Global Net Lease Sells Americold Portfolio for $170 Million

Core Viewpoint - Global Net Lease, Inc. (GNL) successfully disposed of a portfolio of nine cold storage properties for $170 million, achieving a cash cap rate of 7.88% on a weighted average remaining lease term of 3.3 years, which is part of a broader strategic initiative to reduce debt and align with industry peers [3][4]. Group 1: Disposition Details - The portfolio was leased to subsidiaries of Americold Realty Trust, Inc. (COLD) and was acquired by GNL for $153.4 million [3][4]. - This transaction is part of a previously announced $567 million of closed and pipeline dispositions, with an overall cash cap rate of 7.2% [3][4]. Group 2: Strategic Goals - The CEO of GNL, Michael Weil, emphasized that the sale reduces risk by eliminating uncertainty around tenant renewals and extends the weighted average remaining lease term [3][4]. - GNL plans to use the net proceeds from the sale to strategically pay down existing debt, aiming to lower its Net Debt to Adjusted EBITDA ratio to be more in line with peers [3][4]. Group 3: Financial Guidance - The disposition aligns with GNL's 2024 full-year guidance, which projected a cash cap rate range of 7% to 8% for dispositions [4].