Global Net Lease, Inc.

Previous wording

As of June 30, 2025, we owned 911 properties consisting of 44.0 million rentable square feet, which were 98% leased, with a weighted-average remaining lease term of 6.2 years. Based on the percentage of annualized rental income on a straight-line basis as of June 30, 2025, approximately 70% of our properties were located in the U.S. and Canada and approximately 30% were located in Europe. In addition, as of June 30, 2025, our portfolio was comprised of 47% Industrial & Distribution properties, 26% Retail properties and 27% Office properties. The percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of June 30, 2025. The straight-line rent includes amounts for tenant concessions.

Current wording

As of September 30, 2025, we owned 852 properties consisting of 42.9 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.2 years. Based on the percentage of annualized rental income on a straight-line basis as of September 30, 2025, approximately 70% of our properties were located in the U.S. and Canada and approximately 30% were located in Europe. In addition, as of September 30, 2025, our portfolio was comprised of 48% Industrial & Distribution properties, 26% Retail properties and 26% Office properties. The percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of September 30, 2025. The straight-line rent includes amounts for tenant concessions.

Previous wording

Our portfolio is leased to primarily “Investment Grade” rated tenants in well established markets in the U.S. and Europe. A total of 60% of our rental income on an annualized straight-line basis for leases in place as of June 30, 2025 was derived from Investment Grade rated tenants, comprised of 30% leased to tenants with an actual investment grade rating and 30% leased to tenants with an implied investment grade rating. For our purposes, “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. Ratings information is as of June 30, 2025.

Current wording

Our portfolio is leased to primarily “Investment Grade” rated tenants in well established markets in the U.S. and Europe. A total of 60% of our rental income on an annualized straight-line basis for leases in place as of September 30, 2025 was derived from Investment Grade rated tenants, comprised of 31% leased to tenants with an actual investment grade rating and 29% leased to tenants with an implied investment grade rating. For our purposes, “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. Ratings information is as of September 30, 2025.

Previous wording

Due to the classification of the Multi-Tenant Retail Portfolio as a discontinued operation, the tables below do not include the results of the Multi-Tenant Retail Portfolio, which are classified within loss from discontinued operations in our consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 (for additional information, see Note 3 —Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q).

Current wording

Due to the classification of the Multi-Tenant Retail Portfolio as a discontinued operation, the tables below do not include the results of the Multi-Tenant Retail Portfolio, which are classified within loss from discontinued operations in our consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 (for additional information, see Note 3 —Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q).

Previous wording

Net loss attributable to common stockholders was $35.1 million for the three months ended June 30, 2025, as compared to $46.6 million for the three months ended June 30, 2024. The change in net loss attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.

Current wording

Net loss attributable to common stockholders was $71.1 million for the three months ended September 30, 2025, as compared to $76.6 million for the three months ended September 30, 2024. The change in net loss attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.

Previous wording

Revenue from tenants in our Industrial & Distribution segment was $55.0 million and $61.4 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in revenue from tenants was due to the loss of revenue of approximately $5.8 million from dispositions and lower revenue of approximately $0.6 million from other properties. The loss of revenue from dispositions primarily resulted from the sale of two groups of properties that were leased by two of our former tenants, which comprised $5.4 million of the decrease. There was minimal impact from the year-over-year change in average exchange rates during the three months ended June 30, 2025, when compared to the same period last year.

Current wording

Revenue from tenants in our Industrial & Distribution segment was $56.7 million and $59.7 million for the three months ended September 30, 2025 and 2024, respectively. The decrease in revenue from tenants was due to the loss of revenue of approximately $2.6 million from dispositions and lower revenue of approximately $0.4 million from other properties. The loss of revenue from dispositions primarily resulted from the sale of two groups of properties that were leased by two of our former tenants, which comprised almost all of the decrease. There was minimal impact from the year-over-year change in average exchange rates during the three months ended September 30, 2025, when compared to the same period last year.

Previous wording

Revenue from tenants in our Retail segment was $35.4 million and $40.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease was primarily driven by the loss of revenue of approximately $5.8 million from dispositions, partially offset by higher revenue from other properties of $0.5 million. The loss of revenue from dispositions was primarily related to four tenants which comprised approximately $5.0 million of the decrease. There was minimal impact from the year-over-year change in average exchange rates during the three months ended June 30, 2025, when compared to the same period last year.

Current wording

Revenue from tenants in our Retail segment was $30.3 million and $39.6 million for the three months ended September 30, 2025 and 2024, respectively. The decrease was primarily driven by the loss of revenue of approximately $8.4 million from dispositions and lower revenue from other properties of $0.9 million. The loss of revenue from dispositions was primarily related to four tenants which comprised approximately $7.9 million of the decrease. There was minimal impact from the year-over-year change in average exchange rates during the three months ended September 30, 2025, when compared to the same period last year.

Previous wording

Revenue from tenants in our Office segment was $34.6 million and $34.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in the second quarter of 2025, when compared to the same period last year, was primarily driven by the loss of revenue of approximately $2.7 million from dispositions, partially offset by higher revenue from other properties of $2.6 million. The loss of revenue from dispositions was primarily related to one property, which comprised approximately $2.5 million of the decrease. The year-over-year change in foreign exchange rates had a minimal impact.

Current wording

Revenue from tenants in our Office segment was $34.0 million and $35.0 million for the three months ended September 30, 2025 and 2024, respectively. The decrease in the third quarter of 2025, when compared to the same period last year, was primarily driven by the net loss of revenue of approximately $1.6 million from dispositions, partially offset by higher revenue from other properties of $0.6 million. The loss of revenue from dispositions was primarily related to six tenants, which comprised almost all of the decrease. The year-over-year change in foreign exchange rates had a minimal impact.

Previous wording

Property operating expenses in our Industrial & Distribution segment were $4.2 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. The decrease was due to lower costs of $0.4 million from properties owned in both periods due to the timing of our reimbursable costs and lower costs of $0.3 million from dispositions. There was minimal impact from the year-over-year change in average foreign exchange rates during the three months ended June 30, 2025, when compared to the same period last year.

Current wording

Property operating expenses in our Industrial & Distribution segment were $4.6 million and $5.5 million for the three months ended September 30, 2025 and 2024, respectively. The decrease was due to lower costs of $0.5 million from properties owned in both periods due to the timing of our reimbursable costs and lower costs of $0.4 million from dispositions. There was minimal impact from the year-over-year change in average foreign exchange rates during the three months ended September 30, 2025, when compared to the same period last year.

Previous wording

Property operating expenses in our Office segment were $4.8 million and $4.1 million for the three months ended June 30, 2025 and 2024, respectively. The increase in the second quarter of 2025 was driven by an increase of $1.3 million from properties owned in both periods, partially offset by lower costs of $0.6 million from properties sold. There was minimal impact from the year-over-year change in average exchange rates during the three months ended June 30, 2025, when compared to the same period last year.

Current wording

Property operating expenses in our Office segment were $4.0 million and $5.0 million for the three months ended September 30, 2025 and 2024, respectively. The decrease in the third quarter of 2025 was driven by a decrease of $0.5 million from properties owned in both periods and lower costs of $0.5 million from properties sold. There was minimal impact from the year-over-year change in average exchange rates during the three months ended September 30, 2025, when compared to the same period last year.

Previous wording

During the three months ended June 30, 2025, we determined that 21 of our properties (20 of which were located in the U.S. and one was located in Europe) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price less selling costs of such properties, and as a result, we recorded an impairment charge of approximately $9.8 million.

Current wording

During the three months ended September 30, 2025, we determined that 10 of our properties (nine of which were located in the U.S. and one located in the U.K.) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price less selling costs of such properties, and as a result, we recorded an impairment charge of approximately $55.4 million.

Previous wording

During the three months ended June 30, 2024, we determined that the fair values of six of our properties located in the U.S. (three of which were acquired in the acquisition of the Necessity Retail REIT, Inc. (“RTL”) (the “REIT Merger”), had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, we recorded an impairment charge of approximately $27.4 million. The majority of the impairment charge in the second quarter of 2024 was due to legacy GNL properties.

Current wording

During the three months ended September 30, 2024, we determined that 21 of our properties located in the U.S. (19 of which were acquired in the REIT Merger) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, we recorded an impairment charge of approximately $38.5 million.

Previous wording

We recognized $2.0 million and $1.6 million of merger, transaction and other costs during the three months ended June 30, 2025 and 2024, respectively. Merger costs are only reflected in the three months ended June 30, 2024.

Current wording

We recognized $1.6 million and $1.9 million of merger, transaction and other costs during the three months ended September 30, 2025 and 2024, respectively. Merger costs are only reflected in the three months ended September 30, 2024.

Previous wording

General and administrative expenses were $11.3 million and $13.7 million for the three months ended June 30, 2025 and 2024, respectively, primarily consisting of employee compensation/payroll expenses, professional fees including audit and taxation services, board member compensation and directors’ and officers’ liability insurance. The overall decrease in general and administrative expenses was primarily due to higher transition costs in the 2024 period related to the REIT Merger and the internalization of our management functions in September 2023 (the “Internalization”).

Current wording

General and administrative expenses were $11.8 million and $10.9 million for the three months ended September 30, 2025 and 2024, respectively, primarily consisting of employee compensation/payroll expenses, professional fees including audit and taxation services, board member compensation and directors’ and officers’ liability insurance. The overall increase in general and administrative expenses was primarily due to higher professional fees.

Previous wording

During the three months ended June 30, 2025 and 2024, we recognized equity-based compensation expense of $3.3 million and $2.3 million, respectively. Equity-based compensation in the quarter ended June 30, 2025 consisted of (i) amortization of restricted shares of Common Stock (“Restricted Shares”) granted to employees of AR Global Investments, LLC, our former advisor (the “Former Advisor”) or its affiliates who were involved in providing services to us prior to the Internalization; (ii) amortization of restricted stock units in respect of shares of Common Stock (“RSUs”) granted to our employees and our independent directors; and (iii) amortization expense related to performance stock units (“PSUs”). The period over period increase in expense was attributable to RSUs and PSUs granted in late 2024 and early 2025.

Current wording

During the three months ended September 30, 2025 and 2024, we recognized equity-based compensation expense of $3.1 million and $2.3 million, respectively. Equity-based compensation in the quarter ended September 30, 2025 consisted of (i) amortization of restricted shares of Common Stock (“Restricted Shares”) granted to employees of AR Global Investments, LLC, our former advisor (the “Former Advisor”) or its affiliates who were involved in providing services to us prior to the Internalization; (ii) amortization of restricted stock units in respect of shares of Common Stock (“RSUs”) granted to our employees and our independent directors; and (iii) amortization expense related to performance stock units (“PSUs”). The period over period increase in expense was attributable to RSUs and PSUs granted in late 2024 and early 2025.

Previous wording

Depreciation and amortization expense was $45.6 million and $56.7 million for the three months ended June 30, 2025 and 2024, respectively. The decrease was due to lower depreciation and amortization due to dispositions during 2025 and 2024.

Current wording

Depreciation and amortization expense was $44.8 million and $52.7 million for the three months ended September 30, 2025 and 2024, respectively. The decrease was due to lower depreciation and amortization due to dispositions during 2025 and 2024.

Previous wording

(Loss) Gain on Derivative Instruments

Current wording

(Loss) Gain on Dispositions of Real Estate Investments

Previous wording

During the three months ended June 30, 2025, we sold 94 properties (five Industrial and Distribution properties, 88 Retail properties and one Office property), not including the properties sold as part of the Multi-Tenant Retail Disposition, which are part of discontinued operations (see Note 3 —Multi-Tenant Retail Dispositionto our consolidated financial statements included in this Quarterly Report on Form 10-Q), and as a result, recorded a net gain of $1.5 million.

Current wording

During the three months ended September 30, 2025, we sold 58 properties (three Industrial and Distribution properties, 51 Retail properties and four Office properties), not including the properties sold as part of the Multi-Tenant Retail Disposition, which are part of discontinued operations (see Note 3 —Multi-Tenant Retail Dispositionto our consolidated financial statements included in this Quarterly Report on Form 10-Q), and as a result, recorded a net loss of $5.8 million.

Previous wording

During the three months ended June 30, 2024, we sold 36 properties, 34 of which were acquired in the REIT Merger, and recorded a net gain of $34.1 million.

Current wording

During the three months ended September 30, 2024, we sold 20 properties, 13 of which were acquired in the REIT Merger, and recorded a net loss of $4.3 million.

Previous wording

Interest expense was $53.3 million and $72.0 million for the three months ended June 30, 2025 and 2024, respectively. The decrease was due to lower gross debt outstanding and a lower weighted-average effective interest rate during the three months ended June 30, 2025. The amount of our total gross debt outstanding was $3.1 billion as of June 30, 2025, as compared to $5.1 billion as of June 30, 2024, primarily as a result of the strategic disposition initiative we initiated in 2024. The weighted-average effective interest rate of our total debt was 4.3% as of June 30, 2025 and 4.7% as of June 30, 2024.

Current wording

Interest expense was $45.3 million and $59.5 million for the three months ended September 30, 2025 and 2024, respectively. The decrease was due to lower gross debt outstanding and a lower weighted-average effective interest rate during the three months ended September 30, 2025. The amount of our total gross debt outstanding was $3.0 billion as of September 30, 2025, as compared to $5.0 billion as of September 30, 2024, primarily as a result of the strategic disposition initiative we initiated in 2024. The weighted-average effective interest rate of our total debt was 4.2% as of September 30, 2025 and 4.8% as of September 30, 2024.

Previous wording

The decrease in interest expense was also impacted by the year-over-year change in average foreign exchange rates during the three months ended June 30, 2025, when compared to the same period last year. As of June 30, 2025, approximately 19% of our total debt outstanding was denominated in EUR and 1% was denominated in Canadian Dollars (“CAD”) (not including debt that will be assumed by the buyer in the Multi-Tenant Retail Disposition). As of June 30, 2024, approximately 10% of our total debt outstanding was denominated in EUR, 9% of our total debt outstanding was denominated in GBP and 1% was denominated in CAD.

Current wording

The decrease in interest expense was also impacted by the year-over-year change in average foreign exchange rates during the three months ended September 30, 2025, when compared to the same period last year. As of September 30, 2025, approximately 19% of our total debt outstanding was denominated in EUR and 1% was denominated in Canadian Dollars (“CAD”) (not including debt that will be assumed by the buyer in the Multi-Tenant Retail Disposition). As of September 30, 2024, approximately 11% of our total debt outstanding was denominated in EUR, 9% of our total debt outstanding was denominated in GBP and 1% was denominated in CAD.

Previous wording

We view a combination of secured and unsecured financing as an efficient and accretive means to acquire properties and manage working capital. As of June 30, 2025, approximately 44% of our total debt outstanding was secured and 56% was unsecured, the latter including amounts outstanding under our Revolving Credit Facility (as defined in Note 6 — Revolving Credit Facility to our consolidated financial statements included in this Quarterly Report on Form 10-Q), our $500.0 million aggregate principal amount of 3.75% Senior Notes due 2027 (the “3.75% Senior Notes”) and $500.0 million aggregate principal amount of 4.50% Senior Notes due 2028 (the “4.50% Senior Notes”).

Current wording

We view a combination of secured and unsecured financing as an efficient and accretive means to acquire properties and manage working capital. As of September 30, 2025, approximately 45% of our total debt outstanding was secured and 55% was unsecured, the latter including amounts outstanding under our Revolving Credit Facility, our $500.0 million aggregate principal amount of 3.75% Senior Notes due 2027 (the “3.75% Senior Notes”) and $500 million aggregate principal amount of 4.50% Senior Notes due 2028 (the “4.50% Senior Notes”).

Previous wording

Gain (loss) on Dispositions of Real Estate Investments

Current wording

Gain (Loss) on Derivative Instruments

Previous wording

The loss of $8.8 million on derivative instruments for the three months ended June 30, 2025 and the gain of $0.5 million on derivative instruments for the three months ended June 30, 2024, reflect the marked-to-market impact from foreign currency and interest rate derivative instruments used to hedge the investment portfolio from currency and interest rate movements, and was mainly driven by exchange rate changes in the GBP and EUR compared to the USD. For the three months ended June 30, 2025, the loss on derivative instruments consisted of unrealized losses of $7.2 million and realized gains of $1.6 million. For the three months ended June 30, 2024, the gain on derivative instruments consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. The overall gains (or losses) on derivative instruments directly impact our results of operations since they are recorded on the gain on derivative instruments line item in our consolidated results of operations. However, only the realized gains or losses are included in AFFO (as defined below).

Current wording

The gain of $2.3 million on derivative instruments for the three months ended September 30, 2025 and the loss of $4.7 million on derivative instruments for the three months ended September 30, 2024, reflect the marked-to-market impact from foreign currency and interest rate derivative instruments used to hedge the investment portfolio from currency and interest rate movements, and was mainly driven by exchange rate changes in the GBP and EUR compared to the USD. For the three months ended September 30, 2025, the gain on derivative instruments consisted of unrealized gains of $3.4 million and realized losses of $1.1 million. For the three months ended September 30, 2024, the loss on derivative instruments consisted of unrealized losses of$4.4 million and realized losses of$0.3 million. The overall gains (or losses) on derivative instruments directly impact our results of operations since they are recorded on the gain on derivative instruments line item in our consolidated results of operations. However, only the realized gains or losses are included in AFFO (as defined below).

Previous wording

We recorded losses of $6.3 million and gains of $0.3 million on undesignated foreign currency advances and other hedge ineffectiveness during the quarters ended June 30, 2025 and 2024, respectively, related to the accelerated reclassification of amounts in accumulated other comprehensive loss to earnings.

Current wording

We recorded gains of $31,000 on undesignated foreign currency advances and other hedge ineffectiveness during the quarter ended September 30, 2025, related to the accelerated reclassification of amounts in accumulated other comprehensive loss to earnings. We did not record any gains or losses on undesignated foreign currency advances and other hedge ineffectiveness during the three months ended September 30, 2024.

Previous wording

Although as a REIT we generally do not pay U.S. federal income taxes on the amount of REIT taxable income that is distributed to shareholders, we recognize income tax (expense) benefit domestically for state taxes and local income taxes incurred, if any, and also in foreign jurisdictions in which we own properties. In addition, we perform an analysis of potential deferred tax or future tax benefit and expense as a result of book and tax differences and timing differences in taxes across jurisdictions. Income tax expense was $6.3 million and $2.1 million for the six months ended June 30, 2025 and 2024, respectively.

Current wording

Although as a REIT we generally do not pay U.S. federal income taxes on the amount of REIT taxable income that is distributed to shareholders, we recognize income tax benefit (expense) domestically for state taxes and local income taxes incurred, if any, and also in foreign jurisdictions in which we own properties. In addition, we perform an analysis of potential deferred tax or future tax benefit and expense as a result of book and tax differences and timing differences in taxes across jurisdictions. Income tax expense was $3.1 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively.

Previous wording

Net loss attributable to common stockholders was $235.4 million for the six months ended June 30, 2025, as compared to net loss of $81.3 million for the six months ended June 30, 2024. The change in net loss attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.

Current wording

Net loss attributable to common stockholders was $306.4 million for the nine months ended September 30, 2025, as compared to net loss of $157.9 million for the nine months ended September 30, 2024. The change in net loss attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.

Previous wording

Revenue from tenants in our Industrial & Distribution segment was $113.0 million and $123.4 million for the six months ended June 30, 2025 and 2024, respectively. The decrease in revenue from tenants was due to the loss of revenue of approximately $9.7 million from dispositions, and approximately $0.7 million from other properties. The loss of revenue from dispositions primarily resulted from the sale of two groups of properties that were leased by two of our former tenants, which comprised approximately $9.1 million of the total decrease in revenue from dispositions. There was minimal impact from the year-over-year change in average exchange rates during the six months ended June 30, 2025, when compared to the same period last year.

Current wording

Revenue from tenants in our Industrial & Distribution segment was $169.7 million and $183.1 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease in revenue from tenants was due to the loss of revenue of approximately $13.6 million from dispositions, partially offset by higher revenue of approximately $0.2 million from other properties. The loss of revenue from dispositions primarily resulted from the sale of four groups of properties that were leased by four of our former tenants, which comprised approximately $13.4 million of the total decrease in revenue from dispositions.

Previous wording

Revenue from tenants in our Office segment was $72.0 million and $69.8 million for the six months ended June 30, 2025 and 2024, respectively. The increase in the first six months of 2025 was primarily driven by higher revenue from properties owned in both periods of $4.0 million, partially offset by the loss of revenue of $1.8 million from dispositions. The loss of revenue from dispositions was primarily related to three properties, which comprised approximately $1.5 million of the decrease. The year-over-year change in foreign exchange rates had a minimal impact.

Current wording

Revenue from tenants in our Office segment was $106.0 million and $104.8 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in the first nine months of 2025 was primarily driven by higher revenue from properties owned in both periods of $3.1 million, partially offset by the net loss of revenue of $1.9 million from dispositions. The net loss of revenue from dispositions was primarily related to six properties, which comprised approximately $1.5 million of the decrease. The year-over-year change in foreign exchange rates had a minimal impact.

Previous wording

Property operating expenses in our Industrial & Distribution segment were $9.5 million and $9.6 million for the six months ended June 30, 2025 and 2024, respectively. The decrease was due to lower costs of $0.4 million from dispositions, partially offset by higher costs of $0.3 million from other properties due to the timing of our reimbursable costs. There was minimal impact from the year-over-year change in average foreign exchange rates during the six months ended June 30, 2025, when compared to the same period last year.

Current wording

Property operating expenses in our Industrial & Distribution segment were $14.1 million and $15.1 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease was due to lower costs of $0.5 million from dispositions and lower costs of $0.5 million from other properties due to the timing of our reimbursable costs. There was minimal impact from the year-over-year change in average foreign exchange rates during the nine months ended September 30, 2025, when compared to the same period last year.

Previous wording

Property operating expenses in our Retail segment were $3.0 million and $4.0 million for the three months ended June 30, 2025 and 2024, respectively. The decrease in the second quarter of 2025 was primarily driven by lower costs of $1.2 million from properties sold, partially offset by an increase of $0.1 million from other properties. There was minimal impact from the year-over-year change in average exchange rates during the three months ended June 30, 2025, when compared to the same period last year.

Current wording

Property operating expenses in our Retail segment were $10.9 million and $12.0 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease was primarily driven by lower costs of $2.9 million from properties sold, partially offset by an increase of approximately $1.8 million from properties owned in both periods due to higher costs absorbed by us at one of our properties located in Europe. There was minimal impact from the year-over-year change in average exchange rates during the nine months ended September 30, 2025, when compared to the same period last year.

Previous wording

Property operating expenses in our Office segment were $9.6 million and $9.4 million for the six months ended June 30, 2025 and 2024, respectively. The increase in the first six months of 2025 was driven by higher costs of $1.3 million from properties owned in each period, partially offset by lower costs of $1.1 million from properties sold. There was minimal impact from the year-over-year change in average exchange rates during the six months ended June 30, 2025, when compared to the same period last year.

Current wording

Property operating expenses in our Office segment were $13.6 million and $14.3 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease in the first nine months of 2025 was driven by lower costs of approximately $1.5 million from properties sold, partially offset by higher costs of approximately $0.8 million from properties owned in each period. There was minimal impact from the year-over-year change in average exchange rates during the nine months ended September 30, 2025, when compared to the same period last year.

Previous wording

During the six months ended June 30, 2025, we determined that the fair values of 90 of our properties (88 located in the U.S., one located in Europe and one located in the U.K.) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $70.1 million.

Current wording

During the nine months ended September 30, 2025, we determined that the fair values of 100 of our properties (97 located in the U.S., one located in Europe and two located in the U.K.) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $125.6 million.

Previous wording

During the six months ended June 30, 2024, we determined that the fair values of 12 of our properties located in the U.S. (three of which were acquired in the REIT Merger) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, we recorded an impairment charge of approximately $31.7 million. The majority of the impairment charges in the first six months of 2024 were due to legacy GNL properties.

Current wording

During the nine months ended September 30, 2024, we determined that the fair values of 33 of our properties located in the U.S. (28 of which were acquired in the REIT Merger) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, we recorded an impairment charge of approximately $70.2 million. The majority of the impairment charges in the first nine months of 2024 were due to legacy GNL properties.

Previous wording

We recognized $3.6 million and $2.3 million of merger, transaction and other costs during the six months ended June 30, 2025 and 2024, respectively. Merger costs are only reflected in the six months ended June 30, 2024.

Current wording

We recognized $5.2 million and $4.2 million of merger, transaction and other costs during the nine months ended September 30, 2025 and 2024, respectively. Merger costs are only reflected in the nine months ended September 30, 2024.

Previous wording

General and administrative expenses were relatively flat at $27.5 million and $28.4 million for the six months ended June 30, 2025 and 2024, respectively, primarily consisting of employee compensation/payroll expenses, professional fees including audit and taxation services, board member compensation and directors’ and officers’ liability insurance.

Current wording

General and administrative expenses were relatively flat at $39.4 million and $39.3 million for the nine months ended September 30, 2025 and 2024, respectively, primarily consisting of employee compensation/payroll expenses, professional fees including audit and taxation services, board member compensation and directors’ and officers’ liability insurance.

Previous wording

During the six months ended June 30, 2025 and 2024, we recognized equity-based compensation expense of $6.4 million and $4.3 million, respectively. Equity-based compensation in the quarter ended June 30, 2025 consisted of (i) amortization of restricted shares of Common Stock (“Restricted Shares”) granted to employees of the Former Advisor or its affiliates who were involved in providing services to us prior to the Internalization; (ii) amortization of RSUs granted to our employees and our independent directors; and (iii) amortization expense related to PSUs. The period over period increase in expense was attributable to RSUs and PSUs granted in late 2024 and early 2025.

Current wording

During the nine months ended September 30, 2025 and 2024, we recognized equity-based compensation expense of $9.5 million and $6.6 million, respectively. Equity-based compensation in the quarter ended September 30, 2025 consisted of (i) amortization of restricted shares of Common Stock (“Restricted Shares”) granted to employees of the Former Advisor or its affiliates who were involved in providing services to us prior to the Internalization; (ii) amortization of RSUs granted to our employees and our independent directors; and (iii) amortization expense related to PSUs. The period over period increase in expense was attributable to RSUs and PSUs granted in late 2024 and early 2025.

Previous wording

Depreciation and amortization expense was $102.0 million and $113.8 million for the six months ended June 30, 2025 and 2024, respectively. Lower depreciation and amortization due to dispositions during 2025 and 2024 was partially offset by higher amortization expense of approximately $11.0 million from the accelerated amortization of in-place lease intangibles during the six months ended June 30, 2025.

Current wording

Depreciation and amortization expense was $146.8 million and $166.6 million for the nine months ended September 30, 2025 and 2024, respectively. Lower depreciation and amortization due to dispositions during 2025 and 2024 was partially offset by higher amortization expense of approximately $11.0 million from the accelerated amortization of in-place lease intangibles during the nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2025, we sold 110 properties, (six Industrial and Distribution properties, 101 Retail properties and three Office properties), not including the properties sold as part of the Multi-Tenant Retail Disposition (see Note 3 — Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q), and as a result, recorded a net loss of $0.1 million.

Current wording

During the nine months ended September 30, 2025, we sold 168 properties, (9 Industrial and Distribution properties, 152 Retail properties and seven Office properties), not including the properties sold as part of the Multi-Tenant Retail Disposition (see Note 3 — Multi-Tenant Retail Disposition to our consolidated financial statements included in this Quarterly Report on Form 10-Q), and as a result, recorded a net loss of $5.9 million.

Previous wording

During the six months ended June 30, 2024, we sold 55 properties, 51 of which were acquired in the REIT Merger, and recorded a net gain of $40.0 million.

Current wording

During the nine months ended September 30, 2024, we sold 75 properties, 64 which were acquired in the REIT Merger, and recorded a net gain of $35.7 million.

Previous wording

Interest expense was $106.8 million and $136.6 million for the six months ended June 30, 2025 and 2024, respectively. The decrease was due to lower gross debt outstanding and a lower weighted-average effective interest rate during the six months ended June 30, 2025. The net amount of our total gross debt outstanding was $5.1 billion as of June 30, 2024 as compared to $3.1 billion as of June 30, 2025, primarily as a result of the repayment of debt with the net proceeds from, or the assumption of debt by purchasers in connection with, dispositions. The weighted-average effective interest rate of our total debt was 4.3% as of June 30, 2025 and 4.7% as of June 30, 2024.

Current wording

Interest expense was $152.1 million and $196.1 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease was due to lower gross debt outstanding and a lower weighted-average effective interest rate during the nine months ended September 30, 2025. The net amount of our total gross debt outstanding was $5.0 billion as of September 30, 2024 as compared to $3.0 billion as of September 30, 2025, primarily as a result of the repayment of debt with the net proceeds from, or the assumption of debt by purchasers in connection with, dispositions. The weighted-average effective interest rate of our total debt was 4.2% as of September 30, 2025 and 4.8% as of September 30, 2024.