Global Net Lease , Inc. (NYSE:GNL), a real estate investment trust with a market capitalization of $1.66 billion, announced the appointment of Ori Kravel as its new Chief Operating Officer effective January 23, 2025. According to InvestingPro analysis, the company currently trades below its Fair Value and offers a substantial 15.34% dividend yield. The move comes after Kravel's successful tenure as Senior Vice President of Corporate Development since the company's internalization in September 2023.
Kravel, 35, brings extensive experience to the role, having been with AR Global Investments, LLC, the parent company of Global Net Lease's former advisor and property manager, since 2011. His expertise includes overseeing capital markets, mergers and acquisitions, and executing strategic transactions. He has executed over $12 billion in capital markets transactions and more than $25 billion in M&A transactions.
In his new role, Kravel will receive an annual base salary of $415,000, with the potential for adjustments following annual reviews. He is also eligible for performance-based annual cash bonuses, with a threshold amount of 100% of his annual base salary and a maximum of 250%, based on company and individual performance goals.
Additionally, Kravel will receive annual equity-based awards under the company's long-term incentive plans, with terms consistent with other similarly situated executives.
The employment agreement, effective January 23, 2025, outlines severance pay and benefits upon certain terminations of employment, including death, disability, termination without cause, or resignation for good reason. These benefits include payment of earned but unpaid bonuses, healthcare benefit premiums for up to 18 months, and cash severance ranging from 200% to 300% of Kravel's annual base salary and target bonus, depending on the circumstances of the termination.
In other recent news, Global Net Lease has been the subject of several significant developments. Truist Securities has reduced the company's price target from $8.50 to $8.00, maintaining a Hold rating on the stock. This revision follows Global Net Lease's third-quarter financial results for 2024, which prompted adjustments to the company's Adjusted Funds From Operations (AFFO) estimates for upcoming years. Meanwhile, Global Net Lease's CEO, Edward M. Weil, Jr., has secured a new employment agreement set to begin in 2025 with provisions for automatic annual renewals until 2029.
In parallel, Netlist (OTC:NLST) Inc. reported surpassing its cost synergy target with $85 million in annual savings and reducing net debt by $145 million. The company's Q3 revenue was $197 million, despite a net loss of $77 million, and Funds from Operations (FFO) were $74 million. Netlist Inc. also raised its asset disposition target for 2024, aiming for $650 million-$800 million.
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