Global Net Lease (GNL) Q4 2025 Earnings Transcript

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Feb. 26, 2026, 11 a.m. ET

• Chief Executive Officer — Michael Weil

• Chief Financial Officer — Christopher J. Masterson

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Michael Weil: Thanks, Jordyn. Good morning, and convey you each for joining us. 2025 was a transformational twelvemonth for Global Net Lease, Inc., arsenic we executed a bid of deliberate and highly impactful actions that materially reshaped our fiscal and operational profile, strengthened the prime and absorption of our portfolio, and established a much durable instauration for our company's semipermanent growth. The centerpiece of our translation successful 2025 was the palmy execution of our $1.8 cardinal multi-tenant retail portfolio sale, which accelerated our deleveraging strategy, materially strengthened our equilibrium sheet, and completed our improvement into a pure-play single-tenant nett lease REIT.

This portfolio simplification improved the wide ratio of the institution by driving meaningful reductions successful operational complexity, which allowed america to little some G&A and superior expenditures. The multi-tenant retail portfolio merchantability was a important milestone successful our disposition programme launched successful 2024, done which we person completed astir $3.4 cardinal of income to date. The disposition programme included $995 cardinal of occupied single-tenant non-core assets astatine a 7.6% currency headdress complaint and $2.0 cardinal of occupied multi-tenant assets astatine an 8.2% currency headdress rate, and concluded successful December 2025 with the merchantability of the McLaren field for £250 cardinal astatine a 7.4% currency headdress rate.

The McLaren merchantability generated astir £80 million, oregon $108 million, of worth supra its archetypal acquisition terms and further enhanced the prime and absorption of our portfolio, arsenic it accrued the proportionality of investment-grade tenants among our apical 10 tenants to 80% successful 2025 from 73% successful 2025, portion besides reducing our vulnerability to the automotive industry. The nett proceeds from these non-core plus income nether our disposition programme were deployed with wide priorities. We applied superior straight to deleverage our equilibrium sheet, reducing outstanding indebtedness by much than $2.8 cardinal since 2023 and improving nett indebtedness to Adjusted EBITDA from 8.4x to 6.7x implicit the aforesaid period.

This betterment meaningfully enhanced our fiscal flexibility and positioned america to enactment from a presumption of spot successful the indebtedness superior markets. This enabled america to further de-risk our equilibrium expanse by executing a $1.8 cardinal refinancing of our revolving recognition facility, which secured improved pricing, enhanced liquidity, and extended the maturity from October 2026 to August 2030, including 2 further six-month hold options, and extended the maturity from October 2026 to August 2030. Our decisive actions were recognized by the recognition standing agencies, with Fitch upgrading Global Net Lease, Inc.’s firm recognition standing to investment-grade BBB- from BB+, and S&P Global lifting our firm standing to BB+.