Global Net Lease, Inc. (GNL) has made significant progress on its strategic disposition plan, with $620 million in closed dispositions through December 9, 2024. When combined with its pipeline of potential asset sales, dispositions now total $1.1 billion. These dispositions have resulted in a 7.1% cash cap rate on 5.4 years of weighted average lease term.
GNL's CEO, Michael Weil, expressed satisfaction with the progress, noting that the company expects to exceed the upper range of its disposition guidance while approaching the most favorable end of its cash cap rate range of 7.0%. Looking ahead, GNL has over $200 million in asset sales slated to close during the first half of 2025.
The company highlighted the quality of its broader portfolio, with non-core assets achieving favorable cap rates, including a 7.8% cash cap rate on occupied office assets. This strategic focus on maximizing asset value through dispositions has also enabled GNL to make significant strides in reducing its outstanding debt balance.
GNL has furnished slides detailing the progress of its 2024 strategic disposition plan as an exhibit to its current report on Form 8-K submitted with the Securities and Exchange Commission.
Following these announcements, the company's shares moved 0.4%, and are now trading at a price of $7.13. Check out the company's full 8-K submission here.
