2025 GuidanceThe Company introduced its 2025 Company Defined AFFO guidance range of $0.90ps-$0.96ps, which is well below consensus estimate of $1.21ps and our estimate of $1.24ps.
Dividend CutGNL's previously-announced sale of its multi-tenant retail portfolio for $1.78B led to earnings dilution and a dividend cut by 31%.
Earnings OutlookThe earnings outlook implies 30% downside, as GNL has ~$2B of dispositions in process, including the $1.78B portfolio trade.