From GlobeNewswire: 2025-02-27 16:15:00

Global Net Lease, Inc. (GNL) completed $835 million in dispositions in 2024, exceeding guidance. Net debt reduced by $734 million, improving Net Debt to Adjusted EBITDA to 7.6x. Full-year 2024 earnings guidance surpassed. $1.8 billion multi-tenant portfolio sale announced to enhance liquidity. $300 million share repurchase program initiated. GNL achieved significant milestones in 2024.

In the fourth quarter of 2024, GNL reported revenue of $199.1 million. Core FFO was $68.5 million, while AFFO was $78.3 million. $835 million in dispositions closed with a 7.1% cash cap rate. Portfolio occupancy increased to 97%. Proposed multi-tenant portfolio sale aims to reshape GNL as a single-tenant net lease company. CEO Michael Weil expressed optimism for GNL’s future.

For full year 2025, GNL expects AFFO per share between $0.90 to $0.96 and Net Debt to Adjusted EBITDA between 6.5x to 7.1x. Annual dividend reduced to $0.190 per share to generate $78 million in additional cash flow. Fourth quarter 2024 results show revenue decline due to dispositions. GNL’s strategic initiatives position the company for growth and value creation.

GNL’s portfolio includes 1,121 net leased properties across ten countries, with a 97% occupancy rate and a weighted-average lease term of 6.2 years. Majority of the portfolio derives rent from investment-grade tenants. The capital structure reveals liquidity of $492.2 million and $460 million under the credit facility. Debt maturity is at 3.0 years with an interest coverage ratio of 2.5 times. Global Net Lease, Inc. released data projecting AFFO per share for Q4 2024, including adjustments for non-recurring items. The report also highlights the collection of $4.5 million in past-due funds and termination fees. As of December 31, 2024, 31.4% of properties are leased to tenants with an actual investment grade rating. The company will host a conference call on February 28, 2025, to discuss its financial results and operations. Additional information can be found on GNL’s website or SEC’s website. Global Net Lease, Inc. reported its Consolidated Balance Sheets as of December 31, 2024, showing total assets of $6,955,764 including real estate investments, cash, and prepaid expenses. Liabilities amounted to $4,768,806, with mortgage notes, senior notes, and accounts payable among the obligations listed. Stockholders’ equity totaled $2,186,958.

In the Consolidated Statements of Operations for the year ended December 31, 2024, Global Net Lease, Inc. reported revenue of $805,010 from tenants. Operating income was $206,484, with a net loss of $131,572. Various expenses included property operating costs, impairment charges, and general administrative expenses. Basic and diluted loss per share was $0.76.

The Quarterly Reconciliation of Non-GAAP Measures for Global Net Lease, Inc. for the year ended December 31, 2024, showed Adjusted EBITDA of $609,750, with Cash NOI totaling $650,866. Interest expenses amounted to $326,932, and the company paid $248,361 in cash for interest. Non-GAAP measures excluded certain costs related to the Merger and Internalization.

Furthermore, the Quarterly Reconciliation of Non-GAAP Measures detailed Funds from Operations (FFO) for Global Net Lease, Inc. For the year ended December 31, 2024, FFO was $208,022 with Core FFO of $229,925. Adjusted Funds from Operations (AFFO) attributable to common stockholders amounted to $303,809. Per diluted common share, AFFO was $1.32, while dividends declared to common stockholders totaled $272,883. The company reported operating financial data for its four segments in the last quarter and full year. Industrial & Distribution revenue from tenants was $237,645 in 2024, while Multi-Tenant Retail generated $259,280. Single-Tenant Retail saw $164,514, and Office brought in $143,571 in tenant revenue. Net operating income varied across segments.

The company cautions the use of non-GAAP measures such as FFO, Core FFO, and AFFO, emphasizing the relevance of GAAP methodology in evaluating operating performance. Other REITs may define these terms differently. However, the company considers FFO, Core FFO, and AFFO as useful indicators for comparing performance between periods and among peers.

Funds From Operations (FFO) is a non-GAAP measure used to reflect the operating performance of a REIT, excluding certain items like depreciation and amortization. Core Funds From Operations starts with FFO but excludes non-core items such as merger costs. The company believes these measures provide a more complete understanding of its performance to investors and management. The purchase of properties and associated expenses are key to our core business plan. We differentiate costs to acquire investments from operational costs. We exclude non-cash write-offs and penalties related to debt from net income in our cash flow statement. This allows us to provide useful information on the performance of our real estate investments.

Adjusted Funds From Operations (AFFO) is calculated by starting with Core FFO and then excluding certain income or expense items. This includes non-cash income and expense items, unrealized gains or losses, and revenue not related to operating performance. By excluding these items, we provide useful information on income and expenses impacting our ongoing operating performance.

In calculating AFFO, we exclude expenses treated as operating expenses under GAAP. This includes acquisition, transaction, and other costs, as well as certain non-cash fair value adjustments. By excluding these expenses, we present information consistent with our operating performance analysis. AFFO is useful for assessing our performance without the impact of non-operating transactions.

Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) is an appropriate measure of our ability to incur and service debt. We exclude certain expenses and revenue not related to operating performance, providing a clearer picture of our operating activities. Adjusted EBITDA should not be considered an alternative to cash flows or net income as calculated under GAAP. Adjusted EBITDA may vary among REITs, so comparisons should be avoided. NOI, a non-GAAP measure, reflects property-level income and expenses. Cash NOI, also non-GAAP, excludes certain items to show property performance. Cash Paid for Interest, another non-GAAP metric, assesses solvency and financial flexibility. These measures aid in evaluating the financial performance of real estate assets.



Read more at GlobeNewswire:: Global Net Lease Reports Fourth Quarter and Full Year 2024