Company Overview - Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, focusing on acquiring and managing a global portfolio of income-producing net lease assets across the United States, and Western and Northern Europe [3] Dividend Announcement - The Company declared a dividend of $0.190 per share of common stock, payable on April 16, 2025, to common stockholders of record at the close of business on April 11, 2025 [1] - Dividends are authorized by the Company's board of directors and are paid on a quarterly basis in arrears during the first month following the end of each fiscal quarter [2]

NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. ("GNL" or the "Company") (NYSE: GNL / GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared a dividend of $0.190 per share of common stock payable on April 16, 2025, to common stockholders of record at the close of business on April 11, 2025. Dividends authorized by the Company's board of directors and declared by the Company are paid on a quarterly basis in arrears during the first month following the end of each fiscal q ...

Transformative Transaction Significantly Expands RCG's Portfolio, Positioning the Firm as a Leading Institutional Owner-Operator of Retail Shopping Centers Across the U.S. ATLANTA, March 26, 2025 /PRNewswire/ -- RCG Ventures, LLC ("RCG" or the "Firm"), the vertically-integrated retail real estate investment arm of Argonne Capital Group ("Argonne Capital") that specializes in the acquisition, development, leasing, management and financing of multi-tenant real estate assets, today announced the approximately ...

Core Viewpoint - Global Net Lease, Inc. has successfully closed the first phase of the sale of its multi-tenant portfolio, generating approximately $1.1 billion in gross proceeds [1][2][3] Group 1: Sale Details - The first phase includes 59 unencumbered properties, with the company expecting to complete the sale of 41 encumbered properties in two additional phases by the end of Q2 2025 [1][2] - The net proceeds from the sale will be used to significantly reduce leverage and pay down the outstanding balance on the company's Revolving Credit Facility [2] Group 2: Management Commentary - The CEO of GNL expressed satisfaction with the progress of the sale, highlighting that the closing of the unencumbered portfolio reflects disciplined execution of their strategic plan [3] - This milestone is seen as a significant step towards enhancing the company's capital structure, lowering the cost of capital, and providing financial flexibility for long-term growth [3] Group 3: Company Overview - Global Net Lease, Inc. is a publicly traded internally managed real estate investment trust focused on acquiring and managing a global portfolio of income-producing net lease assets across the U.S. and Europe [4]

NEW YORK, March 12, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced the appointment of Leon C. Richardson to its Board of Directors, effective March 7, 2025. Mr. Richardson is the founder, President and Chief Executive Officer of The Chemico Group, one of the largest minority-owned chemical management and distribution companies in the United States. Mr. Richardson has guided the business he founded more than 35 years ago into an internationally recognized playe ...

Financial Data and Key Metrics Changes - In 2024, the company achieved $835 million in dispositions, surpassing the revised guidance range of $650 million to $800 million, and reducing net debt by $734 million, lowering the net debt to adjusted EBITDA ratio from 8.4 times to 7.6 times [5][6][19] - The fourth quarter of 2024 recorded revenue of $199.1 million and a net loss attributable to common stockholders of $17.5 million, compared to $206.7 million and $59.5 million in the fourth quarter of 2023 [17] - AFFO for the fourth quarter of 2024 was $78.3 million or $0.34 per share, an increase from $71.7 million or $0.31 per share in the same quarter of 2023 [17][18] Business Line Data and Key Metrics Changes - The company raised occupancy rates from 93% at the end of Q1 2024 to 97% by the end of Q4 2024, reflecting effective asset management [8][22] - Positive leasing spreads were achieved across nearly 1.2 million square feet, with renewal spreads averaging 6.8% higher than expiring rents [8] - The single tenant segment completed 14 new leases and renewals with a 6.5% renewal spread, while the multi-tenant segment completed 58 new leases and renewals with a 7.1% renewal spread [8] Market Data and Key Metrics Changes - Geographically, 80% of straight-line rent is earned in North America and 20% in Europe, expected to shift to 72% and 28% respectively after the multi-tenant portfolio sale [15] - The portfolio features a stable tenant base with 61% of tenants receiving an investment grade or implied investment grade rating [15][16] Company Strategy and Development Direction - The company plans to transform into a pure play single tenant net lease company by selling 100 non-core multi-tenant properties for approximately $1.8 billion at a cash cap rate of 8.4% [10][11] - The strategic focus is on deleveraging and enhancing financial flexibility, with a goal to secure an investment grade credit rating [10][23] - The company anticipates completing nearly $3 billion in dispositions by the end of 2025 while maintaining operational efficiency with approximately $6 billion in real estate assets [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term benefits of the RCG transaction, emphasizing its role in accelerating deleveraging and enhancing financial stability [10][23] - The company is optimistic about future growth opportunities, particularly following the sale of the multi-tenant portfolio, which is expected to simplify operations and improve financial metrics [16][23] Other Important Information - The Board plans to reduce the quarterly dividend from $0.275 to $0.19 per share starting in April 2025, aligning with the long-term strategy of reducing leverage and increasing liquidity [12][20] - A share repurchase program has been approved, allowing the company to repurchase up to $300 million of its outstanding common stock [12] Q&A Session Summary Question: Pricing of the portfolio sale - Management indicated satisfaction with the pricing of the portfolio sale, highlighting the strategic benefits and the buyer's ability to execute [28][31] Question: Concerns about the buyer's ability to close the deal - Management expressed no reservations about RCG's ability to close the deal, citing a strong relationship and a non-refundable deposit [32] Question: Future dividend adjustments - Management acknowledged the potential for further dividend adjustments based on future asset dispositions, emphasizing a prudent approach to dividend guidance [33][34] Question: Write-down associated with the portfolio sale - Management clarified that there was no write-down associated with the sale and expected a realized gain upon closing [42] Question: Use of proceeds from the sale - Management prioritized leverage reduction as the primary use of proceeds, with stock buybacks being a secondary focus [45] Question: Future asset dispositions - Management confirmed that additional non-core asset dispositions are planned for 2025, with guidance reflecting these expectations [56][61]

Financial Data and Key Metrics Changes - For Q3 2024, the company recorded revenue of $197 million, down from $203 million in Q2 2024, and a net loss attributable to common stockholders of $77 million compared to a loss of $47 million in the previous quarter [20] - AFFO was $74 million or $0.32 per share in Q3 2024, compared to $77 million or $0.33 per share in Q2 2024 [20] - The outstanding debt balance was $5 billion at the end of Q3, down by $157 million from the end of Q2 [20] Business Line Data and Key Metrics Changes - The company successfully reduced outstanding net debt by $445 million in 2024, including $162 million in Q3, primarily through asset dispositions [5] - The company achieved a net debt to adjusted EBITDA ratio of 8.0 times at the end of Q3 2024, down from 8.4 times at the start of the year [5][21] - Occupancy rates increased from 93% in Q1 to 96% in Q3 2024, reflecting strong asset management [13] Market Data and Key Metrics Changes - The company reported a 200 basis point increase in investment grade or implied investment grade tenants, rising from 59% to 61% [8] - 80% of straight line rent is earned in North America, while 20% is earned in Europe [18] Company Strategy and Development Direction - The company aims to capture $650 million to $800 million in closed dispositions for 2024, up from an initial target of $400 million to $600 million [6] - The strategy includes reducing leverage, improving net debt to adjusted EBITDA, and increasing portfolio occupancy [4][15] - The company is focused on selling non-core assets and those with shorter remaining lease terms to enhance portfolio quality [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate external macro challenges due to the diverse composition of its net lease portfolio [16] - The company reaffirmed its AFFO per share guidance range of $1.30 to $1.40 and net debt to adjusted EBITDA range of 7.4 times to 7.8 times for the remainder of 2024 [22] Other Important Information - The company successfully executed five short-term leases totaling approximately 100,000 square feet, which did not materially impact overall portfolio occupancy [14] - The company has no debt maturities until July 2025, having addressed 100% of the debt scheduled to mature in 2024 [15] Q&A Session Summary Question: About the letter of consent for office assets in the Netherlands - The property is currently occupied, and the buyer plans to reposition it after the lease expires in 2026, with the company continuing to collect full rent until then [25] Question: On the strategy for future lease expirations in office assets - The strategy is case by case, engaging early with tenants and potential buyers to make informed decisions [26] Question: Regarding the company's vault and non-core vacant assets - The ongoing strategy focuses on lease-up and renewals to extend the vault organically, with some vacant assets included in the disposition strategy [29] Question: On the AFFO guidance range - The company maintains a wide AFFO guidance range due to the ongoing focus on debt reduction and successful dispositions [30] Question: About the 2025 debt maturities and associated properties - Specific details on the disposition pipeline related to 2025 debt maturities are not disclosed ahead of time [31] Question: On the increase in cost synergies - The increase in synergies from $75 million to $85 million is attributed to the rolling off of transition services expenses and effective cost management [32] Question: On the asset sales and future disposition strategy - The company plans to continue its disposition strategy to lower net debt to EBITDA and maintain a strong portfolio [34] Question: On market valuation and credit for performance - Management is confident in the company's execution and believes that the market will eventually recognize its value [36] Question: On the evolution of the disposition pipeline - The company regularly reviews its portfolio to identify non-core assets for sale, focusing on long-term benefits [40] Question: On the demand for U.S. vs. European office assets - Demand is driven by market conditions, tenant credit quality, and lease terms [41] Question: On future acquisition strategies - The company is currently focused on reducing leverage and will consider acquisitions when the market conditions are favorable [50] Question: On potential joint ventures for asset monetization - While joint ventures are not currently being contemplated, management remains open to strategic options in the future [52]

In a release issued under the same headline earlier today by Global Net Lease, Inc. (NYSE: GNL), please note that in the Full Year 2025 Guidance and Dividend Update section, the third bullet should read "Reduced quarterly dividend..." and not "Reduced annual dividend..." as previously stated. The corrected release is as follows: – Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance – Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x ...

Part I [Business Overview](index=4&type=section&id=Item%201.%20Business) Global Net Lease, Inc. is an internally managed REIT with a diversified global portfolio, focused on deleveraging through dispositions and generating stable cash flows - On September 12, 2023, the company acquired RTL and simultaneously internalized its advisory and property management functions, transitioning from an externally managed to an internally managed REIT[13](index=13&type=chunk)[15](index=15&type=chunk) Portfolio Overview as of December 31, 2024 | Metric | Value | | :--- | :--- | | Total Properties | 1,121 | | Rentable Square Feet | 60.7 million | | Occupancy | 97% | | Weighted-Average Remaining Lease Term | 6.2 years | Portfolio Composition by Segment (by Annualized Straight-Line Rent) | Segment | Percentage | | :--- | :--- | | Industrial & Distribution | 34% | | Multi-Tenant Retail | 28% | | Single-Tenant Retail | 21% | | Office | 17% | - The company's current strategic focus is on reducing leverage through select dispositions, with approximately **$835.0 million** of assets sold in 2024 under this initiative[16](index=16&type=chunk)[18](index=18&type=chunk) - As of December 31, 2024, **60.5%** of rental income was derived from tenants rated as Investment Grade (31.4% actual rating, 29.1% implied rating)[19](index=19&type=chunk) [Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including acquisition/disposition challenges, capital market reliance, dividend reductions, tenant defaults, illiquid real estate, international exposure, substantial debt, and REIT status maintenance - The company faces risks related to its ability to complete property acquisitions and dispositions on advantageous terms, including the pending sale of 100 multi-tenant retail centers for approximately **$1.78 billion**[39](index=39&type=chunk)[41](index=41&type=chunk) - Cash flows from operations were **$299.5 million** for the year ended December 31, 2024, while total dividends paid were **$316.3 million**, indicating a reliance on other sources like borrowings to fund a portion of the dividends[47](index=47&type=chunk)[48](index=48&type=chunk) - The company has significant international investments, with **20%** of properties by annualized rental income located in Europe, exposing it to foreign currency fluctuations, geopolitical instability, and varying legal and regulatory environments[52](index=52&type=chunk) - The retail and office property sectors face headwinds, with retail affected by the shift to e-commerce and the office sector impacted by increased telecommuting, which could decrease demand and rental rates for these properties (**28%** and **17%** of annualized rent, respectively)[67](index=67&type=chunk)[70](index=70&type=chunk) - As of December 31, 2024, the company had **$4.7 billion** of total gross indebtedness, which could require a substantial portion of cash flow for debt service and limit financial flexibility[124](index=124&type=chunk) - Failure to maintain REIT qualification would subject the company to U.S. federal income tax at corporate rates, significantly reducing net earnings available for distribution to stockholders[162](index=162&type=chunk)[163](index=163&type=chunk) [Item 1B. Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[189](index=189&type=chunk) [Item 1C. Cybersecurity](index=32&type=section&id=Item%201C.%20Cybersecurity) The company maintains an effective cybersecurity risk management program, overseen by the Audit Committee, with no material threats identified - The company has a cybersecurity risk management program designed to protect critical systems and information, which is integrated into its enterprise risk management[190](index=190&type=chunk)[191](index=191&type=chunk) - The Board's Audit Committee provides oversight for the cybersecurity program, reviewing policies and risk assessments from management[192](index=192&type=chunk)[193](index=193&type=chunk) - No known cybersecurity threats or prior incidents have been identified that are reasonably likely to materially affect the company[191](index=191&type=chunk) [Item 2. Properties](index=35&type=section&id=Item%202.%20Properties) The company's diversified portfolio comprises 1,121 properties, 60.7 million square feet, 97% occupied, with a 6.2-year weighted-average lease term Portfolio Summary by Segment (as of Dec 31, 2024) | Segment | Number of Properties | Annualized Straight-Line Rent (in thousands) | % of Total Rent | Square Feet (in thousands) | Occupancy | Wtd. Avg. Lease Term (Years) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial & Distribution | 206 | $221,066 | 34% | 31,938 | 99% | 6.6 | | Multi-Tenant Retail | 101 | $181,798 | 28% | 14,785 | 91% | 5.5 | | Single-Tenant Retail | 748 | $135,767 | 21% | 7,261 | 99% | 7.4 | | Office | 66 | $117,845 | 17% | 6,715 | 97% | 4.3 | | **Total** | **1,121** | **$656,476** | **100%** | **60,699** | **97%** | **6.2** | Top 5 Tenant Industries by Annualized Straight-Line Rent (as of Dec 31, 2024) | Industry | % of Total Rent | | :--- | :--- | | Financial Services | 7% | | Auto Manufacturing | 6% | | Discount Retail | 6% | | Specialty Retail | 5% | | Healthcare | 5% | Lease Expiration Schedule (Next 5 Years) | Year of Expiration | Number of Leases Expiring | Annualized Straight-Line Rent (in thousands) | % of Total Portfolio Rent | | :--- | :--- | :--- | :--- | | 2025 | 176 | $47,465 | 7.2% | | 2026 | 202 | $53,966 | 8.2% | | 2027 | 249 | $56,870 | 8.7% | | 2028 | 306 | $84,365 | 12.9% | | 2029 | 285 | $86,013 | 13.1% | - The portfolio has no single tenant or property representing more than **10%** or **5%**, respectively, of total portfolio annualized straight-line rent[205](index=205&type=chunk)[206](index=206&type=chunk) [Item 3. Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company is not involved in any material legal proceedings - There are no material legal proceedings to report[208](index=208&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[209](index=209&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) GNL common stock trades on NYSE; dividends were reduced in 2024 and planned for 2025 to support deleveraging, with 2024 dividends primarily return of capital - The Board reduced the annual common stock dividend to **$1.10 per share** in February 2024 and announced plans for a further reduction to **$0.76 per share** starting in April 2025 to lower leverage[221](index=221&type=chunk)[222](index=222&type=chunk) Tax Characterization of 2024 Dividends | Security | % Return of Capital | | :--- | :--- | | Common Stock | 100.0% | | Series A Preferred Stock | 89.3% | | Series B Preferred Stock | 89.3% | | Series D Preferred Stock | 89.3% | | Series E Preferred Stock | 89.3% | Quarterly Dividend Rates per Share for Preferred Stock | Security | Quarterly Dividend per Share | | :--- | :--- | | Series A Preferred | $0.453125 | | Series B Preferred | $0.4296875 | | Series D Preferred | $0.46875 | | Series E Preferred | $0.4609375 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) 2024 financial results show increased revenue and reduced net loss, driven by the RTL acquisition, with strategic asset sales and dividend adjustments aimed at deleveraging Comparison of Operating Results (Years Ended Dec 31) | (In thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue from tenants | $805,010 | $515,070 | | Total expenses | $655,541 | $528,780 | | Impairment charges | $90,410 | $68,684 | | Gain (loss) on dispositions | $57,015 | $(1,672) | | Interest expense | $326,932 | $179,411 | | Net loss attributable to common stockholders | $(175,316) | $(239,348) | FFO and AFFO Reconciliation Summary (Years Ended Dec 31) | (In thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net loss attributable to common stockholders | $(175,316) | $(239,348) | | FFO attributable to common stockholders | $208,022 | $53,279 | | Core FFO attributable to common stockholders | $229,925 | $138,719 | | AFFO attributable to common stockholders | $303,809 | $199,801 | - On February 25, 2025, the company entered an agreement to sell 100 multi-tenant retail centers for a base price of approximately **$1.78 billion**, which represents substantially all of its Multi-Tenant Retail segment, with the disposition expected to close in phases during the first and second quarters of 2025[232](index=232&type=chunk)[328](index=328&type=chunk) - In 2024, cash from operations of **$299.5 million** covered **94.7%** of the **$316.3 million** in total dividends paid, with the remainder funded by available cash on hand[323](index=323&type=chunk)[371](index=371&type=chunk) - Total gross debt outstanding decreased from **$5.4 billion** at year-end 2023 to **$4.7 billion** at year-end 2024, with a weighted-average interest rate of **4.8%** for both periods[333](index=333&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk with 91% fixed-rate debt and mitigates foreign currency risk through matching obligations and derivatives Debt Profile as of December 31, 2024 | Debt Type | Amount (in thousands) | % of Total | Wtd. Avg. Interest Rate | | :--- | :--- | :--- | :--- | | Fixed-rate | $4,312,770 | 91.0% | 4.7% | | Variable-rate | $401,143 | 9.0% | 6.0% | | **Total** | **$4,713,913** | **100.0%** | **4.8%** | - A **1%** change in interest rates would increase or decrease annual interest expense on unhedged variable-rate debt by approximately **$4.0 million**[386](index=386&type=chunk) - The company manages foreign currency risk by matching debt service and rental obligations in the same currency and using foreign currency forward contracts and put options, with these derivatives in a net asset position of **$1.6 million** as of December 31, 2024[388](index=388&type=chunk)[389](index=389&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=65&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates the company's consolidated financial statements and supplementary data by reference from page F-1 - The consolidated financial statements and supplementary data are included starting on page F-1 of the Annual Report[394](index=394&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=65&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[395](index=395&type=chunk) [Item 9A. Controls and Procedures](index=65&type=section&id=Item%209A.%20Controls%20and%20Procedures) Disclosure controls and internal control over financial reporting were effective as of December 31, 2024, as concluded by management and confirmed by external auditors - Management concluded that as of December 31, 2024, the company's disclosure controls and procedures were effective[396](index=396&type=chunk) - Management's assessment, based on the COSO framework, concluded that internal control over financial reporting was effective as of December 31, 2024, and this assessment was audited and confirmed by PricewaterhouseCoopers LLP[398](index=398&type=chunk)[399](index=399&type=chunk) [Item 9B. Other Information](index=66&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading plans during Q4 2024 - No directors or officers adopted, modified, or terminated Rule 10b5-1 trading plans during the three months ended December 31, 2024[401](index=401&type=chunk) Part III [Items 10-14](index=66&type=section&id=Items%2010-14) Information for Items 10-14 is incorporated by reference from the forthcoming 2025 proxy statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the forthcoming 2025 proxy statement[405](index=405&type=chunk)[406](index=406&type=chunk)[407](index=407&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=68&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits, including consolidated financial statements and Schedule III, along with various agreements - The report includes audited consolidated financial statements and Schedule III – Real Estate and Accumulated Depreciation[411](index=411&type=chunk) - The independent auditor's report from PricewaterhouseCoopers LLP identifies the impairment assessment of real estate investments as a Critical Audit Matter due to the significant management judgment involved in estimating future cash flows[446](index=446&type=chunk)[447](index=447&type=chunk) [Item 16. Form 10-K Summary](index=74&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a summary under this item - None provided[427](index=427&type=chunk)

Financial Performance - The quarter ended December 31, 2024, is unaudited and includes key financial metrics and performance indicators[2] - Revenue from tenants for the quarter ended December 31, 2024, was $199,115,000, representing an increase from $196,564,000 in the previous quarter[20] - Net loss attributable to common stockholders for the same quarter was $(17,458,000), compared to $(76,571,000) in the prior quarter[24] - Cash NOI for the quarter was $161,172,000, while Adjusted EBITDA was $150,260,000[20] - For the quarter ended December 31, 2024, Global Net Lease reported a net loss of $6,522,000, a significant improvement from a net loss of $65,635,000 in the previous quarter[25] - EBITDA for the same quarter was $154,694,000, compared to $98,270,000 in the prior quarter, reflecting a 57.4% increase[25] - Funds from operations (FFO) attributable to common stockholders for the quarter was $64,334,000, up from $51,722,000 in the previous quarter, representing a 24.9% increase[28] - Adjusted funds from operations (AFFO) attributable to common stockholders was $78,297,000, compared to $73,856,000 in the prior quarter, indicating a 6.2% increase[28] Non-GAAP Measures - Funds from Operations (FFO) is a critical non-GAAP measure used to evaluate the operating performance of the company, excluding depreciation and amortization related to real estate[9] - Core Funds from Operations (Core FFO) excludes non-core items such as merger and transaction costs, providing a clearer view of operational income[12] - Adjusted Funds from Operations (AFFO) further refines Core FFO by excluding certain non-cash income and expense items, reflecting ongoing operating performance[13] - The company emphasizes the importance of non-GAAP measures like FFO, Core FFO, and AFFO for a comprehensive understanding of operational performance[8] Asset and Liability Management - Total assets decreased to $6,955,764,000 from $8,098,977,000 year-over-year[23] - Total liabilities decreased to $4,768,806,000 from $5,459,828,000 year-over-year[23] - Net debt to gross asset value ratio stood at 56.1%[20] - Total outstanding debt as of December 31, 2024, was $4,713,913,000, with 91% of the debt at fixed rates or swapped to fixed rates[33][34] - The weighted average interest rate on total debt was 4.8% as of December 31, 2024[33] Portfolio Overview - The real estate portfolio had a leased square footage of 60.7 million, with a lease occupancy rate of 97%[20] - The total number of encumbered properties was 749, with a weighted average maturity of 3.0 years[33] - Total annualized straight-line rent for the portfolio as of December 31, 2024, is $656,476,000, with industrial & distribution properties contributing 34%[37] - The unencumbered portfolio's annualized straight-line rent is $350,306,000, representing 100% of the unencumbered portfolio[39] - The industrial & distribution sector occupies 53% of the total square footage, totaling 31,938,000 square feet[37] - Multi-tenant retail properties represent 28% of the total annualized straight-line rent at $181,798,000[37] - The company has diversified its portfolio across various industries, with "Other" industries making up 57% of the total annualized straight-line rent[41] Lease Expiration and Future Revenue - Lease expirations indicate that 2,197 leases are set to expire, with a total annualized SL Rent of $656,476,000, representing 100% of the portfolio[45] - The highest percentage of expiring leases occurs in 2028, with 306 leases expiring and an annualized SL Rent of $84,365,000, which is 12.9% of the total[45] - Future lease expirations are well-distributed, with no single year exceeding 13.1% of the total SL Rent, ensuring manageable turnover[45] - The company anticipates a total revenue of $4,341,176,000 over the next five years, with a significant decline projected in 2029[36] Risk Factors - The company is subject to risks and uncertainties that could affect future performance, including market conditions and capital availability[3] - The top twenty tenants and diversification by property type, tenant industry, and geography are detailed, highlighting the company's strategic positioning[13]