Global Net Lease, Inc. (NYSE: GNL) has made significant progress on its 2024 strategic disposition plan, with completed dispositions totaling $321 million through the second quarter of 2024. This figure includes $62 million of vacant assets, which will eliminate any negative impact on the company's net operating income.
The dispositions have surpassed the company's 2024 guidance, reflecting its commitment to providing value to shareholders by lowering leverage and creating long-term growth. The company intends to use the net proceeds from these dispositions to further reduce outstanding debt and bring its net debt to adjusted EBITDA more in line with its net-leased peers.
Additionally, GNL has successfully addressed the remaining $155 million of outstanding debt previously scheduled to mature in 2024, resulting in zero debt maturities through July 2025.
The company has also furnished a slide detailing the progress of its 2024 strategic disposition plan in a current report on Form 8-K with the Securities and Exchange Commission.
These developments demonstrate GNL's continued efforts to strengthen its financial position and optimize its portfolio of income-producing net lease assets across the United States, and western and northern Europe. As a result of these announcements, the company's shares have moved -0.7% on the market, and are now trading at a price of $7.5. Check out the company's full 8-K submission here.
