Global Net Lease, Inc. reported its financial and operating results for the third quarter ended September 30, 2024, on November 6, 2024. The company announced significant progress towards its key financial objectives for the year.
GNL achieved $85 million in annual, recurring cost synergies, surpassing its initial target of $75 million. The company also reduced its net debt by $162 million during the quarter, bringing the year-to-date reduction to $445 million and improving the Net Debt to Adjusted EBITDA ratio to 8.0x.
Portfolio occupancy increased from 94% to 96% quarter-over-quarter, demonstrating strong leasing momentum. The company also proactively managed its near-term debt maturities, with no debt maturities scheduled until the third quarter of 2025.
Adjusted Funds From Operations (AFFO) for Q3 2024 stood at $73.9 million, or $0.32 per share. GNL reaffirmed its full-year 2024 guidance, indicating confidence in its ongoing strategic execution.
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