Global Net Lease, Inc. (NYSE:GNL) Q1 2024 Earnings Call Transcript

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Global Net Lease, Inc. (NYSE:GNL) Q1 2024 Earnings Call Transcript May 8, 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: Ladies and gentlemen, good morning, and welcome to the Global Net Lease, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jordyn Schoenfeld of GNL. Please go ahead.

Jordyn Schoenfeld: Thank you. Good morning, everyone, and thank you for joining us for GNL's First Quarter 2024 Earnings Call. Joining me today on the call is Mike Weil, GNL's Chief Executive Officer; and Chris Masterson, GNL's Chief Financial Officer. The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statement section at the end of our first quarter earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. 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.

Also, during today's call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating the Company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and net debt to adjusted EBITDA and measures to our results as reported in accordance with GAAP are detailed in our earnings release and in our quarterly report on Form 10-Q for the first quarter 2024. I'll now turn the call over to our CEO, Michael Weil. Mike?

Michael Weil: Thanks, Jordan. Good morning, and thank you all for joining us today. We're pleased to share with you the results of the successful first quarter that included AFFO per share growth, strong leasing momentum, efficient balance sheet execution and continued synergies and internalization savings. As part of GNL's Q4 2023 earnings release, we shared our 2024 business strategy and full year guidance, which we believe will increase long-term shareholder value by de-levering our balance sheet, reducing our exposure to variable rate debt and lowering net debt to adjusted EBITDA. At the core of this strategy is an asset disposition program, targeting $400 million to $600 million in total sale proceeds, at a cash cap rate between 7% and 8% on occupied assets.