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Real Estate Investments, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Schedule of Allocation of Assets Acquired and Liabilities Assumed
The following table presents the fair value of the consideration transferred to affect the acquisition:
Fair Value Calculation
Shares or Units
Price Used to Calculate Fair Value
Fair Value of Consideration Transferred (In thousands)
Consideration Type
Fair value of Common Stock issued to holders of RTL Class A Common Stock (1)
93,432,946 $11.11 (2)$1,038,040 Common Stock
Fair value of Common Stock issued upon vesting of certain RTL Restricted Shares209,906 $11.11 (2)2,332 Common Stock
Fair value of Common Stock issued to AR Global for the Internalization Merger 29,614,825 (3)$11.11 (2)329,021 Common Stock
Fair value of Class A Units issued by the OP to holder of RTL Class A Units115,857 $11.11 (2)1,287 Class A Units
Fair value of GNL Series D Preferred Stock issued to holders of RTL Series A Preferred Stock (6)
7,933,711 (4)$19.61 (4)155,580 Series D Preferred Stock
Fair value of GNL Series E Preferred Stock to be issued to holders of RTL Series C Preferred Stock (6)
4,595,175 (5)$19.75 (5)90,755 Series E Preferred Stock
Total equity consideration1,617,015 
Cash consideration paid to AR Global 50,000 Cash
Cash used to repay RTL’s credit facility at closing of the REIT Merger
466,000 Cash
Total consideration transferred$2,133,015 
___________
(1)Includes RTL LTIP Units earned and converted to RTL Class A Common Stock and certain vested shares of RTL Restricted Shares, both of which occurred prior to the Acquisition Date (see Note 13 — Equity-Based Compensation).
(2) Represents the closing price of GNL’s Common Stock on the Acquisition Date.
(3)The considered value of Common Stock to be issued to AR Global was $325.0 million for the Internalization Merger, and the number of shares issued was valued based on the Company’s 5-day volume-weighted average price as of market close on May 11, 2023. The price used to calculate fair value represents the closing price of GNL’s Common Stock on the Acquisition Date.
(4)Each share of the RTL Series A Preferred Stock was exchanged for one new share of Series D Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series A Preferred Stock on the Acquisition Date.
(5) Each share of the RTL Series C Preferred Stock was exchanged for one new share of Series E Preferred Stock respectively. The price used to calculate fair value represents the closing price of the RTL Series C Preferred Stock on the Acquisition Date.
The following table presents the allocation of the assets acquired and liabilities assumed during the six months ended June 30, 2023, and, in the case of assets located outside of the U.S., based on the applicable exchange rate at the time of purchase. The Company did not acquire any properties during the six months ended June 30, 2024. All of the acquisitions in the six months ended June 30, 2023 were considered asset acquisitions for accounting purposes.
Six Months Ended June 30,
(Dollar amounts in thousands)2023
Assets Acquired:
Real estate investments, at cost:
Land$4,757 
Buildings, fixtures and improvements30,087 
Total tangible assets34,844 
Intangibles acquired:
In-place leases4,128 
Above-market lease assets40,964 
               Total Intangible assets 45,092 
Right-of -use asset1,426 
Cash paid for acquired real estate investments$81,362 
Number of properties purchased8 
Schedule of Acquisitions by Property Type
The following table summarizes the acquisitions by property type, listed by reportable segment, during the six months ended June 30, 2023:
Property Type
Number of Properties
Square Feet (unaudited)
Properties Acquired in 2023:
Industrial & Distribution— — 
Multi-Tenant Retail— — 
Single-Tenant Retail8 323,730 
Office— — 
8 323,730 
Schedule of Properties Sold The following table summarizes the aforementioned properties sold:
PortfolioCountry/States
Disposition Month(s)
Number of Properties
Square Feet (unaudited)
Properties Sold in 2024:
O’Charley’sAL, IN, TN, MS, NC, GA, KY, OH, TN February & March (5 properties); April & May (7 properties)1277,430 
Truist BankFL, GA, TN, NC, SC, VA, OH, FLFebruary & March (11 properties); April & May (11 properties )2293,374 
Fife CouncilUnited KingdomFebruary137,331 
TOMs KingPAFebruary14,107 
FedExMNMarch111,501 
Amazon KYMay 179,105 
American Car Center GA & IL May & June 221,077 
AmeriCold GA, IL, MN, SC June 91,407,166 
CVSMIJune110,880 
Decatur CommonsALMay1125,635 
DieboldOH June 1158,330 
KlaussnerNCMay1397,533 
Shippensburg MarketplacePAApril159,866 
Springfield CommonsOHJune1164,843 
552,648,178 
Schedule of Real Estate Properties Held for Sale
The following table details the major classes of the assets associated with the property that the Company determined to be classified as held for sale as of June 30, 2024 and December 31, 2023. For assets held for sale as of June 30, 2024, the accumulated depreciation was collapsed against the assets prior to recording impairments on those assets and prior to their reclass to assets held for sale.
(Dollar amounts in thousands)June 30, 2024December 31, 2023
Real estate investments held for sale, at cost:
Land$1,110 $860 
Buildings, fixtures and improvements3,144 2,349 
Total real estate assets held for sale, at cost4,254 3,209 
Less accumulated depreciation and amortization— (21)
Total real estate investments held for sale, net$4,254 $3,188 
Schedule of Properties with Significant Annualized Straight-line Rental Income, by Geographical Areas
The following table lists the countries where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of June 30, 2024 and December 31, 2023. No U.S. state had a concentration over 10% as of June 30, 2024 and December 31, 2023.
Country / U.S. StateJune 30,
2024		December 31,
2023
United States79.6%79.7%
United Kingdom11.4%11.1%