Global Net Lease Announces $462 Million of Dispositions Closed or Under Agreement¹ as Part of Strategic Disposition Plan
17 Abril 2024 - 7:00AM
Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”)
today announced continued progress on its 2024 strategic
disposition plan, which it first detailed in its fourth-quarter and
full year earnings report in February 2024. As of April 15, 2024,
GNL’s strategic disposition efforts have resulted in over $462
million of transactions that are either closed or under agreement
and expected to close by the end of the third quarter of 2024.
“We are very pleased to have built a robust
disposition pipeline in the early stages of our strategic
disposition effort and expect to identify additional opportunities
throughout the year,” said Michael Weil, CEO of GNL. “We believe
the 7.2% cash cap rate on the occupied dispositions offers proof of
value of our primarily investment-grade portfolio and represents a
significant premium compared to where GNL is currently trading on
an implied cap rate basis. Additionally, we believe that the $124
million of vacant dispositions that are closed or under agreement
will eliminate approximately $3 million of annualized operating
expenses4. We plan to use the net proceeds from these dispositions
to pay down existing debt, including borrowings currently at a 7.3%
variable interest rate on the USD portion of our revolving credit
facility, while also addressing near-term lease and debt maturities
to achieve our primary objective of reducing Net Debt to Adjusted
EBITDA.”
Status of Disposition |
ExpectedClosing |
# ofProperties |
DispositionPrice(in mm) |
CashCapRate2 |
Wtg. Avg. LeaseTerm Remaining3 |
Closed Dispositions YTD: |
|
|
|
|
|
Occupied Assets (12 Truist Properties) |
Closed |
12 |
$26.8 |
6.7% |
6.6 Years |
Vacant / Dark Assets |
Closed |
9 |
$21.1 |
– |
– |
Total YTD Closed |
|
21 |
$47.9 |
6.7% |
6.6 Years |
|
|
|
|
|
|
Under PSA & Non-Refundable Deposit: |
|
|
|
|
|
Occupied Assets |
Q2’24 |
6 |
$21.1 |
6.7% |
4.7 Years |
Vacant / Dark Assets |
Q2’24 |
11 |
$69.3 |
– |
– |
Total Under PSA & Non-Refundable Deposit |
|
17 |
$90.4 |
6.7% |
4.7 Years |
|
|
|
|
|
|
Under PSA & in DD Dispositions: |
|
|
|
|
|
Occupied Assets |
Q2’24 – Q3’24 |
14 |
$289.6 |
7.3% |
3.6 Years |
Vacant / Dark Assets |
Q2’24 – Q3’24 |
7 |
$33.7 |
– |
– |
Total Under PSA & in DD |
|
21 |
$323.3 |
7.3% |
3.6 Years |
|
|
|
|
|
|
Total 2024 Dispositions to Date |
|
59 |
$461.6 |
7.2% |
3.8 Years |
About Global Net Lease,
Inc.
Global Net Lease, Inc. is a publicly traded real
estate investment trust listed on the NYSE, which focuses on
acquiring and managing a global portfolio of income producing net
lease assets across the United States, and Western and Northern
Europe. Additional information about GNL can be found on its
website at www.globalnetlease.com.
Important Notice
The statements in this press release that are
not historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve risks and uncertainties
that could cause the outcome to be materially different. The words
such as "may," "will," "seeks," "anticipates," "believes,"
"expects," "estimates," "projects," “potential,” “predicts,”
"plans," "intends," “would,” “could,” "should" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside of the Company's control, which could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include
the risks associated with realization of the anticipated benefits
of the merger with The Necessity Retail REIT, Inc. and the
internalization of the Company’s property management and advisory
functions; that any potential future acquisition or disposition by
the Company is subject to market conditions and capital
availability and may not be identified or completed on favorable
terms, or at all. Some of the risks and uncertainties, although not
all risks and uncertainties, that could cause the Company’s actual
results to differ materially from those presented in the Company’s
forward-looking statements are set forth in the Risk Factors and
“Quantitative and Qualitative Disclosures about Market Risk” in the
Company’s Annual Report on Form 10-K, its Quarterly Reports on Form
10-Q, and all of its other filings with the U.S. Securities and
Exchange Commission, as such risks, uncertainties and other
important factors may be updated from time to time in the Company’s
subsequent reports. Further, forward-looking statements speak only
as of the date they are made, and the Company undertakes no
obligation to update or revise any forward-looking statement to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, unless required
by law.
Contacts:Investor RelationsEmail:
investorrelations@globalnetlease.comPhone: (332) 265-2020
Footnotes/Definitions:1 Disposition data is as
of April 15, 2024 and assumes signed purchase agreements lead to
closings based on their contemplated terms, which can not be
assured.2 Calculated as NOI divided by disposition price.3 Weighted
average remaining lease term in years is calculated by comparing
the lease expiration date to the anticipated closing date, weighted
based on square feet.4 Calculated based on fourth quarter of 2023
actual operating expenses multiplied by four.
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