NEW YORK, June 27, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) today announced the successful disposition of a portfolio of nine cold storage properties that are currently leased to subsidiaries of Americold Realty Trust, Inc. (NYSE: COLD) for $170 million, at a 7.88% cash cap rate on 3.3 years of weighted average remaining lease-term.
This disposition is a significant achievement in GNL’s ongoing strategic disposition initiative and aligns with the Company’s 2024 full-year guidance, which projected a disposition cash cap rate range of 7% to 8%. GNL plans to use the net proceeds from this sale to reduce outstanding debt and further lower the Company’s leverage. The sale of this portfolio, which GNL acquired for $153.4 million, is part of the previously announced $567 million1 of closed and pipeline dispositions at a cash cap rate of 7.2%.
“We believe the sale of this portfolio not only reduces risk within our portfolio by eliminating uncertainty around tenant renewals but also extends our weighted average remaining lease term,” said Michael Weil, CEO of GNL. “We intend to use the net sale proceeds of this disposition to strategically pay down existing debt, aligning with our goal of lowering our Net Debt to Adjusted EBITDA to bring it more in line with our peers. We continue to be extremely pleased with the velocity of our strategic disposition initiative and we look forward to continuing to execute on this strategy until we narrow the gap between the value of our real estate and our stock price.”
About Global Net Lease, Inc.
Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
