Global Net Lease, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the third quarter of 2024, the company generated total revenue from tenants of $196.6 million, a substantial increase from $118.2 million in Q3 2023. For the nine months ended September 30, 2024, revenue reached $605.9 million, up from $308.3 million in the same period last year. This growth was primarily driven by the acquisition of properties through the REIT Merger, particularly in the Multi-Tenant Retail segment, which saw revenue soar to $62.4 million in Q3 2024 from $13.4 million in Q3 2023.
Despite the revenue increase, Global Net Lease reported a net loss of $65.6 million for Q3 2024, an improvement from a net loss of $136.2 million in Q3 2023. For the nine-month period, the net loss was $125.1 million, compared to $163.3 million in the prior year. The net loss attributable to common stockholders also decreased, from $142.5 million in Q3 2023 to $76.6 million in Q3 2024.
The company’s total assets decreased to $7.3 billion as of September 30, 2024, down from $8.1 billion at the end of 2023. Total liabilities also fell to $5.1 billion from $5.5 billion, while stockholders’ equity decreased to $2.3 billion from $2.6 billion. The decline in total real estate investments at cost was notable, dropping to $7.9 billion from $8.7 billion at the end of 2023.
Strategically, Global Net Lease completed the REIT Merger and Internalization Merger on September 12, 2023, which involved the acquisition of RTL and the internalization of management functions. This merger resulted in a significant increase in the number of properties owned, totaling 1,223 with a 96% lease rate as of September 30, 2024. The company also recorded impairment charges of approximately $38.6 million for 21 properties in Q3 2024, compared to $65.7 million for four properties in Q3 2023.
In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $224.7 million, a notable increase from $88.0 million in the same period of 2023. The company also reported net proceeds from dispositions of real estate investments amounting to $547.6 million during the nine months, significantly higher than $7.9 million in the prior year.
Overall, while Global Net Lease experienced growth in revenue and improved net loss figures, it faced challenges with asset values and ongoing operational costs following its strategic mergers.
About Global Net Lease, Inc.
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