Global Net Lease, Inc. (NYSE: GNL) announced today that it acquired 25 properties for a total of $497 million during the year ended December 31, 2021, based on contract purchase price. Acquisitions consisted of 85% industrial assets1, were located in the United States, the United Kingdom, Canada, and the Netherlands, and had a weighted average cap rate2 of 8.9% and a weighted average remaining lease term of 17.2 years. The Company also announced that eleven leases with tenants were renewed or extended during 2021, totaling over 1.5 million square feet and adding approximately $96.0 million in net straight-line rent over the new weighted lease term.
“We are very pleased with GNL’s acquisition and leasing activity during the last year,” said James Nelson, CEO of GNL. “Through substantial acquisitions in the US and abroad we added notable tenants, including Walmart, Schlumberger, Northern Trust and McLaren, to our portfolio on long-term leases and at favorable cap rates. We also continued our successful leasing initiative, signing eleven lease renewals/extensions that increased the weighted-average remaining lease term for these leases by five years, to 8.9 years at the time of signing. We are carrying this momentum into 2022 and are looking forward to continuing to build and manage our best-in-class portfolio.”
Acquisitions
During the fourth quarter, the Company acquired 19 properties for an aggregate contract purchase price of $170.8 million at a going-in cap rate3 of 6.7% and a weighted-average cap rate of 7.8% with an average remaining lease term of 16.6 years as of the closing dates, weighted based on square feet. For the year ended December 31, 2021, the Company acquired 25 properties for a contract purchase price of $497.2 million at a going-in cap rate of approximately 7.8% and a weighted-average cap rate of 8.9%.
Leasing
For the year ended December 31, 2021, the Company executed eleven renewal or extension leases totaling 1.5 million square feet. The leases extended the weighted average remaining lease term for these tenants to 8.9 years from 3.9 years at the time of signing. Total annualized straight-line-rent for these leases is $15.8 million as of the date each lease was executed.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
