NEW YORK, NY – Global Net Lease Inc. completed $ 497.2 million in acquisitions in 2021, based on the contract purchase price of 25 properties. The publicly traded REIT also renewed or extended 11 leases with tenants in 2021, totaling more than 1.5 million square feet.
GNL acquired the 25 properties in 2021 for $ 497.2 million at an initial capitalization rate of 7.8% and a weighted average capitalization rate of 8.9%.
Of the acquisitions made, 85% consisted of industrial assets located in the United States, the United Kingdom, Canada and the Netherlands. The acquisitions had a weighted average capitalization rate of 8.9% and a weighted average remaining lease term of 17.2 years.
LNG’s 11 renewed or extended leases in 2021 added $ 96 million in straight-line net rent over the new weighted lease term. The leases extended the weighted average remaining term of the tenants’ leases from 3.9 years to 8.9 years at the time of signing. The total annualized straight-line rent of the leases is $ 15.8 million on the date each lease is signed.
“We are very pleased with the LNG acquisition and leasing activity over the past year,” said James Nelson, CEO of LNG. “Through major acquisitions in the US and overseas, we have added notable tenants to our portfolio, including Walmart, Schlumberger, Northern Trust and McLaren, with long-term leases and favorable capitalization rates. . We also continued our successful leasing initiative, signing eleven lease renewals / extensions which increased the weighted average remaining leases from five years, to 8.9 years at the time of signing. We will continue this momentum through 2022 and look forward to continuing to build and manage our premier portfolio. “
During the fourth quarter of 2021, GNL acquired 19 properties for an aggregate contractual purchase price of $ 170.8 million at an initial capitalization rate of 6.7% and a weighted average capitalization rate of 7.8. % with an average residual lease term of 16.6 years at the closing date. , weighted by square footage.