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Real Estate Investments, Net (Tables)
 12 Months Ended
Dec. 31, 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.
(3)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 years ended December 31, 2023 and 2022, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. With the exception of the Mergers, which was treated as a business combination (see Note 3 — The Mergers), all acquisitions in these periods were considered asset acquisitions for accounting purposes. There were no acquisitions during the year ended December 31, 2024.
Year Ended December 31,
(Dollar amounts in thousands)20232022
Business CombinationAsset AcquisitionsTotalTotal (All Asset Acquisitions)
Real estate investments, at cost:
Land$955,582 $9,541 $965,123 $4,176 
Buildings, fixtures and improvements2,527,159 73,150 2,600,309 25,938 
Total tangible assets3,482,741 82,691 3,565,432 30,114 
Acquired intangible lease assets:
In-place leases581,430 9,231 590,661 4,010 
Above-market lease assets67,768 40,964 108,732 — 
Below-market lease liabilities— — — (230)
Total intangible assets and liabilities649,198 50,195 699,393 3,780 
Cash64,616 — 64,616 — 
Right-of-use asset26,417 1,426 27,843 — 
Prepaid expenses and other assets59,160 — 59,160 — 
Goodwill30,457 — 30,457 — 
    Total assets acquired4,312,589 134,312 4,446,901 33,894 
Liabilities Assumed:
Mortgage note payable1,587,455 — 1,587,455 — 
Senior notes, net386,250 — 386,250 — 
Acquired intangible lease liabilities76,685 211 76,896 — 
Accounts payable and accrued expenses84,368 — 84,368 — 
Operating lease liabilities26,377 — 26,377 — 
Prepaid rent18,439 — 18,439 — 
    Total liabilities assumed2,179,574 211 2,179,785 — 
Equity issued in acquisitions1,617,015 — 1,617,015 — 
Cash paid for acquired real estate investments$516,000 $134,101 $650,101 $33,894 
Number of properties purchased989 9 998 3 
Schedule Acquisition by Property Type
The following table summarizes the acquisition by property type, listed by reportable segment, during the years ended December 31, 2023 and 2022:
Property Type
Number of Properties
Square Feet (unaudited)
Properties Acquired in 2023:
Industrial & Distribution31 4,085,826 
Multi-Tenant Retail109 16,375,661 
Single-Tenant Retail851 7,140,274 
Office7 305,912 
998 27,907,673 
Properties Acquired in 2022:
Industrial & Distribution2 232,600 
Multi-Tenant Retail— — 
Single-Tenant Retail— — 
Office1 66,626 
3 299,226 
Schedule of Properties Sold
The following table summarizes the aforementioned properties sold in 2024, 2023 and 2022:
PortfolioCountry/State
Disposition Date
Number of Properties
Square Feet (unaudited)
Properties Sold in 2024:
O’Charley’sAL, IN, TN, MS, NC, GA, KY, OH, TN, IL, LAFebruary & March (5 properties); April & May & June (7 properties); July, August & September (3 properties); October & November (3 properties)18120,599 
Truist BankFL, GA, TN, NC, SC, VA, OH, FLFebruary & March (11 properties); April & May (11 properties ); September (1 property)2396,538 
Fife CouncilUnited KingdomFebruary137,331 
TOMs KingIL, OH & PAFebruary, August, October & November624,211 
FedExMNMarch111,501 
AmazonKYMay179,105 
American Car CenterAL, GA, KY, SC, TN, ARMay, June, August & November764,962 
AmeriColdGA, IL, MN, SCJune91,407,166 
CVSMIJune110,880 
Decatur CommonsALMay1125,635 
DieboldOHJune1158,330 
KlaussnerNC, VAMay & September21,244,737 
Shippensburg MarketplacePAApril159,866 
Springfield CommonsOHJune1164,843 
Family DollarCO & AR & LAJuly & October & November432,988 
Shops at AbileneTXJuly1175,642 
HEB CenterTXJuly1130,127 
East West CommonsGAAugust1173,205 
Johnson ControlsSpainAugust129,095 
ImperialALAugust110,022 
Foster WheelerUnited KingdomAugust1365,832 
The PlantOHAugust1367,926 
Joe's Crab ShackNCSeptember17,903 
Trinity/ValasisMISeptember2276,621 
PlasmaNV, PA & TXSeptember & December336,607 
EprediaMISeptember1114,700 
Pizza HutGA, NC, NY, MT, OH, VA, IL, KY, UT, TX, OK, WY, COOctober, November & December36108,042 
Taco JohnsMN & IDOctober23,814 
HardeesALOctober13,812 
Burger KingOHOctober & November26,323 
Sterling SlidelLANovember & December2333,769 
CheckersGANovember11,065 
FreeseniusAL, FL, GA, IL, IN, KY, ME, MI, MO, MS, MT, NC, NH, NJ, OH, PA, SC & VADecember35293,763 
Poplar SpringsSCDecember164,078 
Mister Car WashGADecember520,310 
GE AviationOHDecember1102,000 
Home DepotCADecember1141,021 
1786,404,369 
Schedule of Real Estate Properties Held for Sale
The following table details the major classes of the assets associated with the properties that the Company determined to be classified as held for sale as of December 31, 2024 and 2023:
December 31,
(In thousands)20242023
Real estate investments held for sale, at cost:
Land$4,574 $860 
Buildings, fixtures and improvements11,658 2,349 
 Acquired intangible lease assets1,627 — 
Total real estate assets held for sale, at cost17,859 3,209 
Less accumulated depreciation and amortization(453)(21)
Total real estate investments held for sale, net$17,406 0$3,188 
Schedule of Acquired Intangible Lease Assets and Lease Liabilities
Acquired intangible lease assets and lease liabilities consist of the following:
 December 31, 2024December 31, 2023
(In thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying amountGross Carrying AmountAccumulated AmortizationNet Carrying amount
Intangible assets: 
In-place leases
$940,139 $399,271 $540,868 $1,215,443 $436,249 $779,194 
Above-market leases117,828 33,504 84,324 144,538 32,724 111,814 
Total acquired intangible lease assets
$1,057,967 $432,775 $625,192 $1,359,981 $468,973 $891,008 
Intangible liabilities:  
Below-market leases
$107,903 $31,103 $76,800 $120,022 $24,212 $95,810 
Total acquired intangible lease liabilities
$107,903 $31,103 $76,800 $120,022 $24,212 $95,810 
Schedule of Intangible Asset Weighted-Average Amortization Periods and Expense
The following table provides the weighted-average amortization periods as of December 31, 2024 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years:
(In thousands) Weighted-Average Amortization
Years		20252026202720282029
In-place leases6.3$122,447 $95,432 $74,088 $56,838 $39,557 
Total to be included as an increase to depreciation and amortization
$122,447 $95,432 $74,088 $56,838 $39,557 
Above-market lease assets
7.4$14,108 $12,255 $11,150 $9,333 $7,581 
Below-market lease liabilities12.6(9,133)(7,750)(6,862)(6,168)(5,360)
Total to be included as an increase (decrease) to revenue from tenants $4,975 $4,505 $4,288 $3,165 $2,221 
Schedule of Properties With Significant Annualized Straight-line Rental Income, by Geographical Areas
The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31, 2024, represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2024, 2023 and 2022.
December 31,
Country / U.S. State202420232022
United States80.1%79.7%63.9%
Michigan9.2%8.4%15.5%
United Kingdom10.4%11.1%17.4%