Expect to achieve a 7.2% cash cap rate on occupied dispositions with a weighted average remaining lease term of 3.8 years NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE:GNL) ("GNL" or the "Company") today announced continued progress on its 2024 strategic disposition plan, which it first detailed in its fourth-quarter and full year earnings report in February 2024. As of April 15, 2024, GNL's strategic disposition efforts have resulted in over $462 million of transactions that are either closed or under agreement and expected to close by the end of the third quarter of 2024. "We are very pleased to have built a robust disposition pipeline in the early stages of our strategic disposition effort and expect to identify additional opportunities throughout the year," said Michael Weil, CEO of GNL. "We believe the 7.2% cash cap rate on the occupied dispositions offers proof of value of our primarily investment-grade portfolio and represents a significant premium compared to where GNL is currently trading on an implied cap rate basis. Additionally, we believe that the $124 million of vacant dispositions that are closed or under agreement will eliminate approximately $3 million of annualized operating expenses4. We plan to use the net proceeds from these dispositions to pay down existing debt, including borrowings currently at a 7.3% variable interest rate on the USD portion of our revolving credit facility, while also addressing near-term lease and debt maturities to achieve our primary objective of reducing Net Debt to Adjusted EBITDA." Status of Disposition ExpectedClosing # ofProperties DispositionPrice(in mm) CashCapRate2 Wtg. Avg. LeaseTerm Remaining3 Closed Dispositions YTD:           Occupied Assets (12 Truist Properties) Closed 12 $26.8 6.7% 6.6 Years Vacant / Dark Assets Closed 9 $21.1 – – Total YTD Closed