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Global Net Lease, Inc. (GNL)

NYSE - NYSE Delayed price. Currency in USD
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10.74-0.47 (-4.19%)
At close: 04:00PM EDT
10.88 +0.14 (+1.30%)
After hours: 07:20PM EDT

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  • A
    Arcipreste
    GNL looks like a good buy below 12.
  • J
    Jeff
    What's the debt situation like? Will the company have any major debts to refinance at higher rates anytime soon?
  • T
    Theodore
    It just hangs in until I buy it.
  • T
    Terry
    Not much discussion probably because it’s such a dog there is nothing to talk about.

    I still own it but haven’t reinvested the dividends for over 1 1/2 years. At least I’ll getting some of my investment back. It’s better than being in a HY savings account as long as the share price doesn’t continue to decline.
  • C
    Christopher
    Bought more today. IMHO, it is crazy that it closed at $15.67 today. Will buy more, if their is further downside. GNL reported great earnings. Please see below.

    Chris

    NEW YORK, Nov. 4, 2021 /PRNewswire/ -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company"), a real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter ended September 30, 2021.

    Global Net Lease (PRNewsFoto/Global Net Lease, Inc.)
    Global Net Lease (PRNewsFoto/Global Net Lease, Inc.)
    Third Quarter 2021 and Subsequent Events Highlights

    Revenue increased 15.8% to $95.8 million from $82.7 million in third quarter 2020

    Net income was $2.4 million as compared to net loss of $0.5 million in third quarter 2020

    Net operating income ("NOI") grew 18.4% to $89.0 million from $75.2 million in third quarter 2020

    Core Funds from Operations ("Core FFO") grew 27.4% to $44.1 million compared to $34.6 million in third quarter 2020

    Adjusted Funds from Operations ("AFFO") increased by $3.4 million to $44.3 million versus $40.9 million in the prior year quarter

    AFFO per share was $0.44

    Distributed $40.3 million, or $0.40 per share, in dividends to common shareholders

    Collected nearly 100% of third quarter original cash rents, including nearly 100% from top 20 tenants, as of October 31, 20211, 2

    Portfolio 99.1% leased with 8.2 years of weighted average remaining lease term3

    Lease extensions and expansions completed and under non-binding letter of intent for related leases that will cover 1.5 million square feet and will extend weighted-average remaining lease term to 8.7 years from 4.1 years for 4.0% of the portfolio if the non-binding letters of intent lead to definitive agreements, which is not assured 4

    Industrial and Distribution asset concentration expanded to 52%

    Contractual rent increases embedded in 94.0% of leases

    Closed on over $380 million of properties in 2021, including our acquisition of Walmart and Pilot Point Steel properties completed in the fourth quarter

    Acquisitions pipeline of $125.0 million5, consisting of completed acquisitions of Walmart and Pilot Point Steel properties and pending acquisitions, at a going-in capitalization rate6 of 6.5% and with 14.1 years of weighted-average remaining lease term7

    "GNL has continued to grow throughout this year, and each of the last six consecutive years" said James Nelson, CEO. "We have met or exceeded pre-pandemic performance levels across the company, including rent collection, Cash NOI and Adjusted EBITDA figures. More importantly, GNL's reputation as a premiere partner for strategic sale-leaseback transactions among US and European companies has grown during the same time, most recently evidenced by our acquisition of Trafalgar Square in Guernsey. Our reputation helped secure the transaction and our experience helped us secure an early lease extension with one of the major tenants that we believe created an opportunity to unlock millions of dollars of value. We expect to build on our out-performance through the end of this year and into 2022."
  • S
    S
    Oct. 12, 2021 /PRNewswire/ -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") announced today that on October 5, 2021, the Company closed on the acquisition of a 90,000 square foot training and development center (the "Walmart Learning Center") in Bentonville, Arkansas that is leased to Walmart, Inc. ("Walmart"). The Walmart Learning Center serves as the primary digital and onsite training and development facility for Walmart associates located in the United States and around the world. The property was acquired for a contract purchase price of $40.6 million, excluding closing costs, and has seven years of remaining lease term. Additionally, on October 8, 2021, the Company closed on the acquisition of two industrial properties leased to Pilot Point Steel for a contract purchase price of $14.2 million. Including both acquisitions closed in October, year to date, GNL has closed on nine properties for a contract purchase price of $381 million1 at a going-in capitalization rate2 of 8.73%, a weighted-average capitalization rate of 9.74%, and a weighted average remaining lease term of 16.9 years at closing.
  • M
    Michael
    Ok people the annual numbers are out so what is your position buy/sell/hold?

    Positives: massive dividend which should be covered without a problem this year. Mostly solid tenants on long term leases with majority being Industrial/Distribution type. Over 64 % of their Office property annual rent is generated by properties with unencumbered loans which means if the properties are no longer profitable, they can just give them back to the lender.
    Negatives: The company has 638 million worth of non-recourse debt maturing over the two-year period 2023 -2024. They are currently paying 3% on the loans and with inflation being what it is it’s hard to imagine they will be able to get close to that rate. Another negative is the perception that the Office properties which make up 42% of their straight-line rent, will be a problem leasing once the current lease expires. On the bright side Office properties that are encumbered only make up 15% of their total portfolio straight line rent.
    My position…BUY in my ROTH IRA so won’t pay tax on the dividend
    Expectations on dividend: Current dividend should be maintained for another 1 ½ years, then at which time a roughly 25% cut to the dividend will be made. Then as long as the company keeps executing to the same plan it has the last couple of years the dividend should be solid many years.
    So based on current price 11.5% for next year and a half, then 8.625% for many years.
    I can live with that!
  • j
    jeffreypelt
    Dear Bears,
    I'd like to understand what are the reasons for this valuation and decline?
    Is the common dividend threatened?
    Is the book/NAV inflated?
    Is McLaren going to flame out?
    Are the external management going to dilute for more spending money?

    ..because, I've been loading up here, but been wrong before - just can't see from which direction to doom arrives.
    Rock solid revenue, great tenants, diversified income- proven under COVID.
    Split across USD and Pound/Euro denominations for currency tailwind from over the pond.
    Extremely attractive yield.
    Very reasonable valuation.
    Historically low PE.
    Great diversification across industries and blue-chip tenants.

    Where do I go wrong?
  • D
    Dick
    At current prices this stock is returning over 10 percent. With 99 percent of rent being collected from high value companies this should be a $20 stock returning 8 percent.
  • D
    Dick
    Bought more today at 14.19 per share. Based on $1.60 per share annual dividend that means I am getting a 12 percent return.
  • D
    Dick
    Very solid company, I love the long term leases with strong companies at great rates, almost a 10 Percent dividend. This stock should sell for $20 based on the above.
  • D
    David
    As suspected, the downward pressure this past quarter came from issuing shares at the market. They issued 3.881 million shares. Over 1 quarter, that averages to 5.6% of the average volume of shares traded per day.
  • D
    Dick
    This company continues rapidly grow and seems to be under appreciated by the market. Paying a dividend of over 10 percent and with a great growth rate it should sell for $20 plus.
  • E
    Ed
    Just new to watching GNL. Seems very safe on the dividend and with leases like the Walmart, it seems very safe. Website says 100% on collections. If this is true, sure seems like a $20 stock to me. Opinions?
  • S
    Scrooge McDuck
    Added a bunch of this recently. The setup back to 20$ looks great. If you overlay this chart with OHI and SBRA healthcare reits they are identical. Performance is more due to covid, IMO, and these charts are turning up again now. People burned by tech will want to hide out here with the 10% dividend. They have stated a 90% payout ratio that is sustainable. The div has already been cut and the damage is already reflected in the price, which was @$20 even after the cut. I see this is a good risk/reward and value.
  • A
    Anonymous
    Lots of good news when you read press release: revenues up 8.75, NOI up 9.6%, core FFO up 17.3%, 28% of properties have rent increases tied to CPI (with high inflation this should be a big winner), $54 million in futre rent increases from renewals.

    BUT, they just cant translate all that good news to the bottom line. AFFO was .43 versus .44 on a per share basis. That is why they have such a high dividend yield and trade below net asset value estimates.
  • D
    Dick
    Another great quarter, $1.60 per year dividend on a stock selling under $14.00. What’s not to like?
  • J
    J
    This stock seems to be so under-valued. I'm not super rich but I've invested about $50k into GNL with an avg. basis of $17-$18 per share. That means that $50k I invested over Q2/Q3 is now yielding 9-10%.
  • D
    Dick
    What a great earnings report, we are on solid ground. Dividend will be raised by end of year.