Global Net Lease (GNL) Investor presentation summary

Transaction overview

• $1.78 billion sale of a 100-property multi-tenant retail portfolio to RCG Ventures Holdings, with 100% cash consideration after assumption of $470 million in mortgage debt.

• Anticipated $6.5 million annual G&A savings and $34 million reduction in annual capex, tenant improvements, and leasing commissions.

• Net proceeds of ~$1.3 billion primarily used to repay revolving credit facility, reducing total debt from $5 billion to $3 billion.

• Leverage (Net Debt/Adj. EBITDA) expected to decrease from 8.0x to 6.5x–7.1x in 2025, with liquidity increasing by over $1 billion.

• Closings anticipated in two phases: end of 1Q25 for 59 unencumbered properties and end of 2Q25 for 41 properties with loan assumptions.

Strategic rationale and benefits

• Transforms the company into a pure-play net lease REIT focused on single-tenant properties.

• Simplifies operations, enhances portfolio metrics, and increases NOI margin and tenant credit quality.

• Significantly reduces leverage and improves liquidity, providing flexibility for debt maturities and future investments.

• Reflects embedded value and positions the company as an attractive investment opportunity among net lease REIT peers.

• Positions for long-term growth with enhanced free cash flow, improved capital structure, and capacity for share repurchases and acquisitions.

Portfolio and operational impact

• Post-sale, the portfolio will be 100% single-tenant, with 98% leased and 66% investment-grade tenants.

• Geographic diversification increases, with 80% U.S. and 20% Europe exposure by annualized SLR.

• Annualized NOI margin rises to 90%, and annual capex drops from $44 million to $10 million.

• Real estate gross asset value post-transaction is $6.1 billion, with over $1 billion in liquidity.

• G&A expenses rationalized, dropping from $60.8 million in 2Q24 to $43.9 million post-transaction.