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Real Estate Investments, Net (Tables) | 3 Months Ended
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Mar. 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 Shares |  | 209,906 |  |  | $ | 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 Units |  | 115,857 |  |  | $ | 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 consideration |  |  |  |  |  | 1,617,015 |  |  |
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 three months ended March 31, 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 three months ended March 31, 2024. All of the acquisitions in the three months ended March 31, 2023 were considered asset acquisitions for accounting purposes.
|  |  |  | Three Months Ended March 31,
(Dollar amounts in thousands) |  |  |  | 2023
Assets Acquired: |  |  |  |
Real estate investments, at cost: |  |  |  |
Land |  |  |  | $ | 4,757 |
Buildings, fixtures and improvements |  |  |  | 30,087 |
Total tangible assets |  |  |  | 34,844 |
Intangibles acquired: |  |  |  |
In-place leases |  |  |  | 4,128 |
Above-market lease assets |  |  |  | 40,964 |
Total Intangible assets |  |  |  | 45,092 |
Right-of -use asset |  |  |  | 1,426 |
Cash paid for acquired real estate investments |  |  |  | $ | 81,362 |
Number of properties purchased |  |  |  | 8 |
Schedule of Acquisitions by Property Type | The following table summarizes the acquisitions by property type, listed by reportable segment, during the three months ended March 31, 2023:
Property Type |  | Number of Properties |  | Square Feet (unaudited)
Properties Acquired in 2023: |  |  |  |
Industrial & Distribution |  | — |  |  | — |
Multi-Tenant Retail |  | — |  |  | — |
Single-Tenant Retail |  | 8 |  |  | 323,730 |
Office |  | — |  |  | — |
|  | 8 |  |  | 323,730 |
Schedule of Properties Sold | The following table summarizes the aforementioned properties sold:
Portfolio |  | Country/States |  | Disposition Month(s) |  | Number of Properties |  | Square Feet (unaudited)
Properties Sold in 2024: |  |  |  |  |  |  |  |
O’Charley’s |  | AL, IN, TN, MS |  | February & March |  | 5 |  | 31,610 |
Truist Bank |  | FL, GA, TN |  | February & March |  | 11 |  | 45,314 |
Fife Council |  | United Kingdom |  | February |  | 1 |  | 37,331 |
TOMs King |  | PA |  | February |  | 1 |  | 4,107 |
FedEx |  | MN |  | March |  | 1 |  | 11,501 |
|  |  |  |  |  | 19 |  | 129,863 |
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 March 31, 2024 and December 31, 2023:
(Dollar amounts in thousands) |  | March 31, 2024 |  | December 31, 2023
Real estate investments held for sale, at cost: |  |  |  |
Land |  | $ | 3,185 |  |  | $ | 860 |
Buildings, fixtures and improvements |  | 9,751 |  |  | 2,349 |
Acquired intangible lease assets |  | 1,201 |  |  | — |
Total real estate assets held for sale, at cost |  | 14,137 |  |  | 3,209 |
Less accumulated depreciation and amortization |  | (90) |  |  | (21) |
Total real estate investments held for sale, net |  | $ | 14,047 |  |  | $ | 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 March 31, 2024 and December 31, 2023. No U.S. state had a concentration over 10% as of March 31, 2024 and December 31, 2023.
Country / U.S. State |  | March 31, 2024 |  | December 31, 2023
United States |  | 79.7% |  | 79.7%
United Kingdom |  | 11.0% |  | 11.1%

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