Global Net Lease, Inc. (NYSE:GNL) Q4 2023 Earnings Call Transcript

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Global Net Lease, Inc. (NYSE:GNL) Q4 2023 Earnings Call Transcript February 28, 2024

Global Net Lease, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good morning, everyone, and welcome to the Global Net Lease, Inc. Q4 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After todayā€™s presentation there will be opportunity to ask questions. [Operator Instruction] Please also note today's event is being recorded. And at this time, I'd like to turn the floor over to Jordyn Schoenfeld of Global Net Lease. Please go ahead, sir.

Jordyn Schoenfeld: Thank you. Good afternoon, everyone, and thank you for joining us for GNL's fourth quarter 2023 earnings call. Joining me today on the call are Mike Weil and Jim Nelson, GNL's Co-Chief Executive Officer; and Chris Masterson, GNL's Chief Financial Officer. The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the Form 10-K and our periodic and current reports filed with the SEC after that date for a more detailed discussion of the risk factors that could cause these differences.

Any forward-looking statements provided during this conference call are only made as of the date of this call. As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. Heading guidance or statements referring to our pipeline or the future value of an investment in G&L including any adjustments giving effect to the recent completed merger with Necessity Retail REIT, Inc., also known as RTL and the internalization of both GNLs and RTL's advisory and property management functions as well as any projections about future success following the merger and internalization are also forward-looking statements. Also, during today's call, we will discuss non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance.

These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and supplement, which are posted to our website. Please note that we do not provide guidance on net income. We only provide guidance on AFFO per share and our net debt to adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairments of assets, gains and losses from sale of assets and depreciation and amortization from new acquisitions and other nonrecurring expenses.