Global Net Lease, Inc. (NYSE:GNL) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET

Company Participants

Jordyn Schoenfeld - CPA
Michael Weil - CEO
Chris Masterson - CFO

Conference Call Participants

John Kim - BMO Capital Markets
Upal Rana - KeyBanc Capital Markets
Bryan Maher - B. Riley Securities
Mitch Germain - Citizens JMP
Michael Gorman - BTG Pactual
Barry Oxford - Colliers

Operator

Welcome to the Global Net Lease, Inc. Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Jordyn Schoenfeld. Please go ahead, sir.

Jordyn Schoenfeld

Thank you Good morning everyone, and thank you for joining us for GNL third quarter 2024 earnings call. Joining me today on the call is Michael Weil GNL's Chief Executive Officer and Chris Masterson, GNL's Chief Financial Officer. The following information contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward looking and cautionary statements section at the end of our third quarter 2024 earnings release for various factors that could cause actual results to differ materially from forward looking statements made during our call today. As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward looking statements except as required by law. Also on today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and net debt to adjusted EBITDA and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and in our quarterly report on Form-10Q for the third quarter 2024.

I'll now turn the call over to our CEO, Michael Weil. Mike.

Michael Weil

Thanks, Jordan, good morning, and thank you all for joining us today. It's been over one year since we've successfully completed the merger and internalization of GNL, and throughout this time, we've remained committed to executing the strategy we originally communicated to you, capturing synergies, reducing leverage and executing strategic dispositions while increasing occupancy and derisking our balance sheet. Our progress has been clearly reflected through this year, with significant achievements highlighted once again in this quarter's results. The first pillar of our 2024 strategy was to capture the full $75 million in projected cost synergies by Q3 2024. I'm pleased to report that we've significantly exceeded our stated $75 million cost synergy target by reaching a total of $85 million in annual recurring savings. This accomplishment not only has a continuing positive impact on our G&A, but also underscores the effectiveness of our integration efforts and our ability to execute on synergy projections. The second pillar of our strategy is reducing leverage and improving our net debt to adjusted EBITDA.