Global Net Lease Inc Stock Price, News & Analysis

Global Net Lease, Inc. (NYSE: GNL) has announced a quarterly dividend for the fourth quarter of 2024. The company will pay a dividend of $0.275 per share of common stock on October 16, 2024. This dividend is payable to common stockholders who are on record at the close of business on October 11, 2024. GNL's board of directors authorizes and declares dividends on a quarterly basis, which are typically paid in arrears during the first month following the end of each fiscal quarter to common stockholders of record on the specified record date.

Global Net Lease (GNL) has announced quarterly dividends for its preferred stock series. The dividends are as follows:

• Series A Preferred Stock: $0.453125 per share
• Series B Preferred Stock: $0.4296875 per share
• Series D Preferred Stock: $0.46875 per share
• Series E Preferred Stock: $0.4609375 per share

All dividends are payable on October 15, 2024, to shareholders of record as of October 4, 2024. This announcement demonstrates GNL's commitment to providing regular income to its preferred stockholders.

Global Net Lease (NYSE: GNL) has made significant progress in its 2024 strategic disposition plan, announcing sales of The Plant Shopping Center in San Jose for $95 million and the Foster Wheeler office property in the UK for over $27 million. As of August 31, 2024, GNL has closed or secured agreements for dispositions totaling $854 million at a cash cap rate of 7.2%. The company used proceeds from The Plant sale to pay down its Revolving Credit Facility and strategically subdivided the asset to maximize value. The Foster Wheeler office sale reduces GNL's office exposure to 19% of the portfolio's straight-line rent. CEO Michael Weil emphasized the execution of their strategic plan and the focus on reducing outstanding debt and lowering Net Debt to Adjusted EBITDA.

Global Net Lease (NYSE: GNL) reported its Q2 2024 results. Key highlights include a 2% increase in AFFO per share to $0.33 and a $251 million reduction in outstanding debt, improving net debt to adjusted EBITDA from 8.4x to 8.1x. The company achieved revenue of $203.3 million, down from $206.0 million in Q1 2024, primarily due to disposed assets. Net loss attributable to common stockholders was $46.6 million, compared to $34.7 million in Q1 2024. Core FFO was $50.9 million, down from $56.6 million in Q1 2024.

The company closed and has a disposition pipeline of $728 million at a cash cap rate of 7.3%, and addressed all 2024 debt maturities, with no maturities through July 2025. GNL raised its 2024 closed disposition guidance to $650-$800 million, up from $400-$600 million, and reaffirmed its 2024 AFFO per share guidance of $1.30-$1.40.

Global Net Lease (NYSE: GNL) has announced the release date for its second quarter 2024 financial results. The company will disclose its Q2 2024 results on Tuesday, August 6, 2024, after the New York Stock Exchange closes. A conference call and audio webcast are scheduled for Wednesday, August 7, 2024, at 11:00 a.m. ET, where GNL's management team will discuss the results and provide business performance commentary.

Interested parties can access the live call through GNL's website or by dialing in. A question-and-answer session will follow the prepared remarks. For those unable to attend the live broadcast, a replay will be available on the company's website shortly after the call.

Global Net Lease (GNL) announced the completion of $321 million in asset dispositions by the second quarter of 2024 as part of its strategic plan. This includes $62 million from vacant assets, positively impacting net operating income. The total disposition pipeline amounts to $695 million at a 7.2% cash cap rate over a 4.4-year weighted average lease term. CEO Michael Weil emphasized that the strategy exceeds 2024 guidance, aiming to reduce leverage and support long-term growth. Proceeds from these sales will focus on debt reduction, clearing $155 million of outstanding debt and resulting in no debt maturities through July 2025. GNL has provided a detailed slide on these developments in a Current Report on Form 8-K filed with the SEC.

Global Net Lease (NYSE: GNL) announced a third-quarter 2024 common stock dividend of $0.275 per share.

The dividend is payable on July 16, 2024, to shareholders on record as of July 11, 2024. Dividends are typically paid quarterly in arrears following the end of each fiscal quarter.

Global Net Lease (NYSE: GNL) has sold a portfolio of nine cold storage properties leased to Americold Realty Trust (NYSE: COLD) for $170 million, achieving a 7.88% cash cap rate on a 3.3-year weighted average remaining lease term. This sale is part of GNL's broader $567 million disposition initiative, targeting a 7-8% cash cap rate. The company plans to use the proceeds to reduce debt and leverage, aligning with its strategic goals and 2024 full-year guidance. GNL originally acquired these properties for $153.4 million.

Global Net Lease (GNL) announced quarterly dividends for its preferred stockholders. Shareholders of Series A, B, D, and E Preferred Stocks will receive dividends of $0.453125, $0.4296875, $0.46875, and $0.4609375 per share, respectively. These dividends will be payable on July 15, 2024, to shareholders on record as of July 5, 2024. The dividends reflect the yields of 7.25%, 6.875%, 7.50%, and 7.375% for Series A, B, D, and E Preferred Stocks.