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Section 1: 8-K (FORM 8-K)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 9, 2018

 

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Maryland   000-37390   45-2771978

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

         

405 Park Avenue, 3rd Floor

New York, New York 10022

(Address, including zip code, of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (212) 415-6500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 7.01. Regulation FD Disclosure.

 

Press Release

 

On November 19, 2018, Global Net Lease, Inc. (the “Company”) issued a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

 

Item 8.01. Other Events.

 

Recent Acquisition and Financing Activity

 

On November 9, 2018, the Company borrowed $98.5 million under a new mortgage loan (the “Seven-Property Loan”) that is secured by seven properties which had previously been part of the pool of eligible unencumbered real estate assets comprising the borrowing base under the Company’s revolving credit facility. The Company used $90.0 million of the net proceeds from the Seven-Property Loan to repay amounts outstanding under its revolving credit facility.

 

On November 14, 2018, the Company acquired a cold storage facility located in Romulus, Michigan for $126.6 million. To fund the purchase price and closing costs, the Company borrowed approximately $70.0 million secured by a first mortgage on the acquired property (the “Acquisition Loan”) and funded the remainder from cash on hand.

 

The Seven-Property Loan bears interest at a rate of 4.853% per annum, and the Acquisition Loan bears interest at a rate of 4.63% per annum. Both loans mature in ten years but are prepayable, at a premium, after two years.

 

Forward-Looking Statements

 

The statements in this Current Report on Form 8-K include statements regarding the intent, belief or current expectations of the Company and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “strives,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors section of the Company’s most recent annual report on Form 10-K and the Company’s most recent quarterly report on Form 10-Q. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, or revise forward-looking unless required by law.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No   Description
99.1   Press release dated November 19, 2018
     

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Global Net Lease, Inc.
       
       
Date: November 19, 2018 By: /s/ James L. Nelson  
  Name: James L. Nelson  
  Title: Chief Executive Officer and President

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Global Net Lease Closes on a Newly Constructed Class A Cold Storage Distribution Facility Leased to a National Logistics Provider

 

- Company has Completed $393 Million of Acquisitions in 2018 -

 

NEW YORK, November 19, 2018 /PRNewswire/ -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a real estate investment trust focused on the acquisition and management of industrial and office properties leased long-term to high quality corporate tenants in select markets in the United States and Europe, announced it has closed on the previously announced acquisition of a newly constructed cold storage distribution facility leased to a national logistics provider.

 

This newly constructed Class A distribution facility measures 606,000 square feet serves as a distribution and cold storage facility and includes a freezer, standard cooler, cold dock, dry warehouse and office/maintenance space. It also contains 105 exterior truck doors and 17 electronically operated “Rapid-Rise” overhead doors. The building is located in Romulus, Michigan, is leased to a national logistics provider for a lease term of ten years which includes annual rent escalators.

 

With the closing of this acquisition, GNL has closed 18 acquisitions for $393 million this year. GNL funded this transaction with a mortgage loan and cash on hand.

 

James Nelson, Chief Executive Officer of GNL, commented, “We are pleased to add to GNL's portfolio this class A cold storage distribution facility leased long term to a nationally recognized credit. This important acquisition meets GNL's key investment objectives and the triple net leased property serves a critical function for the tenant.”

 

Tenant Summary

 

The tenant provides supply chain management and logistics services, such as freight brokerage services, distribution center management, lead logistics, dedicated carriage and supply chain consulting. The parent of the tenant employs people across four continents and holds a Standard & Poor’s credit rating of “BBB” and a Moody’s credit rating of “Baa2.”

 

About Global Net Lease, Inc.

 

Global Net Lease, Inc. (NYSE: GNL) is a real estate investment trust focused on the acquisition of industrial and office properties leased long-term to high quality corporate tenants in select markets in the United States and Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.  

 

Important Notice

 

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. Forward-looking statements may include, but are not limited to, statements regarding stockholder liquidity and investment value and returns. The words "anticipates," "believes," "expects," "estimates," "projects," "plans," "intends," "may," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those contemplated by such forward-looking statements, including those set forth in the Risk Factors section of GNL's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Further, forward-looking statements speak only as of the date they are made, and GNL undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.

  

CONTACT:

Investors and Media: Email:

investorrelations@globalnetlease.com

Phone: (212) 415-6510

 

 

 

  

 

 

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