Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Last week, it was announced that Global Net Lease Inc. (GNL.N) plans to obtain Necessity Retail REIT Inc. (RTL.O) in an exchange of stocks only, resulting in an estimated value of approximately $950 million for the merged organization. In a joint statement, Necessity Retail REIT and Global Net Lease (GNL) announced that shareholders of Necessity Retail REIT would receive 0.670 shares of GNL for each share of Necessity held, which would result in a total value of $7.08 per share.
Earlier this month, the closing price of GNL's stocks was $10.56. GNL, the newly formed company, will have two co-chief executive officers, James Nelson and Michael Weil, who were previously CEOs of their respective companies. After the merger is finalized, GNL will possess and oversee more than 1,350 real estate assets, the combined worth of which is estimated to be around $9.6 billion.
According to the statement, Weil is going to take over as the only CEO following Nelson's retirement in April 2024. Last month, ISS and Glass Lewis, who provide proxy advice, suggested that shareholders of both REITs refrain from backing certain incumbent directors in the midst of a dispute with hedge fund Blackwells Capital.
GNL is a diversified REIT with a focus on net-lease investments. It was established in 2011 and is headquartered in New York. Its current market capitalization is valued at $1.1 billion. The company possesses a collection of 311 properties that span over 39.3 million square feet and are located across 11 nations. Approximately 99.9 percent of its characteristics possess a weighted average remaining lease duration of 8.3 years. The incorporation of contractual rent hikes is observed in almost 95 percent of its lease agreements.
A significant majority, namely 61 percent, of GNL’s properties are situated in the United States, with an additional 20 percent being located in the United Kingdom. The rest is distributed throughout Europe. More than half of its assets consist of industrial and distribution space, while office holdings make up 42 percent and retail makes up just 4 percent.
Necessity Retail REIT, which is headquartered in New York, was established in 2013 and currently boasts a market capitalization of $629.36 million. Necessity Retail is the proprietor of 1,039 establishments dispersed throughout the 48 states, all of which are under their operation. Approximately 90 percent of its assets consist of properties occupied by a single tenant, while the remaining 1 percent comprise open-air shopping centres that accommodate multiple tenants.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy