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Blackwells Capital Reiterates Support for the Combination of Global Net Lease and The Necessity Retail REIT

Blackwells Capital LLC (together with its affiliates, “Blackwells”), an alternative investment management firm that is a shareholder of both Global Net Lease, Inc. (NYSE: GNL) (“GNL”) and The Necessity Retail REIT, Inc. (NASDAQ: RTL) (“RTL”), today reiterated its support for the companies’ proposed combination.

Jason Aintabi, Chief Investment Officer of Blackwells, commented:

“Blackwells spent the last year engaging with GNL and RTL to secure various enhancements, including corporate governance improvements, that stand to benefit both companies’ shareholders for years to come. The Special Committees of GNL and RTL, per the disclosure in the proxies, negotiated multiple internalizations with the external manager in order to create this valuable corporate transformation. We estimate this will save the combined entity more than $75 million annually and give shareholders best-in-class corporate governance, tremendous scale, synergies, AFFO accretion, debt reduction and diversification. The internally managed combination is trading at an implied value of less than half that of its peer set currently, while we believe the merged entity will command a premium valuation as the market comes to understand the strength of a $10 billion REIT platform with all the attributes above.”

Mr. Aintabi continued:

“Achieving these results cannot come without a cost. We are focused on a future that we believe promises considerably outsized returns for shareholders, rather than contemplate continuing to own two sub-scale, externally managed REITs that do not have the governance or financial attributes to unlock all the value embedded within them. A vote against this merger is a vote to maintain the status quo, which we worked hard to improve. Blackwells will vote in favor of the merger and related proposals at the Special Meetings of both GNL and RTL.”

About Blackwells Capital

Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance and real estate enterprises. For more information, please visit


The views expressed in this press release (the “Press Release”) represent the opinions of Blackwells and the investment funds it manages that hold shares in GNL and RTL. The Press Release is for informational purposes only, and it does not have regard to the specific investment objective, financial situation, suitability or particular need of any specific person who may receive the Press Release, and should not be taken as advice on the merits of any investment decision. The views expressed in the Press Release represent the opinions of Blackwells, and are based on publicly available information and Blackwells’ analyses.

Certain financial information and data used in the Press Release have been derived or obtained from filings made with the Securities and Exchange Commission (“SEC”) by GNL and RTL. Blackwells disclaims any obligation to correct or update the Press Release or to otherwise provide any additional materials. Blackwells recognizes that GNL and/or RTL may possess confidential information that could lead it to disagree with Blackwells’ views and/or conclusions.

Blackwells currently beneficially owns, and/or has an economic interest in, shares of GNL and RTL. Blackwells is in the business of trading—buying and selling—securities. Blackwells may buy or sell or otherwise change the form or substance of any of its investments in any manner permitted by law and expressly disclaims any obligation to notify any recipient of the Press Release of any such changes. There may be developments in the future that cause Blackwells to engage in transactions that change its beneficial ownership and/or economic interest in GNL and/or RTL. The securities or investment ideas listed are not presented in order to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio securities identified and described in the Press Release were or will be profitable. Under no circumstances is the Press Release to be used or considered as an offer to sell or a solicitation of an offer to buy any security.

The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could,” “should” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Blackwells’ underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Blackwells that the future plans, estimates or expectations contemplated will ever be achieved.

The views stated, analysis presented and materials referenced herein have been prepared by Blackwells alone based on its independent analysis and have not been independently verified by, and are not necessarily the views of, RTL or GNL.

PLEASE NOTE: This is NOT a proxy solicitation. Blackwells is not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card. Executed proxy cards should be returned according to the instructions.


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