NEW YORK, NY – Global Net Lease Inc. completed $497.2 million in acquisitions during 2021, based on the contract purchase price of 25 properties. The publicly-traded REIT also renewed or extended 11 leases with tenants during 2021, totaling more than 1.5 million square feet.
GNL acquired the 25 properties in 2021 for $497.2 million at a going-in cap rate of 7.8% and a weighted-average cap rate of 8.9%.
Of the completed acquisitions, 85% consisted of industrial assets located in the U.S., the U.K., Canada and the Netherlands. The acquisitions had a weighted average cap rate of 8.9% and a weighted average remaining lease term of 17.2 years.
GNL’s 11 renewed or extended leases in 2021 added $96 million in net straight-line rent over the new weighted lease term. The leases extended the tenants’ weighted average remaining lease term from 3.9 years to 8.9 years at the time of signing. The leases’ total annualized straight-line-rent is $15.8 million, as of the date each lease was executed.
"We are very pleased with GNL's acquisition and leasing activity during the last year," states James Nelson, CEO of GNL. "Through substantial acquisitions in the U.S. 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."
During Q4 2021, GNL acquired 19 properties for aggregate contract purchase price of $170.8 million at a going-in cap rate 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.