Global Net Lease, Inc. (GNL) is continuing to expand on its disposition plan, as it looks to trim its debt. Through the third quarter, the New York-based company has closed $569 million deals under this category. But when including GNL's pipeline in the number, it goes up to a total of $870 million.
"The dispositions include approximately $111 million of vacant assets, eliminating their negative impact on our net operating income," Michael Weil, CEO of GNL said in a statement.
"This initiative is essential for achieving our strategic objectives of reducing our Net Debt to Adjusted EBITDA and lowering our cost of capital. By using the net sale proceeds to reduce outstanding debt, we enhance GNL's financial flexibility and position the Company for long-term growth."
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