Welcome to the Global Net Lease Third Quarter 2023 Earnings Conference Call. We have an impressive lineup of participants today, including CFO Christopher J. Masterson, Co-CEO & Director Edward Michael Weil, and senior research analysts from various divisions. Get ready for an in-depth discussion on GNL’s recent performance and future outlook.
Jordyn Schoenfeld, associate at Global Net Lease, kicks off the call and sets the stage for a detailed discussion of the company’s third-quarter results. She emphasizes the importance of exercising caution when interpreting forward-looking statements and directs participants to GNL’s SEC filings for more information on potential risks.
Mike Weil, Co-CEO of GNL, takes the floor and expresses gratitude for the continued support of shareholders. He highlights the recent merger with The Necessity Retail REIT and internalization deal, positioning GNL as a key player in the net lease REIT market. The company’s global presence and diversified portfolio of high-quality tenants lay the groundwork for long-term shareholder value. Weil confidently states that GNL is poised to capitalize on the potential upswing in net lease peer multiples.
Weil provides an overview of the financial results following the recent merger and internalization, outlining the company’s progress in achieving anticipated cost savings and exceeding synergy projections. He also announces a reduction in quarterly dividend per share as part of the merger, signaling GNL’s commitment to optimizing financial resources.
Furthermore, Weil delves into the details of GNL’s extensive portfolio, emphasizing its geographical and tenant diversity, stable lease terms, and strong leasing and renewal activity. He highlights key segments, including industrial and distribution, single-tenant retail, multi-tenant suburban retail, and single-tenant office, shedding light on the positive trends and potential for continued growth.
Weil’s comprehensive analysis of GNL’s portfolio strategy demonstrates the company’s ability to minimize concentration risk and maintain a strong position in the market. His confident tone and detailed insights underscore GNL’s trajectory for continued success in the net lease REIT sector.
