Global Net Lease, Inc. (GNL) reported a net loss attributable to common stockholders of $175.3 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $239.3 million in the previous year. The company’s total revenue from tenants increased significantly to $805.0 million, up from $515.1 million in 2023, primarily due to the acquisition of a diversified portfolio of properties from The Necessity Retail REIT (RTL) in September 2023. This acquisition added 989 properties to GNL's portfolio, which now consists of 1,121 properties across the U.S. and Europe, with a weighted-average remaining lease term of 6.2 years.
In terms of operational metrics, GNL's portfolio was 97% leased as of December 31, 2024, with approximately 80% of its properties located in the U.S. and Canada, and 20% in Europe. The company reported that 60.5% of its rental income was derived from tenants with investment-grade ratings, indicating a stable tenant base. The company also noted a significant increase in property operating expenses, which rose to $142.5 million from $67.8 million in the previous year, largely due to the full-year impact of the RTL acquisition.
Strategically, GNL has focused on reducing leverage through selective asset dispositions, having sold 178 properties for a total of $835.4 million during 2024. The company has also entered into a Purchase and Sale Agreement to sell 100 multi-tenant retail centers for approximately $1.78 billion, expected to close in phases throughout 2025. This strategic move is part of GNL's ongoing efforts to manage its debt levels and optimize its asset portfolio.
Looking ahead, GNL plans to continue managing its leverage and has indicated that cash generated from operations, along with existing cash reserves, will be sufficient to cover dividend payments and anticipated capital expenditures. However, the company has announced a reduction in its common stock dividend rate from $1.10 to $0.76 per share, effective April 2025, to enhance cash flow for debt reduction. The company remains cautious about market conditions and the potential impact of economic challenges on its operations and tenant performance.
About Global Net Lease, Inc.
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