Global Net Lease, Inc.

Good morning and welcome to Global Net Lease third quarter 2026 earnings call. All lines are in a listen-only mode. Later we will conduct a question and answer session. If you require operator assistance at any time, press star zero. Today's call is being recorded. I would now like to turn the call over to Jordan Schoenfeld. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us for GNL's third quarter 2026 earnings call. Joining me today on the call is Michael Weil, GNL's chief executive officer, and Chris Masterson, GNL's chief financial officer. The following information contains forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995. Please review the forward-looking and cautionary statement section at the end of our third quarter 2026 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. As stated in our SEC filings, G&L disclaims any intent or obligation to update or revise these forward-looking statements except as required by law. Also, during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and adjusted EBITDA, and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and supplemental materials. I'll now turn the call over to our Chief Executive Officer, Michael Weil. Mike?

Thanks, Jordan. Good morning, and thank you all for joining us today. Our focus remains on the performance of our portfolio and executing on our stated priorities. We're pleased with the progress we've made through the first three quarters of 2026. This quarter alone, we've closed and fully integrated the motive industrial acquisition, made further progress reducing our office exposure, and directed capital toward attractive share repurchase opportunities at an approximate 10% AFFO yield. Reflecting this continued execution, we're raising the low end of our full year AFFO per share guidance range. That execution took place against a more challenging macroeconomic backdrop. Uncertainty around the economic outlook, inflation and monetary policy, together with a sharp rise in the 10-year treasury yield, has placed pressure on valuations and the cost of capital for commercial real estate. In this environment, we remain focused on what we can control, strengthening our portfolio, maintaining financial flexibility, and allocating capital with discipline. We believe our investment-grade balance sheet, strong liquidity, and significant exposure to investment-grade tenants positions us well to advance our strategy without the need to raise additional debt or common equity while our portfolio organically generates sufficient free cash flow to fund our dividend. We continue to work diligently on renewals and lease extensions while pursuing opportunistic dispositions within our office segments. The Motive acquisition, completed on August 12, marked a very significant step in our portfolio repositioning, following an extensive disposition initiative that transformed our business. We've fully integrated the acquired properties into our operating platform, and the portfolio is performing well and contributing positively to our results. We've also achieved the anticipated G&A synergies, absorbing the acquired portfolio without increasing G&A expense in the third quarter through the elimination of duplicative public company, personnel, and third-party costs. We've identified three to five non-core assets within the acquired 40 property motive portfolio for potential disposition and are evaluating potential opportunities to monetize these assets and attract evaluations. We estimate these potential sales could generate approximately $75 million to $100 million in gross proceeds, supporting our broader capital allocation priorities, including reinvestment in high-quality industrial and retail properties and debt reduction. Across the broader portfolio, we further advanced our capital recycling strategy through targeted dispositions with a continued focus on reducing office exposure. Through October 30, 2026, our closed and disposition pipeline totaled $391 million, including $167 million of completed sales at a cash cap rate of 7.7% on occupied assets. Office properties continue to represent the majority of our sale activity, accounting for approximately 68% of total closed and pending disposition volume. Upon completion of these pending transactions, we expect total office exposure to decline to approximately 18% of straight-line rent. Our approach to reducing office exposure remains disciplined, with pricing and opportunities to maximize value driving the pace of these sales. We tailor our strategy to each asset, including extending lease terms ahead of a sale where feasible to enhance value and selectively selling the few vacant buildings in our portfolio to eliminate carrying costs and negative NOI drag. When possible, we also structure sales to close upon lease expiration, capturing remaining contractual rent while avoiding releasing costs, additional capital expenditures and vacancy risk. Given current share price levels and the limited number of compelling acquisition opportunities we're seeing, Issuing common equity is not attractive at this time. Our liquidity and ability to generate disposition proceeds means we don't need to rely on equity issuances anywhere near current price levels. Instead, we can selectively monetize assets and redeploy the net proceeds in an accretive manner. One example is the strong private buyer demand for gas inconvenience and car wash assets, supported by the tax benefits of bonus depreciation. Thank you for joining us today. beyond the transactions currently under contract. Selective sales would allow us to reinvest in high quality industrial and retail properties while continuing to improve and reposition our portfolio. We'll continue to make smart strategic decisions that create long-term value for our shareholders. On the acquisition front, we remain disciplined in evaluating opportunities to reinvest in high quality Single Tenant Industrial and Retail Properties. Accretion to AFFO per share is a prerequisite for any acquisition we pursue, alongside enhancing portfolio quality and remaining consistent with our leverage objectives. We prioritize creditworthy tenants, embedded contractual rent growth, and long-term leases that enhance the durability of our cash flows. Our focus is on established income-producing assets. avoiding the additional uncertainty associated with repositioning properties or undertaking long-term development projects. Higher funding costs have compressed investment spreads, and we have not yet seen acquisition cap rates adjust to levels we believe adequately reflect the current debt financing environment. During the quarter, we evaluated several acquisition opportunities but chose to pass where the spread between the going-in yield and the cost of debt was insufficient to justify the investment. We believe continued progress on dispositions will generate additional capital to pursue acquisitions that meet our criteria as real estate pricing adjusts with each opportunity evaluated against share repurchases and debt reduction. Since the inception of our share repurchase program through October 30th, 2026, we've repurchased 29.7 million shares for approximately $245.8 million at a weighted average price of $8.28 representing an attractive AFFO yield of approximately 10% based on the midpoint of our full year guidance. This includes 6.6 million shares for approximately $58.5 million in the third quarter of 2026. We'll continue to evaluate repurchases opportunistically while balancing our priorities of reducing leverage and selectively reinvesting in high quality industrial and retail assets. The recent rise in long-term rates has also underscored the value of the financing decisions we made last year. Our investment grade credit profile enabled us to refinance our revolving credit facility in August of 2025 on improved terms, extending its maturity to August 2030 including extension options, and reducing the spread by 35 basis points to its current level of 1.25%. Despite the rise in long-term treasury yields, our existing borrowing costs have remained essentially unchanged. So far, the benchmark underlying our U.S. dollar revolver borrowings has increased by only 25 basis points, and 86% of our debt is fixed or swapped to fixed rates. substantially limiting the impact on our financing costs. We also have no debt maturities until the fourth quarter of 2027, providing additional flexibility as we execute our capital allocation strategy. Reducing leverage remains a core long-term capital allocation priority, and we intend to continue to redirect disposition net proceeds toward debt repayment. Maintaining our investment-grade balance sheet and financial flexibility remain central to how we balance acquisitions, share repurchases, and debt reduction. Turning to our portfolio, at the end of the third quarter of 2026, we owned 835 properties, totaling 44 million rentable square feet. Our portfolio occupancy is 96%, while weighted average remaining lease term increased to 6.3 years, up from 6.2 years in the third quarter of 2025. and 5.7 years in the second quarter of 2026. G&L's portfolio features a stable tenant base and high quality of earnings with an industry leading 63% of tenants carrying an investment grade or implied investment grade rating up from 60% in the third quarter of 2025. Our average annual contractual rental increase is 1.5%, excluding the impact of 17.9% of the portfolio with CPI-linked leases. When we factor in those leases using historical CPI data, the portfolio's annual rental increase is closer to 2%. More than 70% of our CPI-linked leases have uncapped escalations, providing additional rental growth potential in periods of higher inflation. On the leasing front, we once again delivered strong results across the portfolio. reflecting the quality of our asset management capabilities and tenant relationships. We achieved renewal spreads of approximately 4.9% above expiring rents on more than 840,000 square feet with a weighted average lease term of 5.2 years. Leasing highlights this quarter included a 10-year extension with Refresco at our 170,000 square foot distribution facility in Missouri, converting the tenant's five-year renewal options into 10 years of committed term with 1.5% annual rent increases and securing approximately $5 million of incremental rent. We also renewed $4 general locations totaling approximately 37,000 square feet at a renewal spread of approximately 8%. These results reflect our disciplined, proactive approach to asset management by engaging with tenants well in advance of lease expirations We continue to drive strong retention, preserve high occupancy levels, and capsule rental growth, all while maintaining our long-term focus on portfolio stability and cash flow durability. Our continued efforts to limit exposure to high-risk geographies, asset types, tenants, and industries reflect our intentional diversification strategy and disciplined credit underwriting. No single tenant accounts for more than 5% of total straight-line rent and our top 10 tenants collectively contribute only 26% of total straight line rent, with 81% being investment grade. 65% of our portfolio straight line rent is derived from publicly traded tenants or is backed by a publicly traded guarantor, providing greater transparency into the financial profile of a substantial portion of our portfolio. We carefully monitor all tenants in our portfolio and their business operations on a regular basis. I encourage everyone to review the details of each segment of our portfolio in our third quarter 2026 investor presentation on our website. I'll now turn the call over to Chris to offer you the financial results and balance sheet matters in more detail. Chris?