Establishes Third-Largest Net Lease REIT With
Global Presence
NEW
YORK, Sept. 12, 2023 /PRNewswire/ -- Global Net
Lease Inc. (NYSE: GNL) ("Global Net Lease" or "GNL") and The
Necessity Retail REIT Inc. (NASDAQ: RTL) ("Necessity Retail REIT"
or "RTL") announced today that they have completed the previously
announced merger between GNL and RTL, including the internalization
of both GNL's and RTL's advisory and property management functions.
Completion of the merger follows approval by the shareholders of
both companies.
Under the terms of the merger agreement, RTL stockholders
received 0.670 shares of GNL for each common share of RTL. RTL
shares have ceased trading on the Nasdaq as of the market close on
September 11, 2023.
James Nelson and Michael Weil, Co-CEOs of GNL, said, "We are very
excited to complete the merger of Global Net Lease and The
Necessity Retail REIT, creating the third-largest listed net lease
REIT with a global presence, including over 1,300 properties and
more balanced sector exposures. We look forward to GNL's future
with a dedicated internal management team and enhanced governance
attributes which put GNL on par with other leading publicly traded
REITs. GNL will have broadened acquisition capabilities, greater
balance sheet flexibility and a larger asset base that will
enable the ability to grow and optimize its portfolio to create
long-term value for all its stakeholders and provide an opportunity
to benefit from a trading multiple expansion as the company trades
in line with its peers."
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.
Forward-Looking Statements
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual
results or events to be materially different. In addition, words
such as "may," "will," "seeks," "anticipates," "believes,"
"estimates," expects," "plans," "intends," "would," or similar
expressions indicate a forward-looking statement, although not all
forward-looking statements contain these identifying words. Any
statements referring to the future value of an investment in GNL,
including the adjustments giving effect to the mergers as well as
the potential success that GNL may have in executing the mergers
are also forward-looking statements. There are a number of risks,
uncertainties and other important factors that could cause GNL's
actual results, or GNL's actual results after making adjustments to
give effect to the mergers to differ materially from those
contemplated by such forward-looking statements, including but not
limited to: (i) failure to realize the expected benefits of the
mergers, (ii) significant transaction costs or unknown or
inestimable liabilities, (iii) the ongoing risk of shareholder
litigation in connection with the mergers (iv) the risk that RTL's
business will not be integrated successfully or that such
integration may be more difficult, time-consuming or costly than
expected, (v) risks related to future opportunities and plans for
GNL post-closing, including the uncertainty of expected future
financial performance and results of GNL post-closing (vi) the
effect of any downgrade of GNL's or RTL's corporate rating or to
any of their respective debt or equity securities including the
outstanding notes under the RTL Indenture; (vii) GNL's inability to
retain and hire key personnel and maintain favorable business
relationships post-closing; (viii) potential adverse effects of the
ongoing global COVID-19 pandemic, including actions taken to
contain or treat COVID-19 on GNL's tenants and the global economy
and financial market, as well as the additional risks,
uncertainties and other important factors set forth in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of GNL's Annual
Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on
February 23, 2023, and all other
filings with the SEC after that date, as such risks, uncertainties
and other important factors may be updated from time to time in
GNL'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 forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, except as
required by law.
Contacts:
Investors and Media:
Email:
investorrelations@globalnetlease.com
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SOURCE Global Net Lease, Inc.