NEW YORK, Feb. 8, 2017 /PRNewswire/ -- Global Net Lease, Inc. ("GNL") (NYSE: GNL) announced today that its board of directors has approved a reverse stock split of GNL's common stock and outstanding units of its operating partnership at a ratio of 1-for-3. The reverse stock split is expected to take effect at approximately 5:00 p.m. EST on February 28, 2017 (the "Effective Time").
Accordingly, at the Effective Time, every three issued and outstanding shares of common stock will be converted into one share of common stock and every three operating partnership units will be converted into one operating partnership unit. In addition, at the market open on March 1, 2017, the common stock is expected to be assigned a new CUSIP number.
As a result of the reverse stock split, the number of outstanding shares of GNL's common stock will be reduced from approximately 199.0 million to approximately 66.3 million. The split will not affect the timing of the payment of GNL's previously announced March dividend, which will continue to be paid on March 15, 2017 to stockholders of record at the close of business on March 8, 2017. Stockholders of record will receive the same March dividend payment but adjusted to reflect the reverse stock split equal to $0.1775 per share.
No fractional shares or operating partnership units will be issued in connection with the reverse stock split. Instead, cash will be paid in lieu of any fractional share that would have otherwise resulted from the reverse stock split. No payments will be made in respect of any fractional operating partnership units. The reverse share split will apply to all of GNL's outstanding shares of common stock and therefore will not affect any stockholder's relative ownership percentage. Stockholders will be receiving information from GNL's transfer agent regarding their stockholdings following the reverse stock split as well as any cash in lieu payments that may result from the reverse stock split. Stockholders are not required to take any action to effectuate the exchange of their stock.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
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 the outcome to be materially different. In addition, words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these 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 most recent Annual Report on Form 10-K, and in future filings with the SEC. Further, forward-looking statements speak only as of the date they are made, and GNL 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, unless required by law.
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SOURCE Global Net Lease, Inc.