ARC’s Global Net Lease Stumbles Out of the Gate on the NYSE
After two weeks of delays, Global Net Lease, Inc., the REIT formerly known as American Realty Capital Global Trust, Inc., listed on the New York Stock Exchange (NYSE) yesterday under the ticker symbol “GNL.” This marks the first listing for an AR Capital sponsored REIT in 2015 and the first since the ARCP accounting scandal that was disclosed in October 2014.
GNL opened trading at $10.07 per share, yet despite the company’s immediate tender offer to acquire up to $125 million of common stock at $10.50 per share, shares traded down throughout the day reaching a low of $9.26 before closing at $9.32. About 1.4 million shares exchanged hands Tuesday.
At the time of this article, GNL shares were trading at $9.35.
GNL completed its initial public offering in June of 2014 after raising $1.7 billion through the independent broker-dealer channel at $10 per share. As of December 31, 2014, its portfolio consisted of 300 properties in the U.S. and Europe with an aggregate cost of $2.4 billion.