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Sep 30, 2024
Global Net Lease Q3 2024 Earnings Report
Global Net Lease reported third quarter results, exceeding cost synergy targets, reducing net debt, and increasing portfolio occupancy.
Key Takeaways
Global Net Lease reported a revenue of $196.6 million and a net loss attributable to common stockholders of $76.6 million. The company achieved $85 million in cost synergies, reduced net debt by $445 million year-to-date, and increased portfolio occupancy from 94% to 96%. GNL reaffirms its full-year 2024 guidance.
Closed plus disposition pipeline totaled $950 million at a cash cap rate of 7.1%.
Achieved $85 million in cost synergies, significantly exceeding initial projection of $75 million.
Reduced net debt by $445 million year-to-date, improving Net Debt to Adjusted EBITDA to 8.0x.
Increased portfolio occupancy from 94% to 96% quarter-over-quarter.
Forward Guidance
GNL reaffirms its disposition guidance range of $650 million to $800 million in total proceeds in 2024. GNL 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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