Global Net Lease, Inc. (NYSE: GNL) has announced the successful completion of its 2024 strategic disposition initiative, with closed transactions totaling $835 million through December 31, 2024. This exceeded the high-end of the previously guided range of $650 million to $800 million. The transactions were completed at a 7.1% cash cap rate, surpassing the targeted cap rate range.
According to Michael Weil, CEO of GNL, the company's strategic disposition plan has enabled them to reduce outstanding debt and lower their net debt to adjusted EBITDA. The sale of non-core assets with near-term debt or lease maturities has reinforced their financial position and enhanced their balance sheet.
GNL's commitment to providing value to shareholders is evident in the successful execution of the disposition plan. The company's focus remains on delivering strong results and positioning itself for continued growth.
The details of the progress of GNL's 2024 strategic disposition plan have been furnished in slides, which are available as an exhibit to its current report on Form 8-K submitted with the Securities and Exchange Commission.
Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, with a focus on acquiring and managing a global 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 $7.39. For more information, read the company's full 8-K submission here.
