REIT Global Net Lease Announces New Preferred Issue

Triple net lease REIT Global Net Lease (GNL) has announced the sale of a new cumulative, fixed rate, perpetual preferred stock. Of course being a REIT preferred the dividends will be non qualified.

The issue will have an early redemption period in 2024.

The preliminary prospectus can be found here.

The company has 1 other preferred issue outstanding which has a 7.25% coupon (GNL-A) which trades fairly strongly and is at $26.35.

Thanks to Fabrib for being on this one right away this morning.

4 thoughts on “REIT Global Net Lease Announces New Preferred Issue”

  1. I have a fair amount of holdings in the GNL-A shares, although I don’t own shares of the common stock as their payout ratio is very high and I’m afraid of a dividend cut on the common. It will be interesting to see where this issue is priced.

    1. Based on price action and volume in GNL-A today, I’m guessing the new series is superior. But we’ll find out tomorrow. I had fortunately sold all my GNL-A recently on the runup and would love an opportunity to get back in around 25.50. Leverage is high but assets and tenant quality are very good.

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