Overview
Net lease REIT Global Net Lease's Q3 revenue decreased due to asset dispositions
Company raised full-year AFFO per share guidance to $0.95-$0.97
Global Net Lease's credit rating upgraded to investment-grade BBB-
Outlook
Company raises full-year AFFO per share guidance to $0.95-$0.97 from $0.92-$0.96
Company maintains Net Debt to Adjusted EBITDA guidance at 6.5x to 7.1x
Result Drivers
ASSET DISPOSITIONS - Revenue and AFFO decline attributed to asset dispositions, including multi-tenant retail portfolio sale
REFINANCING - $1.8 bln refinancing of revolving credit facility lowered cost of capital and extended debt maturity
SHARE REPURCHASE - Repurchased 12.1 mln shares at weighted average price of $7.59, totaling $92 mln, leveraging AFFO yield
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue From Tenants | $121.01 mln | ||
Q3 Net Income | -$71.05 mln | ||
Q3 Core FFO | $39.49 mln | ||
Q3 NAREIT FFO | $33.75 mln | ||
Q3 Adjusted FFO Per Share | $0.24 |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Global Net Lease Inc is $9.00, about 16.1% above its November 4 closing price of $7.55
Press Release: ID:nGNX7PYWNk
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)