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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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-20220930_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
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading 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 October 31, 2022, the registrant had 103,795,364 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)

September 30,
2022
December 31,
2021
ASSETS 
Real estate investments, at cost (Note 3):
Land
$480,991 $511,579 
Buildings, fixtures and improvements
3,195,358 3,424,431 
Construction in progress
16,601 6,975 
Acquired intangible lease assets
670,337 748,363 
Total real estate investments, at cost
4,363,287 4,691,348 
Less accumulated depreciation and amortization
(828,682)(810,686)
Total real estate investments, net
3,534,605 3,880,662 
Assets held for sale45,125  
Cash and cash equivalents128,014 89,668 
Restricted cash6,634 3,643 
Derivative assets, at fair value (Note 8)
48,611 4,260 
Unbilled straight-line rent68,615 74,221 
Operating lease right-of-use asset (Note 10)
45,493 52,851 
Prepaid expenses and other assets52,848 49,178 
Due from related parties244 — 
Deferred tax assets1,363 1,488 
Goodwill20,355 22,060 
Deferred financing costs, net13,661 4,925 
     Total Assets$3,965,568 $4,182,956 
LIABILITIES AND EQUITY  
Mortgage notes payable, net (Note 4)
$1,258,179 $1,430,915 
Revolving credit facility (Note 5)
605,109 225,566 
Term loan, net (Note 5)
 278,554 
Senior notes, net (Note 6)
492,773 491,735 
Acquired intangible lease liabilities, net24,759 29,345 
Derivative liabilities, at fair value (Note 8)
 4,259 
Due to related parties76 893 
Accounts payable and accrued expenses27,558 25,887 
Operating lease liability (Note 10)
20,255 22,771 
Prepaid rent
40,502 32,756 
Deferred tax liability
6,423 8,254 
Taxes payable
190  
Dividends payable
5,170 5,386 
Total Liabilities2,480,994 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 September 30, 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, 4,695,887 and 4,503,893 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
47 45 
Common Stock, $0.01 par value, 250,000,000 shares authorized, 104,144,480 and 103,900,452 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
2,371 2,369 
Additional paid-in capital2,682,600 2,675,154 
Accumulated other comprehensive (loss) income(24,899)15,546 
Accumulated deficit(1,188,266)(1,072,462)
Total Stockholders’ Equity1,471,921 1,620,720 
Non-controlling interest12,653 5,915 
 Total Equity
1,484,574 1,626,635 
     Total Liabilities and Equity$3,965,568 $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 September 30,Nine Months Ended September 30,
2022202120222021
Revenue from tenants$92,599 $95,758 $284,909 $284,712 
 Expenses:
Property operating7,765 6,747 23,023 21,784 
Operating fees to related parties10,088 9,880 30,245 28,998 
Impairment charges
796 1,199 17,057 7,906 
Acquisition, transaction and other costs103 54 244 99 
General and administrative
4,060 3,911 11,629 12,240 
Equity-based compensation3,132 2,721 9,217 8,305 
Depreciation and amortization37,791 41,665 117,039 121,051 
Total expenses
63,735 66,177 208,454 200,383 
Operating income before gain (loss) on dispositions of real estate investments28,864 29,581 76,455 84,329 
Gain on dispositions of real estate investments143 1,195205 1,188 
Operating income
29,007 30,776 76,660 85,517 
Other income (expense):
Interest expense(24,207)(24,858)(71,779)(70,244)
Loss on extinguishment of debt
(41)(383)
Gain on derivative instruments13,121 3,56025,5344,888
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness
 2,439
Other income (loss)10 (158)854(59)
Total other expense, net
(11,117)(21,456)(43,335)(65,415)
Net income before income tax17,890 9,320 33,325 20,102 
Income tax expense(3,052)(1,930)(8,662)(5,940)
Net income14,838 7,390 24,663 14,162 
Preferred stock dividends(5,099)(5,016)(15,288)(15,048)
Net income (loss) attributable to common stockholders$9,739 $2,374 $9,375 $(886)
Basic and Diluted Income (Loss) Per Share:
Net income (loss) per share attributable to common stockholders — Basic and Diluted$0.09 $0.02 $0.08 $(0.12)
Weighted average common shares outstanding:
Weighted average shares outstanding — Basic and Diluted103,714,646 101,477,699 103,654,157 96,498,748 
The accompanying notes are an integral part of these consolidated financial statements.
3

GLOBAL NET LEASE, INC.

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


 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$14,838 $7,390 $24,663 $14,162 
Other comprehensive income (loss)
Cumulative translation adjustment(30,706)(9,759)(68,738)(5,858)
Designated derivatives, fair value adjustments15,321 2,983 28,293 8,312 
Other comprehensive (loss) income(15,385)(6,776)(40,445)2,454 
Comprehensive income (loss)(547)614 (15,782)16,616 
Preferred Stock dividends(5,099)(5,016)(15,288)(15,048)
Comprehensive (loss) income attributable to common stockholders$(5,646)$(4,402)$(31,070)$1,568 

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)
Nine Months Ended September 30, 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— — — — 70,218 1 950 — — 951 — 951 
Issuance of Series B Preferred Stock, net— — 191,994 2 — — 4,705 — — 4,707 — 4,707 
Dividends declared:
   Common Stock, $1.20 per share
— — — — — — — — (124,879)(124,879)— (124,879)
  Series A Preferred Stock, $1.35 per share
— — — — — — — — (9,243)(9,243)— (9,243)
  Series B Preferred Stock, $1.29 per share
— — — — — — — — (6,045)(6,045)— (6,045)
Equity-based compensation, net of forfeitures— — — — 227,243 2 2,477 — — 2,479 6,738 9,217 
Common shares repurchased upon vesting of restricted stock— — — — (53,433)(1)(686)— — (687)— (687)
Distributions to non-controlling interest holders— — — — — — — — (300)(300)— (300)
Net Income— — — — — — — — 24,663 24,663 — 24,663 
Cumulative translation adjustment— — — — — — — (68,738)— (68,738)— (68,738)
Designated derivatives, fair value adjustments— — — — — — — 28,293 — 28,293 — 28,293 
Balance, September 30, 20226,799,467 $68 4,695,887 $47 104,144,480 $2,371 $2,682,600 $(24,899)$(1,188,266)$1,471,921 $12,653 $1,484,574 

Three Months Ended September 30, 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, June 30, 20226,799,467 $68 4,685,712 $47 104,097,372 $2,371 $2,680,737 $(9,514)$(1,156,198)$1,517,511 $10,407 $1,527,918 
Issuance of Common Stock, net — — — — 70,218 1 996 — — 997 — 997 
Issuance of Series B Preferred Stock, net— — 10,175 — — — 238 — — 238 — 238 
Dividends declared:
— — 
Common Stock, $0.40 per share
— — — — — — — — (41,707)(41,707)— (41,707)
Series A Preferred Stock, $0.45 per share
— — — — — — — — (3,081)(3,081)— (3,081)
Series B Preferred Stock, $0.43 per share
— — — — — — — — (2,018)(2,018)— (2,018)
Equity-based compensation, net of forfeitures— — — — (1,500)— 886 — — 886 2,246 3,132 
Common shares repurchased upon vesting of restricted stock— — — — (21,610)(1)(257)— — (258)— (258)
Distributions to non-controlling interest holders
— — — — — — — — (100)(100)— (100)
Net Income— — — — — — — — 14,838 14,838 — 14,838 
Cumulative translation adjustment
— — — — — — — (30,706)— (30,706)— (30,706)
Designated derivatives, fair value adjustments
— — — — — — — 15,321 — 15,321 — 15,321 
Balance, September 30, 20226,799,467 $68 4,695,887 $47 104,144,480 $2,371 $2,682,600 $(24,899)$(1,188,266)$1,471,921 $12,653 $1,484,574 

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

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)
Nine Months Ended September 30, 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 (Loss) IncomeAccumulated DeficitTotal Stockholders’ EquityNon-controlling interestTotal Equity
Balance, December 31, 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— — — — 11,935,349 119 213,962 — — 214,081 — 214,081 
Issuance of Series A Preferred Stock, net— — 641,940 6 — — 15,872 — — 15,878 — 15,878 
Dividends declared:— — 
   Common Stock, $1.20 per share
— — — — — — — — (114,654)(114,654)— (114,654)
   Series A Preferred Stock, $1.35 per share
— — — — — — — — (9,243)(9,243)— (9,243)
   Series B Preferred Stock, $1.29 per share
— — — — — — — — (5,805)(5,805)— (5,805)
Redemption of OP Units— — — — 2,135,496 21 25,276 — —