Global Net Lease, Inc. (NYSE: GNL) has successfully executed its 2024 strategic disposition plan, with closed transactions totaling $835 million through December 31, 2024. The company exceeded the high-end of its guidance range of $650 million to $800 million for dispositions. These dispositions were completed at a 7.1% cash cap rate, which surpassed the targeted cap rate range.
Michael Weil, the CEO of GNL, stated that the successful execution of the disposition plan allowed the company to reduce outstanding debt and lower the net debt to adjusted EBITDA by selling certain non-core assets with near-term debt or lease maturities. The sale of $835 million of assets reinforced the company's financial position, enhanced its balance sheet, and demonstrated its commitment to providing value to shareholders.
The company remains focused on delivering strong results and positioning itself for continued growth. 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.
It's worth noting that GNL is a publicly traded real estate investment trust listed on the NYSE, focusing on acquiring and managing a global portfolio of income-producing net lease assets across the United States, and Western and Northern Europe.
Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $7.39. If you want to know more, read the company's complete 8-K report here.
