UPDATE: JMP Securities Starts Global Net Lease (GNL) at Market Perform

May 10, 2022 3:05 AM EDT
Get Alerts GNL Hot Sheet
Price: $13.35 +0.30%

Rating Summary:
    4 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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(Updated - May 10, 2022 5:03 AM EDT)

JMP Securities analyst Mitch Germain initiates coverage on Global Net Lease (NYSE: GNL) with a Market Perform rating.

The analyst comments "We believe management has done an admirable job repositioning the portfolio, growing its industrial holdings to 54% of rents, while reducing office exposure. On a positive note, the company has faced little collection/vacancy headwinds from its office portfolio, executing on leases, while rent portfolio collections averaged 98% throughout 2020. Still, we are generally negative on the office sector and see potential for leasing headwinds; GNL has roughly 20% of portfolio rents scheduled to expire over the next three calendar years. Yields on investments are attractive (averaging 7-8%), combined with the ability to utilize low-cost financing in Europe. We note earnings per share growth has trailed the broader net-lease sector."

For an analyst ratings summary and ratings history on Global Net Lease click here. For more ratings news on Global Net Lease click here.

Shares of Global Net Lease closed at $13.30 yesterday.

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