Brief: Global Net Lease And The Necessity Retail REIT To Merge

Global Net Lease

24/05/2023 02:41

May 23 (Reuters) - Necessity Retail Reit Inc  RTL.O :
    * GLOBAL NET LEASE AND THE NECESSITY RETAIL REIT TO MERGE,
CREATING SECTOR-LEADING DIVERSIFIED NET LEASE REIT
    * ALL-STOCK TRANSACTION PROJECTED TO BE MORE THAN 9%
ACCRETIVE TO
GNL Q1'23 AFFO PER SHARE
    * APPROXIMATELY $75 MILLION IN EXPECTED COST SYNERGIES AND
INTERNALIZATION SAVINGS
    * NECESSITY RETAIL REIT  - COMBINED INTERNALLY MANAGED CO,
WHICH
WILL OPERATE AS GLOBAL NET LEASE, IS EXPECTED TO OWN AND MANAGE
OVER 1,350 PROPERTIES
    * CURRENT GNL CEO JAMES NELSON AND CURRENT RTL CEO MICHAEL
WEIL
WILL BECOME CO-CHIEF EXECUTIVE OFFICERS
    * NECESSITY RETAIL REIT  - COMBINED INTERNALLY MANAGED CO
WILL
HAVE AN AGGREGATE REAL ESTATE ASSET VALUE OF NEARLY $9.6 BILLION
AT CLOSING OF TRANSACTIONS
    * UNDER TERMS OF MERGER AGREEMENT, RTL STOCKHOLDERS WILL
RECEIVE
0.670 SHARES OF GNL FOR EACH COMMON SHARE OF RTL
    * GNL STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 45% OF
GNL
POST-CLOSING
    * RTL STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 39%
    * WEIL WILL BE SOLE CHIEF EXECUTIVE OFFICER UPON MR.
NELSON'S
RETIREMENT IN APRIL 2024.

Source text for Eikon:  ID:nPn9vjtbda 
Further company coverage:  RTL.O 

 ((reuters.briefs@thomsonreuters.com;))