Global Net Lease, Inc. (NYSE: GNL/ GNL PRA / GNL PRB) announced today that it executed seven lease renewals during the first quarter with existing tenants, including the previously announced lease with Rheinmetall. These leases total approximately 678,500 square feet and have a new weighted-average remaining lease term of 7.0 years. Over time, the leases are expected to generate $6.77 million of straight-line rent. Renewal leases were signed with tenants in Germany, the United Kingdom, and the United States.
“We continue to be successful renewing near-term lease expirations with our existing tenants on favorable terms, including an aggregate increase of over $270,000 in straight-line rent,” said James Nelson, CEO of GNL. “By building relationships well in advance of lease expirations we have been able to retain our high-quality tenants and increase our weighted-average lease duration. With our portfolio nearly fully leased, we believe that focusing our asset management efforts on long-term leases is one of the most important ways that we can create value for shareholders.”
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.
