Global Net Lease Announces 99% Of First Quarter Rent Collected; Approximately $258 Million Acquisitions Pipeline

Rhea-AI Summary

Global Net Lease (GNL) reported a strong performance in Q1 2021, collecting 99% of original cash rent due by April 1, 2021. The company is set to enhance its portfolio with a forward acquisition pipeline of six properties worth approximately $258 million. These acquisitions are expected to yield a cap rate of 8.5% and a weighted-average cap rate of 9.7%, featuring an average remaining lease term of 19.4 years. This expansion highlights GNL's focus on mission-critical, net-leased assets across North America and Europe.

Positive

• Collected 99% of original cash rent for Q1 2021.
• Forward acquisition pipeline of six properties valued at $258 million.
• Expected cap rate of 8.5% for new acquisitions.
• Weighted average cap rate of 9.7% with a 19.4-year average lease term.

Negative

• None.

NEW YORK, April 7, 2021 /PRNewswire/ -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced today that it collected 99% of the original cash rent due for the first quarter of 2021 as of April 1, 2021. The Company also announced that it had a forward acquisition pipeline of six properties for approximately $258 million.

"GNL completed another quarter of stellar rent collection, underscoring the quality and resiliency of our portfolio" said James Nelson, CEO of GNL. "We are looking forward to expanding our best-in-class portfolio with six additional assets that fit our investment profile which targets mission-critical assets with net leases to strong underlying tenants in the United States, Canada, Western and Northern Europe."

Acquisition Pipeline
The Company announced a forward acquisition pipeline of six properties to be acquired at an aggregate contract purchase price of $258 million at a going-in cap rate¹ of 8.5% and a weighted-average cap rate of 9.7%² with an average remaining lease term of 19.4 years, weighted based on square feet, as of the expected closing dates.

About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Important Notice
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential adverse effects of the ongoing global COVID-19 pandemic, including actions taken to contain or treat the COVID-19, on the Company, the Company's tenants and the global economy and financial markets and that the information about first quarter 2021 rent collections  may not be indicative of any future period, as well as those risks and uncertainties set forth in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 26, 2021, and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

 

Contacts:

Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (212) 415-6510

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SOURCE Global Net Lease, Inc.

FAQ

What percentage of rent did GNL collect in Q1 2021?

GNL collected 99% of the original cash rent due in Q1 2021.

What is the value of GNL's acquisition pipeline?

GNL's forward acquisition pipeline is approximately $258 million.

What is the expected cap rate for GNL's new acquisitions?

The expected cap rate for GNL's new acquisitions is 8.5%.

How long is the average remaining lease term for GNL's acquisitions?

The average remaining lease term is 19.4 years.