NYSE$GNL
Global Net Lease Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Completed merger and internalization, exceeding initial synergy estimates and reporting revenue of $118.2 million.
Global Net Lease reported third quarter results reflecting 73 days of stand-alone pre-merger GNL and only 19 days of post-merger, internalized GNL and RTL results. The company completed its merger and internalization, captured $56 million of annualized synergies, and leased over 1.8 million square feet. Revenue was $118.2 million, and the net loss attributable to common stockholders was $142.5 million, which included $68.82 million of one-time expenses.
- Completed merger with The Necessity Retail REIT and internalization of advisory and property management functions, creating the third largest publicly listed net lease REIT with a global presence
- Captured $56 million of annualized synergies for the 19 days of combined results, exceeding the original estimate of $54 million
- Leased over 1.8 million square feet across the portfolio, resulting in nearly $17 million of net new straight-line rent
- Revised post Merger quarterly dividend of $0.354 per share of common stock starting in Q4 2023
Headline financials
Revenue & EPS history
Global Net Lease · Revenue · Quarterly
$118M
Revenue by segment
Global Net Lease · $52.2M total across 2 segments · Q3 2023
- Office$38.8M—74.3%
- Multi-Tenant Retail$13.4M—25.7%
Forward guidance
GNL expects to capture the stated $75 million worth of total synergies by Q3 2024 and expects its share price to trade more in line with its internalized net lease peers on an AFFO multiple basis.
Tailwinds
- Expects to capture the stated $75 million worth of total synergies by Q3 2024
- Expects its share price to trade more in line with its internalized net lease peers on an AFFO multiple basis
- Benefits of the Merger by exceeding the projected cost synergies by $2 million
- Focus on strategic dispositions in 2023, totaling $383 million year-to-date, with the proceeds to be used to reduce outstanding debt and general corporate purposes
- Weighted average annual rent increase of 1.3% provides organic rental growth
Headwinds
- Comparisons of the period to period financial information of the Company may not be meaningful.
- Net loss attributable to common stockholders was $142.5 million
- NAREIT defined FFO attributable to common stockholders was $(26.8) million
- Weighted-average debt maturity was 3.4 years as of September 30, 2023 as compared to 4.2 years as of September 30, 2022
- Historical financial information prior to September 12, 2023, represents the pre-Merger financial information of GNL on a stand-alone basis.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.2%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.1%
Avg return
30 days after
56%
22 / 39 earnings
Positive
+6.2%
Q4 2024
Best reaction
-8.5%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | -0.3% | +2.5% | |
| Q4 2025 | -3.1% | -3.2% | -6.2% | |
| Q3 2025 | +5.7% | +5.0% | +7.4% | |
| Q1 2025 | +4.3% | +5.6% | +2.5% | |
| Q4 2024 | +6.2% | +9.7% | +6.2% | |
| Q3 2024 | +2.7% | -0.4% | -7.9% | |
| Q2 2024 | +0.7% | +0.4% | +8.3% | |
| Q1 2024 | -0.7% | +2.5% | +4.7% | |
| Q4 2023 | -1.8% | +0.1% | +6.6% | |
| Q3 2023 | -2.6% | -5.1% | +9.3% | |
| Q2 2023 | +1.0% | +5.8% | +3.9% | |
| Q1 2023 | -2.8% | -7.5% | -6.0% | |
| Q4 2022 | +2.0% | +1.3% | -12.8% | |
| Q3 2022 | +4.9% | +6.8% | +12.6% | |
| Q2 2022 | -1.6% | -0.3% | -10.2% | |
| Q1 2022 | -2.3% | -8.1% | +3.6% | |
| Q4 2021 | +3.1% | +0.9% | +9.1% | |
| Q3 2021 | -0.9% | -3.7% | -10.6% | |
| Q2 2021 | +2.4% | -0.6% | -3.3% | |
| Q1 2021 | +0.8% | -1.3% | +4.6% | |
| Q4 2020 | +0.6% | -3.1% | -1.9% | |
| Q3 2020 | -2.5% | +12.7% | +19.5% | |
| Q2 2020 | +2.5% | +6.6% | +4.8% | |
| Q1 2020 | +2.7% | +2.1% | +24.8% | |
| Q4 2019 | -8.5% | -8.1% | -33.4% | |
| Q3 2019 | +0.7% | +1.2% | +6.1% | |
| Q2 2019 | +2.0% | -0.1% | -0.7% | |
| Q1 2019 | +1.4% | +2.6% | +0.3% | |
| Q4 2018 | -8.2% | -5.8% | -2.8% | |
| Q3 2018 | +5.3% | +4.3% | -1.8% | |
| Q2 2018 | +3.6% | +2.2% | -0.8% | |
| Q1 2018 | +1.8% | -2.2% | +0.8% | |
| Q4 2017 | -4.7% | -3.7% | +2.9% | |
| Q3 2017 | -2.2% | -1.7% | -1.9% | |
| Q2 2017 | -0.9% | -2.4% | +1.3% | |
| Q1 2017 | -2.2% | -3.5% | -1.1% | |
| Q4 2016 | +0.1% | +0.4% | -3.0% | |
| Q3 2016 | +0.7% | +6.5% | +8.5% | |
| Q2 2016 | -2.3% | -0.9% | -2.7% | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — |
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