Blackwells Capital believes that both Global Net Lease and The Necessity Retail REIT trade at significant discounts to the value of their portfolios and is seeking to install two independent directors on their respective boards to bring about not only governance change but also establish strategic review committees to evaluate possible "extraordinary transactions."
The investor holds particular ire for their external manager AR Global Management and calls for its agreement with the REITs to be terminated to "unlock this embedded shareholder value."
For instance, Blackwells maintains that Global Net Lease and The Necessity Retail REIT's operating loads as a percentage of market cap are 10.2 times and 20.2 times the triple net lease peer average.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
