Rejects of the Blackwells’ nominations are an attempt by the boards and outside manager AR Global to deny shareholders the right to conflict-free, independent directors

Boards’ perfidious interpretation of recent charter amendments and reliance on other bogus pretexts to reject nominations is a continued insult to long-suffering shareholders

NEW YORK, Dec. 19, 2022 (GLOBE NEWSWIRE) — Blackwells Capital LLC (together with its subsidiaries, “Blackwells” or “we”) announced today that it has filed a lawsuit in Maryland State Court against Global Net Lease Inc. GNL (“Global Net Lease” or “GNL”) and The Necessity Retail REIT Inc. RTL (“Necessity Retail REIT” or “RTL”). The lawsuit was filed in response to both companies’ baseless rejection of the Blackwells’ nomination for directorship.

Blackwells Chief Investment Officer Jason Aintabi said: “The boards of GNL and RTL are grasping at straws to prevent shareholders from speaking out towards these public companies. Relying on a malicious interpretation of recent constitutional changes and fabricating excuses for others to reject our valid nomination notices, these bodies appear to be acting only as puppets to help AR Global with its dirty bids.”

Mr. Aintabi continued: “With AR Global at the helm, GNL and RTL have seen theirs Stock prices go down negative 61% and negative 57% respectively¹and have significantly underperformed US Diversified REIT Index returns by 110% and 71% respectively. In the same periods AR Global raised a staggering $838 million to compensation, fees and general and administrative expenses of the companies. While the market capitalization at GNL and RTL has fallen over $3.3 billion. It’s no wonder AR Global is now fighting shareholder democracy with such zeal to protect its golden geese.”

Seemingly reactionary bylaw changes appear to be part of a malicious effort by AR Global to block any meaningful…