Global Net Lease(US:GNL)2023-08-03 20:17Merger and Internalization - Global Net Lease (GNL) signed a definitive agreement to merge with The Necessity Retail REIT (RTL), with the transaction expected to close in September 2023[1] - The merger is expected to reduce net debt to adjusted annualized EBITDA to 76x in Q4'23[1] - The combined company anticipates approximately $75 million in annual cost savings[1] - The transaction is expected to be 9% accretive to annualized AFFO per share in the first quarter after closing, compared to Q1'23[5] Portfolio Overview - 600% of the portfolio's annualized straight-line rent (SLR) is derived from investment-grade rated tenants[6] - 95% of leases feature annual cash rental increases, with 60% being fixed-rate and 28% based on the Consumer Price Index (CPI)[8] - The portfolio consists of 236 properties in the U S and Canada, and 81 properties in Europe, diversified across 139 tenants in 51 industries[6] - The weighted average remaining lease term is 76 years[11] Financial Performance - Revenue from tenants in Q2'23 was $958 million[69] - Adjusted Funds From Operations (AFFO) in Q2'23 was $414 million, or $040 per share[69] - Net debt to enterprise value is 652%[85]