Global Net Lease ( (GNL) ) has released its Q4 earnings. Here is a breakdown of the information Global Net Lease presented to its investors.
Global Net Lease, Inc. (NYSE: GNL) is a real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of commercial real estate properties, primarily in the U.S. and Europe, with a unique emphasis on net lease assets.
In its latest earnings report, Global Net Lease announced significant achievements for the year 2024, including surpassing its earnings guidance and completing $835 million in property dispositions. The company also announced a strategic move to sell a multi-tenant portfolio for $1.8 billion, aiming to transform into a pure-play, single-tenant net lease company.
Key financial highlights include a reduction in net debt by $734 million, improving the net debt to adjusted EBITDA ratio to 7.6x. The company’s core funds from operations increased to $68.5 million in the fourth quarter, up from $48.3 million the previous year. Additionally, the company’s portfolio occupancy rose to 97%, with a weighted average lease term of 6.2 years.
The strategic sale of the multi-tenant portfolio is expected to significantly reduce leverage and enhance liquidity, positioning Global Net Lease for sustained growth. The company also initiated a $300 million share repurchase program, reflecting its commitment to driving shareholder value.
Looking ahead, Global Net Lease has set its 2025 guidance contingent on the completion of the portfolio sale, with expectations of continued financial improvement and a focus on sustainable growth and prudent management.