Global Net Lease : First Quarter 2024 Supplemental Information

EXHIBIT 99.2

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (unaudited)

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)
Table of Contents
Item		Page
Non-GAAP Definitions	4
Key Metrics	6
Consolidated Balance Sheets	7
Consolidated Statements of Operations	8
Non-GAAP Measures	9
Debt Overview	11
Future Minimum Lease Rents	12
Top Twenty Tenants	13
Diversification by Property Type	14
Diversification by Tenant Industry	15
Diversification by Geography	16
Lease Expirations	17
Please note that totals may not add due to rounding.

Forward-looking Statements:

The statements in this supplemental package of Global Net Lease, Inc. (the "Company") that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as "may," "will," "seeks," "anticipates," "believes," "expects," "estimates," "projects," "potential," "predicts," "plans," "intends," "would," "could," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company's property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company's actual results to differ materially from those presented in the Company's forward-looking statements are set forth in the Risk Factors and "Quantitative and Qualitative Disclosures about Market Risk" in the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

2

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Non-GAAP Financial Measures

This section discusses non-GAAP financial measures we use to evaluate our performance, including Funds from Operations ("FFO"), Core Funds from Operations ("Core FFO"), Adjusted Funds from Operations ("AFFO"), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), Net Operating Income ("NOI") and Cash Net Operating Income ("Cash NOI"). While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI as defined herein, does not reflect an adjustment for straight- line rent but AFFO does include this adjustment. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

Caution on Use of Non-GAAP Measures

FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, and Cash NOI should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts ("NAREIT") definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

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

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and, when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

3

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, settlement costs related to our Blackwells/Related Parties litigation, as well as certain other costs that are considered to be non-core, such as debt extinguishment costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cashwrite-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments and merger related expenses) and certain other expenses, including expenses incurred for our 2023 proxy contest and related Blackwells/Related Parties litigation, expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

4

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income and Cash Net Operating Income.

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest, related Blackwells/Related Parties litigation, expenses related to our European tax restructuring and transition costs related to the Merger and Internalization negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Due to the increase in general and administrative expenses as a result of the 2023 proxy contest and related litigation as a portion of our total general and administrative expenses in the first quarter of 2023, we began including this adjustment to arrive at Adjusted EBITDA in order to better reflect our operating performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

5

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Key Metrics

As of and for the three months ended March 31, 2024

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

Financial Results

Revenue from tenants	$	206,045
Net loss attributable to common stockholders	$	(34,687)
Basic and diluted net loss per share attributable to common stockholders [2]	$	(0.15)
Cash NOI [1]	$	165,878
Adjusted EBITDA [1]	$	155,333
AFFO attributable to common stockholders [1]	$	74,964
Dividends per share - first quarter [3]	$	0.354
Dividend yield - annualized, based on quarter end share price		18.3	%

Balance Sheet and Capitalization

Gross asset value [4]	$9,036,902
Net debt [5] [6]	$5,246,459
Total consolidated debt [6]	$5,378,339
Total assets	$7,968,796
Liquidity [7]	$175,400
Common shares outstanding as of March 31, 2024 (thousands)	230,847
Net debt to gross asset value	58.1	%
Net debt to annualized adjusted EBITDA [8]	8.4	x
Weighted-average interest rate cost [9]	4.8	%
Weighted-average debt maturity (years) [10]	3.3
Interest Coverage Ratio [11]	2.4	x

Real Estate Portfolio	Total
Number of properties	1,277
Square footage (millions)	66.9
Leased	93 %
Weighted-average remaining lease term (years) [12]	6.5

Footnotes:

1. This Non-GAAP metric is reconciled below.
2. Adjusted for net income attributable to common stockholders for common share equivalents.
3. Represents quarterly dividend per share rate based off the prior annualized dividend rate of $1.42 that was in effect through the first quarter of 2024.
4. Defined as total assets plus accumulated depreciation and amortization as of March 31, 2024.
5. Represents total debt outstanding of $5.4 billion, less cash and cash equivalents of $131.9 million.
6. Excludes the effect of discounts and deferred financing costs, net.
7. Liquidity includes $43.5 million of availability under the credit facility and $131.9 million of cash and cash equivalents as of March 31, 2024.
8. Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended March 31, 2024 multiplied by four.
9. The weighted average interest rate cost is based on the outstanding principal balance of the debt.
10. The weighted average debt maturity is based on the outstanding principal balance of the debt.
11. The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
12. The weighted-average remaining lease term (years) is based on square feet.

6

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024

Consolidated Balance Sheets

Amounts in thousands

		March 31,		December 31,
		2024			2023
		(Unaudited)
ASSETS
Real estate investments, at cost:
Land	$	1,416,109	$	1,430,607
Buildings, fixtures and improvements		5,819,563			5,842,314
Construction in progress		1,887			23,242
Acquired intangible lease assets		1,248,937			1,359,981
Total real estate investments, at cost		8,486,496			8,656,144
Less accumulated depreciation and amortization		(1,068,106)			(1,083,824)
Total real estate investments, net		7,418,390			7,572,320
Assets held for sale		14,047			3,188
Cash and cash equivalents		131,880			121,566
Restricted cash		51,817			40,833
Derivative assets, at fair value		12,144			10,615
Unbilled straight-line rent		86,995			84,254
Operating lease right-of-use asset		75,475			77,008
Prepaid expenses and other assets		110,706			121,997
Deferred tax assets		4,791			4,808
Goodwill		48,540			46,976
Deferred financing costs, net		14,011			15,412
Total Assets	$	7,968,796		$	8,098,977
LIABILITIES AND EQUITY
Mortgage notes payable, net	$	2,481,263	$	2,517,868
Revolving credit facility		1,760,182			1,744,182
Senior notes, net		890,879			886,045
Acquired intangible lease liabilities, net		92,823			95,810
Derivative liabilities, at fair value		3,705			5,145
Accounts payable and accrued expenses		100,963			99,014
Operating lease liability		47,704			48,369
Prepaid rent		47,534			46,213
Deferred tax liability		5,718			6,009
Dividends payable		11,357			11,173
Total Liabilities		5,442,128			5,459,828
Commitments and contingencies		-			-
Stockholders' Equity:
7.25% Series A cumulative redeemable preferred stock		68			68
6.875% Series B cumulative redeemable perpetual preferred stock		47			47
7.50% Series D cumulative redeemable perpetual preferred stock		79			79
7.375% Series E cumulative redeemable perpetual preferred stock		46			46
Common stock		3,639			3,639
Additional paid-in capital		4,351,577			4,350,112
Accumulated other comprehensive loss		(11,844)			(14,096)
Accumulated deficit		(1,818,753)			(1,702,143)
Total Stockholders' Equity		2,524,859			2,637,752
Non-controlling interest		1,809			1,397
Total Equity		2,526,668			2,639,149
Total Liabilities and Equity	$	7,968,796		$	8,098,977

7

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Consolidated Statements of Operations

Amounts in thousands, except per share data

					Three Months Ended
		March 31,		December 31,		September 30,			June 30,
		2024			2023			2023			2023
Revenue from tenants	$	206,045	$	206,726	$	118,168	$	95,844
Expenses:
Property operating		37,830			37,037			13,623			9,033
Operating fees to related parties		-			(580)			8,652			10,110
Impairment charges		4,327			2,978			65,706			-
Merger, transaction and other costs		761			4,349			43,765			6,279
Settlement costs		-			-			14,643			15,084
General and administrative		16,177			16,867			6,977			10,683
Equity-based compensation		1,973			1,058			10,444			2,870
Depreciation and amortization		92,000			98,713			49,232			37,297
Total expenses		153,068			160,422			213,042			91,356
Operating income (loss) before loss on		52,977			46,304			(94,874)			4,488
dispositions of real estate investments
Gain (loss) on dispositions of real estate investments		5,867			(988)			(684)			-
Operating income		58,844			45,316			(95,558)			4,488
Other income (expense):											(27,710)
Interest expense		(82,753)			(83,575)			(41,161)
Loss on extinguishment of debt		(58)			(817)			-			(404)
Gain (loss) on derivative instruments		1,588			(4,478)			3,217			(774)
Unrealized income on undesignated foreign currency		1,032			-			-			-
advances and other hedge ineffectiveness
Other (expense) income		(16)			435			119			1,650
Total other expense, net		(80,207)			(88,435)			(37,825)			(27,238)
Net loss before income tax		(21,363)			(43,119)			(133,383)			(22,750)
Income tax expense		(2,388)			(5,459)			(2,801)			(3,508)
Net loss		(23,751)			(48,578)			(136,184)			(26,258)
Preferred stock dividends		(10,936)			(10,936)			(6,304)			(5,099)
Net loss attributable to common stockholders	$	(34,687)	$	(59,514)	$	(142,488)	$	(31,357)
Basic and Diluted Loss Per Share:
Net loss per share attributable to common stockholders	$	(0.15)	$	(0.26)	$	(1.11)	$	(0.30)
- Basic and Diluted
Weighted average shares outstanding - Basic and		230,320			230,320			130,825			104,149
Diluted

8

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

					Three Months Ended
		March 31,			December 31,			September 30,			June 30,
		2024			2023			2023			2023
EBITDA:
Net loss	$	(23,751)	$	(48,578)	$	(136,184)	$	(26,258)
Depreciation and amortization		92,000			98,713			49,232			37,297
Interest expense		82,753			83,575			41,161			27,710
Income tax expense		2,388			5,459			2,801			3,508
EBITDA		153,390			139,169			(42,990)			42,257
Impairment charges		4,327			2,978			65,706			-
Equity-based compensation		1,973			1,058			10,444			2,870
Merger, transaction and other costs [1]		761			4,349			43,765			6,279
Settlement costs [2]		-			-			14,643			15,084
(Gain) loss on dispositions of real estate investments		(5,867)			988			684			-
(Gain ) loss on derivative instruments		(1,588)			4,478			(3,217)			774
Unrealized income on undesignated foreign currency advances and other		(1,032)			-			-			-
hedge ineffectiveness
Loss on extinguishment of debt		58			817			-			404
Other expense (income)		16			(435)			(119)			(1,650)
Expenses attributable to 2023 proxy contest and related litigation [3]		-			-			14			7,371
Expenses attributable to European tax restructuring [4]		469			2,169			-			-
Transition costs related to the Merger and Internalization [5]		2,826			2,484			-			-
Adjusted EBITDA		155,333			158,055			88,930			73,389
Operating fees to related parties		-			(580)			8,652			10,110
General and administrative		16,177			16,867			6,977			10,683
Expenses attributable to 2023 proxy contest and related litigation [3]		-			-			(14)			(7,371)
Expenses attributable to European tax restructuring [4]		(469)			(2,169)			-			-
Transition costs related to the Merger and Internalization [5]		(2,826)			(2,484)			-			-
NOI		168,215			169,689			104,545			86,811
Amortization related to above- and below-market lease intangibles and		2,225			1,907			1,444			1,297
right-of-use assets, net
Straight-line rent		(4,562)			(6,720)			(2)			(1,786)
Cash NOI	$	165,878	$	164,876	$	105,987	$	86,322
Cash Paid for Interest:
Interest Expense	$	82,753	$	83,575	$	41,161	$	27,710
Non-cash portion of interest expense		(2,394)			(2,408)			(2,046)			(2,083)
Amortization of discounts on mortgages and senior notes		(15,338)			(15,078)			(3,374)			(237)
Total cash paid for interest	$	65,021		$	66,089		$	35,741		$	25,390

________

1. For the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, these costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
2. In the three months ended September 30, 2023 and June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.
3. Amounts relate to costs incurred for the 2023 proxy that were specifically related to our 2023 proxy contest and related Blackwells litigation. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
4. Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
5. Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.

9

Global Net Lease, Inc.

Supplemental Information

Quarter ended March 31, 2024 (Unaudited)

Non-GAAP Measures

Amounts in thousands, except per share data

					Three Months Ended
		March 31,		December 31,			September 30,			June 30,
		2024			2023			2023			2023
Funds from operations (FFO):
Net loss attributable to common stockholders (in accordance with	$	(34,687)	$	(59,514)	$	(142,488)	$	(31,357)
GAAP)
Impairment charges		4,327			2,978			65,706			-
Depreciation and amortization		92,000			98,713			49,232			37,297
(Gain) loss on dispositions of real estate investments		(5,867)			988			684			-
FFO (as defined by NAREIT) attributable to common stockholders		55,773			43,165			(26,866)			5,940
Merger, transaction and other costs [1]		761			4,349			43,765			6,279
Settlement costs [2]		-			-			14,643			15,084
Loss on extinguishment of debt		58			817			-			404
Core FFO attributable to common stockholders		56,592			48,331			31,542			27,707
Non-cashequity-based compensation		1,973			1,058			10,444			2,870
Non-cash portion of interest expense		2,394			2,408			2,046			2,083
Amortization related to above and below-market lease intangibles and		2,225			1,907			1,444			1,297
right-of-use assets, net
Straight-line rent		(4,562)			(6,720)			(2)			(1,786)
Unrealized income on undesignated foreign currency advances and other		(1,032)			-			-			-
hedge ineffectiveness
Eliminate unrealized (gains) losses on foreign currency transactions [3]		(1,259)			4,941			(1,933)			1,631
Amortization of discounts on mortgages and senior notes		15,338			15,078			3,374			237
Expenses attributable to 2023 proxy contest and related litigation [4]		-			-			14			7,371
Expenses attributable to European tax restructuring [5]		469			2,169			-			-
Transition costs related to the Merger and Internalization [6]		2,826			2,484			-			-
Adjusted funds from operations (AFFO) attributable to common	$	74,964	$	71,656	$	46,929	$	41,410
stockholders
Weighted average common shares outstanding - Basic and Diluted		230,320			230,320			130,825			104,149
Net loss per share attributable to common shareholders
$	(0.15)		$	(0.26)		$	(1.11)		$	(0.30)
FFO per diluted common share	$	0.24	$	0.19	$	(0.21)	$	0.06
Core FFO per diluted common share	$	0.25	$	0.21	$	0.24	$	0.27
AFFO per diluted common share	$	0.33	$	0.31	$	0.36	$	0.40
Dividends declared to common stockholders	$	81,923	$	81,891	$	41,978	$	41,674

________

1. For the three months ended March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, these costs primarily consist of advisory, legal and other professional costs that were directly related to the REIT Merger and Internalization Merger.
2. In the three months ended September 30, 2023 and June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued/to be issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.
3. For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. For the three months ended December 31, 2023, the loss on derivative instruments was $4.5 million, which consisted of unrealized losses of $4.9 million and realized gains of $0.4 million. For the three months ended September 30, 2023, the gain on derivative instruments was $3.2 million which consisted of unrealized gains of $1.9 million and realized gains of $1.3 million. For the three months ended June 30, 2023, the loss on derivative instruments was $0.8 million which consisted of unrealized losses of $1.6 million and realized gains of $0.8 million.
4. Amounts relate to costs incurred for the 2023 proxy that were specifically related to our 2023 proxy contest and related Blackwells litigation. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
5. Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
6. Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.

10