Global Net Lease Reports Fourth Quarter and Full Year 2024 Results

Global Net Lease, Inc. (NYSE: GNL), an internally managed real estate investment trust (REIT) focusing on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, has announced the release date for its fourth quarter and full year 2024 results. The company will release its financial and operating results on Thursday, February 27, 2025, after the close of trading on the New York Stock Exchange. GNL will host a conference call and audio webcast on Friday, February 28, 2025, beginning at 11:00 a.m. ET, to discuss the results and provide commentary on business performance.

In the fourth quarter of 2024, GNL achieved several key milestones, including:

* Closed plus disposition pipeline totaled $950.2 million at a cash cap rate of 7.1% on occupied assets and a weighted average remaining lease term of 5.1 years; includes $187.5 million of vacant closed plus pipeline dispositions that are expected to reduce annualized operating expenses by over $3 million per year.
* Closed $568.7 million of dispositions through third quarter 2024; plan to use the net proceeds from $371.4 million disposition pipeline to further reduce leverage, keeping them on track with their guidance.
* Reduced net debt by $445 million so far this year, improving Net Debt to Adjusted EBITDA from 8.4x to 8.0x.
* Addressed 100% of the outstanding debt that was set to mature in 2024; no debt maturities through third quarter 2025.
* Recognized $85 million in cost synergies, significantly surpassing the anticipated $75 million projected at the close of the Merger, underscoring the effectiveness of GNL’s integration efforts and highlighting its strong execution capabilities.
* Leased 1.2 million square feet across the portfolio, resulting in nearly $16 million of new straight-line rent.
* Renewal leasing spread of 4.2% with a weighted average lease term of 5.2 years; new leases completed in the quarter had a weighted average lease term of 6.5 years.
* Weighted average annual rent increase of 1.3% provides organic rental growth, excluding 15.3% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increase.
* Sector-leading 61% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants.

GNL reaffirms its disposition guidance range of $650 million to $800 million in total proceeds in 2024. The company also reaffirms its 2024 AFFO per share guidance range of $1.30 to $1.40 and a net debt to Adjusted EBITDA range of 7.4x to 7.8x.



In conclusion, Global Net Lease's fourth quarter and full year 2024 results demonstrate the company's strong financial performance and progress towards its strategic objectives. With a focus on strategic dispositions, cost synergies, and leasing momentum, GNL is well-positioned to continue enhancing its portfolio and delivering value to shareholders. Investors should closely monitor the company's upcoming earnings release and conference call for further insights into its performance and outlook.