NYSE$GNL
Global Net Lease Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Global Net Lease reported Q4 2023 results, implementing its 2024 business plan focused on deleveraging and achieving significant synergies.
Global Net Lease reported Q4 2023 results with a revenue of $206.7 million and a net loss of $59.5 million. The company recognized $68 million in annualized synergies and completed 70 lease renewals and new leases, resulting in over $19 million of net new straight-line rent. The company is focusing on reducing leverage through strategic dispositions.
- Recognized $68 million in annualized synergies through year-end and on track to recognize the full $75 million balance by Q3 2024.
- Completed 70 new leases and renewals for over 2.1 million square feet, resulting in over $19 million of net new straight-line rent and a renewal spread of 6%.
- Revenue was $206.7 million in Q4 2023.
- Portfolio maintained occupancy of 96% leased.
Headline financials
Revenue & EPS history
Global Net Lease · Revenue · Quarterly
$207M
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 introduced its initial 2024 guidance with AFFO per share range of $1.30 to $1.40, Net Debt to Adjusted EBITDA range of 7.4x to 7.8x, and projected dispositions in the range of $400 million to $600 million.
Tailwinds
- AFFO per share range of $1.30 to $1.40
- Projected 2024 dispositions in the range of $400 million to $600 million
- Majority of dispositions coming from occupied opportunistic sales, where GNL anticipates achieving a cash cap rate between 7% and 8%
- Focus on reducing leverage through select dispositions, prioritizing non-core assets and opportunistic sales
- Expectation that net debt to adjusted EBITDA will decrease by almost one full turn.
Headwinds
- Reduced annual dividend to $1.10 per share of common stock starting with the dividend expected to be declared in April 2024
- Net Debt to Adjusted EBITDA range of 7.4x to 7.8x
- Strategic priority will focus on reducing leverage through select dispositions, prioritizing non-core assets and opportunistic sales
- There is no assurance that signed PSAs/LOIs lead to definitive sales on their contemplated terms, or at all.
- The company does not provide guidance on net income.
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 Q4 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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