — — (3,081)(3,081)— (3,081)
Series B Preferred Stock, 0.43 per share
— — — — — — — — (1,935)(1,935)— (1,935)
Equity-based compensation, net of forfeitures— — — — 1,659 — 219 — — 219 2,358 2,577 
Distributions to non-controlling interest holders
— — — — — — — — (103)(103)— (103)
Net Income— — — — — — — — 4,184 4,184 — 4,184 
Cumulative translation adjustment
— — — — — — — 2,017 — 2,017 — 2,017 
Designated derivatives, fair value adjustments
— — — — — — — 3,795 — 3,795 — 3,795 
Balance, March 31, 20216,799,467 $68 4,503,893 $45 95,512,062 $2,286 $2,540,522 $13,885 $(933,695)$1,623,111 $24,118 $1,647,229 

The accompanying notes are an integral part of these consolidated financial statements.
5

GLOBAL NET LEASE, INC.
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Three Months Ended March 31,
20222021
Cash flows from operating activities: 
Net income$10,541 $4,184 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation24,574 22,461 
Amortization of intangibles15,315 17,223 
Amortization of deferred financing costs2,596 2,279 
Amortization of mortgage discounts 251  
Amortization of below-market lease liabilities(965)(1,088)
Amortization of above-market lease assets1,071 907 
Amortization related to right-of-use assets224 240 
Amortization of lease incentives and commissions272 119 
Unbilled straight-line rent(2,853)(944)
Termination fee receipt9,003  
Equity-based compensation2,727 2,577 
Unrealized gains on foreign currency transactions, derivatives, and other(4,210)(1,762)
Lease incentive and commission payments(2,315) 
Impairment charges230  
Changes in operating assets and liabilities, net: 
Prepaid expenses and other assets(475)1,367 
Accounts payable and accrued expenses2,361 558 
Prepaid rent3,472 5,099 
Net cash provided by operating activities61,819 53,220 
Cash flows from investing activities:
Deposits for real estate investments (1,200)
Capital expenditures(1,782)(3,247)
Net cash used in investing activities(1,782)(4,447)
Cash flows from financing activities: 
Borrowings under revolving credit facilities35,000 15,000 
Principal payments on mortgage notes payable(14,065)(2,709)
Common Stock issuance proceeds, net 105,750 
Series B Preferred Stock issuance proceeds, net2,396 15,959 
Payments of financing costs (150)
Dividends paid on Common Stock(41,566)(36,213)
Dividends paid on Series A Preferred Stock(3,081)(3,081)
Dividends paid on Series B Preferred Stock(1,935)(1,701)
Distributions to non-controlling interest holders(100)(103)
Net cash (used in) provided by financing activities(23,351)92,752 
Net change in cash, cash equivalents and restricted cash36,686 141,525 
Effect of exchange rate changes on cash(1,923)(2,998)
Cash, cash equivalents and restricted cash, beginning of period93,311 125,693 
Cash, cash equivalents and restricted cash, end of period$128,074 $264,220 

Three Months Ended March 31,
20222021
Cash and cash equivalents, end of period$123,502 $262,868 
Restricted cash, end of period4,572 1,352 
Cash, cash equivalents and restricted cash, end of period$128,074 $264,220 
Non-Cash Investing Activity:
Accrued capital expenditures$969 $ 
The accompanying notes are an integral part of these consolidated financial statements.
6

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)

Note 1 — Organization
Global Net Lease, Inc. (the “Company”) is an externally managed real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”) that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, which consist primarily of “Investment Grade” tenants (defined below). The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical, single tenant net-lease assets.
As of March 31, 2022, the Company owned 309 properties consisting of 39.3 million rentable square feet, which were 98.7% leased, with a weighted-average remaining lease term of 8.4 years. Based on the percentage of annualized rental income on a straight-line basis as of March 31, 2022, 61% of the Company’s properties are located in the U.S. and Canada and 39% in Europe. In addition, the Company’s portfolio was comprised of 55% industrial/distribution properties, 42% office properties and 3% retail properties. These percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of March 31, 2022. The straight-line rent includes amounts for tenant concessions.
Substantially all of the Company’s business is conducted through the Global Net Lease Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company has retained Global Net Lease Advisors, LLC (the “Advisor”) to manage the Company’s affairs on a day-to-day basis. The Company’s properties are managed and leased to third parties by Global Net Lease Properties, LLC (the “Property Manager”). The Advisor and the Property Manager are under common control with AR Global Investments, LLC (“AR Global”), and these related parties receive compensation and fees for various services provided to the Company.
“Investment Grade” 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 the tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or tenants that are identified as investment grade by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring an entity’s probability of default.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results for the entire year or any subsequent interim period.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2022. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2022, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below).
Principles of Consolidation
The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
7

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to the multi-year outperformance agreements entered into with the Advisor in 2018 (the “2018 OPP”) and in 2021 (the “2021 OPP”) and fair value measurements, as applicable.
Impacts of the COVID-19 Pandemic
The financial stability and overall health of the Company’s tenants is critical to its business. The negative effects that the global COVID-19 pandemic has had on the economy did impact the ability of some of the Company’s tenants to pay their monthly rent during 2020. The Company took a proactive approach, during that time, to seek mutually agreeable solutions with its tenants where necessary, and, in some cases, the Company executed rent deferral agreements in 2020 on leases with several tenants. The Company did not enter any rent deferral agreements in 2021 or the first three months of 2022.
For accounting purposes, in accordance with ASC 842, normally a company would be required to assess the modification to determine if the modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (i.e. operating, direct financing or sales-type). However, in light of the COVID-19 pandemic due to which many leases were modified, the Financial Accounting Standards Board (“FASB”) and SEC provided relief that allowed companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the preconcession arrangement, and therefore, not a lease modification, or to treat a lease amendment as a modification. In order to qualify for the relief, the modifications must be COVID-19 related and cash flows must be substantially the same or less than those prior to the concession. The Company elected to use this relief where applicable. In those circumstances, the Company has accounted for these arrangements as if no changes to the lease contract were made. For those leases that do not qualify for the relief, the Company performs a lease modification analysis and if required, uses lease modification accounting.
Revenue Recognition
The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the non-cancelable term of the lease. As of March 31, 2022, these leases had a weighted-average remaining lease term of 8.4 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease.
For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation for all leases in place at the time of acquisition. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under ASC 842, the Company has reflected them on a net basis.
The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the credit worthiness and financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight-line rent receivable would be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable.
On September 3, 2021, the Company entered into a lease termination agreement with one of its tenants which required the tenant to pay the Company a termination fee of approximately £6.7 million (approximately $9.0 million based on the exchange rate as of the end of the lease term on January 4, 2022). This payment was received in January 2022, however it was recorded in
8

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
revenue from tenants evenly over the period from September 3, 2021 through the end of the lease term, and as a result, the Company recorded approximately £0.2 million ( approximately $0.3 million) in revenue from tenants during the three months ended March 31, 2022. The termination fee was recorded in unbilled straight-line rent on the Company’s consolidated balance sheet as of December 31, 2021.
Accounting for Leases
Lessor Accounting
As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed as incurred.
Lessee Accounting
For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 10 — Commitments and Contingencies.
Impairment of Long Lived Assets
If circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Goodwill
The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment during the first quarter of 2020. Based on the Company’s assessment, it determined that the goodwill was not impaired at the time of the triggering event evaluation. The Company also performed its annual goodwill impairment evaluation in the fourth quarter of 2021 and determined that goodwill was not impaired as of December 31, 2021. There were no material changes to this assessment as of March 31, 2022.
Derivative Instruments
The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with its borrowings. In addition, all foreign currency denominated borrowings under the Company’s Credit Facility (as defined in Note 5 — Revolving Credit Facility and Term Loan, Net) are designated as net investment hedges. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the USD. The Company enters into derivative financial instruments in an effort to protect the value or fix the amount of certain obligations in terms of its functional currency.
The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in
9

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designated and qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective.
Equity-Based Compensation
The Company has a stock-based incentive plan under which its directors, officers and other employees of the Advisor, or its affiliates who are involved in providing services to the Company are eligible to receive awards. Awards granted thereunder are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 13 — Equity-Based Compensation for additional information).
Multi-Year Outperformance Agreements
Following the end of the performance period under the 2018 OPP on June 2, 2021, the Company entered into the 2021 OPP with the Advisor (see Note 13 — Equity-Based Compensation). Under the 2018 OPP, which became effective June 2, 2018, the Company recorded equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under the 2021 OPP, which became effective June 2, 2021, the Company is recording equity-based compensation evenly over the requisite service period of approximately 3.1 years from May 3, 2021, the date that the Company’s independent directors approved the award of long-term incentive plan units of limited partner interest in the OP (“LTIP Units”) under the 2021 OPP.
Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance is fixed and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for the awards under the 2018 OPP and 2021 OPP, see Note 13 — Equity-Based Compensation.
Income Taxes
The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with the taxable year ended December 31, 2013. Commencing with such taxable year, the Company was organized to operate in such a manner as to qualify for taxation as a REIT under the Code and believes it has so qualified. The Company intends to continue to operate in such a manner to continue to qualify for taxation as a REIT, but no assurance can be given that it will operate in a manner to remain qualified as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes annually all of its REIT taxable income. REITs are subject to a number of other organizational and operational requirements.
The Company conducts business in various states and municipalities within the U.S., Canada, Puerto Rico, the United Kingdom and Western Europe and, as a result, the Company or one of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and certain foreign jurisdictions. As a result, the Company may be subject to certain federal, state, local and foreign taxes on its income and assets, including alternative minimum taxes, taxes on any undistributed income and state, local or foreign income, franchise, property and transfer taxes. Any of these taxes decrease the Company’s earnings
10

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
and available cash. In addition, the Company’s international assets and operations, including those owned through direct or indirect subsidiaries that are disregarded entities for U.S. federal income tax purposes, continue to be subject to taxation in the foreign jurisdictions where those assets are held or those operations are conducted.
Significant judgment is required in determining the Company’s tax provision and in evaluating its tax positions. The Company establishes tax reserves based on a benefit recognition model, which the Company believes could result in a greater amount of benefit (and a lower amount of reserve) being initially recognized in certain circumstances. Provided that the tax position is deemed more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being ultimately realized upon settlement. The Company derecognizes the tax position when the likelihood of the tax position being sustained is no longer more likely than not.
The Company recognizes deferred income taxes in certain of its subsidiaries taxable in the U.S. or in foreign jurisdictions. Deferred income taxes are generally the result of temporary differences (items that are treated differently for tax purposes than for GAAP purposes). In addition, deferred tax assets arise from unutilized tax net operating losses, generated in prior years. The Company provides a valuation allowance against its deferred income tax assets when it believes that it is more likely than not that all or some portion of the deferred income tax asset may not be realized. Whenever a change in circumstances causes a change in the estimated realizability of the related deferred income tax asset, the resulting increase or decrease in the valuation allowance is included in deferred income tax expense (benefit).
The Company derives most of its REIT taxable income from its real estate operations in the U.S. and has historically distributed all of its REIT taxable income to its shareholders. As such, the Company’s real estate operations are generally not subject to U.S. federal tax, and accordingly, no provision has been made for U.S. federal income taxes in the consolidated financial statements for these operations. These operations may be subject to certain state, local, and foreign taxes, as applicable.
The Company’s deferred tax assets and liabilities are primarily the result of temporary differences related to the following:
Basis differences between tax and GAAP for certain international real estate investments. For income tax purposes, in certain acquisitions, the Company assumes the seller’s basis, or the carry-over basis, in the acquired assets. The carry-over basis is typically lower than the purchase price, or the GAAP basis, resulting in a deferred tax liability with an offsetting increase to goodwill or the acquired tangible or intangible assets;
Timing differences generated by differences in the GAAP basis and the tax basis of assets such as those related to capitalized acquisition costs and depreciation expense; and
Tax net operating losses in certain subsidiaries, including those domiciled in foreign jurisdictions that may be realized in future periods if the respective subsidiary generates sufficient taxable income.
The Company recognizes current income tax expense for state and local income taxes and taxes incurred in its foreign jurisdictions. The Company’s current income tax expense fluctuates from period to period based primarily on the timing of its taxable income.
Recently Issued Accounting Pronouncements
Adopted as of January 1, 2022:
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The ASU became effective for the Company January 1, 2022, and did not have a material impact on the Company’s consolidated financial statements.
Pending Adoption as of March 31, 2022:
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Topic 848 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in Topic 848 is optional and may be elected over the period from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. During the first quarter of 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
11

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
Note 3 — Real Estate Investments, Net
Property Acquisitions
There were no property acquisitions during the three months ended March 31, 2022 and 2021.
Acquired Intangible Lease Assets
The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. The Company did not record any impairment charges to its intangible assets associated with its real estate investments during the three months ended March 31, 2022 and 2021.
Assets Held for Sale
When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets.
During the fourth quarter of 2021, the Company began an operational review of one of its properties and concluded that the estimated fair value was lower than its carrying value resulting in the recording of an impairment charge in the fourth quarter of 2021. In the first quarter of 2022, the Company recorded an additional impairment charge related to this property, representing the estimated selling costs (for additional information on the impairment charge recorded for this asset, see “Impairment Charge” section below). Also, as of March 31, 2022, the Company evaluated this asset for held for sale classification and determined that it qualified for held for sale treatment based on the Company's accounting policies. Because this asset is considered held for sale, the operating results of this property remain classified within continuing operations for all periods presented.
As of December 31, 2021, the Company did not have any properties that were classified as held for sale. The following table details the major classes of the assets associated with the property that the Company determined to be classified as held for sale as of March 31, 2022:
March 31,
(In thousands)2022
Real estate investments held for sale, at cost:
Land$1,210 
Buildings, fixtures and improvements4,689 
Acquired intangible lease assets4,972 
Total real estate assets held for sale, at cost10,871 
Less accumulated depreciation and amortization7,281 
Less additional selling costs230 
Total real estate investments held for sale, net$3,360 
Impairment Charge
The impairment charge recorded during the three months ended March 31, 2022 of $0.2 million was based on the estimated selling price, less estimated transactions costs, of the aforementioned property that is classified as held for sale as of March 31, 2022.
Dispositions
During the three months ended March 31, 2022 and 2021, the Company did not sell any properties.
Significant Tenants
There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2022 and December 31, 2021. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues.
12

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
Geographic Concentration
The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2022 and December 31, 2021.
Country / U.S. StateMarch 31,
2022
December 31,
2021
United States60.1%59.2%
Michigan14.7%14.5%
United Kingdom20.6%21.5%
13

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
Note 4 —Mortgage Notes Payable, Net
Mortgage notes payable, net as of March 31, 2022 and December 31, 2021 consisted of the following:
Encumbered Properties
Outstanding Loan Amount (1)
Effective Interest Rate
Interest Rate
CountryPortfolioMarch 31,
2022
December 31,
2021
Maturity
(In thousands)(In thousands)
Finland:Finland Properties5$82,250 $83,940 1.7%(2)Fixed/VariableFeb. 2024