Q1 2024 Global Net Lease Inc Earnings Call Transcript
Key Points
- Global Net Lease Inc reported a 6% growth in AFFO per share this quarter compared to the previous quarter.
- The company has made significant progress in its strategic disposition plan, with $554 million closed or in the pipeline, achieving a 7.2% cash cap rate on occupied assets.
- Global Net Lease Inc successfully completed a $237 million CMBS refinancing, reducing annualized interest expense by over $3.5 million and extending debt maturity.
- Robust leasing activity was reported, with nearly 1.4 million square feet leased, demonstrating strong demand for the company's properties.
- The company has a diversified portfolio with 93% occupancy and a weighted average remaining lease term of 6.5 years, positioning it well to navigate external macro challenges.
- Global Net Lease Inc recorded a net loss attributable to common stockholders of $35 million for the first quarter of 2024.
- The company's net debt to adjusted EBITDA ratio stands at 8.4 times, indicating a relatively high level of debt compared to earnings before interest, taxes, depreciation, and amortization.
- Despite the strategic dispositions, there is a short-term impact on portfolio occupancy due to the vacancy of Klausner, a furniture manufacturing tenant.
- Exposure to potential retail tenant instability remains, although minimal, with Family Dollar's intention to close some stores in 2024.
- The company is not focusing on acquisitions in the near term as it works to reduce leverage, which could limit growth opportunities from new properties.
Ladies and gentlemen, good morning, and welcome to the Global Net Lease Inc. first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Schoenfeld of GNL. Please go ahead.
Thank you. Good morning, everyone, and thank you for joining us for GNL's first quarter 2024 earnings call. Joining me today on the call is Mike Weil, GNL's Chief Executive Officer, and Chris Masterson, GNL's Chief Financial Officer.
The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statements section at the end of our first quarter 2024 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.
As stated in our SEC filings. GNL disclaims any intent or obligation to update or revise
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