The Necessity Retail REIT, Inc. (NASDAQ:RTL) Q2 2023 Earnings Call Transcript

So there was a lot in this quarter, all very important. Much of it, I think of as cleanup that was necessary as well as steps leading up to us being able to complete this merger. So a lot of really positive things. And on that same vein, I just want to point out, as we’ve talked about before, part of the benefit to the RTL shareholders in this merger, besides being the third largest net lease company with a global focus, the RTL shareholders are expected to receive a 12% increase to their current quarterly dividend as a part of the merger with GNL. So really exciting, not only the work that we completed in the second quarter, but the work that’s being completed to ready for the merger.

Bryan Maher: Right. We have gotten here very little inbound pushback to this deal. So I think the merits of the transaction have kind of resonated with shareholders at least those that we’ve talked to once we kind of walk them through the term fee payment. So good luck with it.

Michael Weil: Great. All right. Thank you, Bryan.

Operator: Thank you. There are no further questions at this time. I would like to turn the floor back over to Michael Weil, President and Chief Executive Officer for closing comments.

Michael Weil: Great. Well, thank you. And thank you all for joining us. Obviously, we look forward to keeping everyone updated as we get closer to the special meeting, as I said, that is set for September 8. Proxies have been mailed and please, as you’ll see, the RTL Board of Directors recommends that RTL’s shareholders vote for each of the proposals to be considered at the RTL special meeting. If you do have any questions, please let us know. We’ll be happy to walk through anything that you may want to go over. And again, not only are we excited about the size and scale of the company, but the change to internalized structure and the changes to corporate governance, we feel really puts us right on par with our peers in the industry. So thanks again for joining us, and we look forward to talking to you again as GNL shareholders.

Operator: This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.