The following is a summary of the Global Net Lease, Inc. (GNL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• GNL recorded a Q3 2024 revenue of $197 million, and a net loss of $77 million.

• AFFO was $74 million or $0.32 per share, indicating a slight decrease from Q2 2024.

• The company significantly reduced its net debt by $445 million in 2024, contributing to an improved net debt to adjusted EBITDA ratio of 8.0 times at the end of Q3, down from 8.4 times at the start of the year.

Business Progress:

• GNL has successfully completed significant asset dispositions totaling $579 million through November 1, and anticipates closing additional dispositions worth $371 million.

• The company's targeted dispositions for 2024 are set between $650 million to $800 million, highlighting aggressive portfolio management.

• GNL's occupancy rates improved from 93% in Q1 to 96% in Q3, reflecting effective asset management and tenant engagement strategies.

Opportunities:

• The company plans to continue its aggressive disposition strategy while maintaining earnings neutrality, which has been successful in deleveraging without impacting AFFO per share.

• A non-binding agreement by CYVN Holdings to acquire McLaren's Automotive business could enhance the credit profile of one of GNL's significant tenants.

Risks:

• The continued focus on dispositions could affect the company's long-term asset base and growth potential if not managed with strategic foresight.

More details: Global Net Lease Inc IR

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