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Global Net Lease to reduce annualized dividend

Global Net Lease said its board of directors approved to reduce its annualized dividend to $1.60 per share of common stock from $2.13 per share due to uncertainty brought by the coronavirus pandemic.

The diversified real estate investment trust said the changes will take into effect for the second quarter dividend, which it plans to declare in April.

The reduction in dividend is expected to generate roughly $12 million in savings per quarter, which will be used to fortify balance sheet and capitalize on acquisitions.

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