0001526113FALSETRUE00015261132023-08-032023-08-030001526113us-gaap:CommonStockMember2023-08-032023-08-030001526113gnl:A7.25SeriesACumulativeRedeemablePreferredStockMember2023-08-032023-08-030001526113gnl:A6.85SeriesBCumulativeRedeemablePreferredStockMember2023-08-032023-08-030001526113gnl:PreferredStockPurchaseRightsMember2023-08-032023-08-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 3, 2023
Global Net Lease, Inc.
(Exact Name of Registrant as Specified in its Charter)
| | | | | | | | | | | | | | |
Maryland | | 001-37390 | | 45-2771978 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
650 Fifth Avenue, 30th Floor
New York, New York 10019
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 415-6500
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| | | | | | | | | | | | | | |
Securities registered pursuant to section 12(b) of the Act: |
Title of each class | | Trading Symbols | | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | | GNL | | New York Stock Exchange |
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | | GNL PR A | | New York Stock Exchange |
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share | | GNL PR B | | New York Stock Exchange |
Preferred Stock Purchase Rights | | | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 3, 2023, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended June 30, 2023, and supplemental financial information for the quarter ended June 30, 2023, attached hereto as Exhibits 99.1 and 99.2, respectively.
Item 7.01. Regulation FD Disclosure.
Press Release and Supplemental Information
As disclosed in Item 2.02 above, on August 3, 2023, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2023, and supplemental financial information for the quarter ended June 30, 2023, attached hereto as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
The statements in this Current Report o Form 8-K that are not historical may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” expects,” “plans,” “intends,” “would,” or similar expressions indicate a forward-looking statement, although not all forward-looking statements contain these identifying words. Any statements referring to the future value of an investment in the Company, including the adjustments giving effect to RTL merging with and into Osmosis Sub I, LLC, with Osmosis Sub I continuing as the surviving entity and wholly-owned subsidiary of GNL (the “REIT Merger”) and GNL and RTL becoming internally managed (the “Internalization Merger”) as described in this communication, as well as the potential success that the Company may have in executing the REIT Merger and Internalization Merger, are also forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company's actual results, or the Company's actual results after making adjustments to give effect to the REIT Merger and the Internalization Merger, to differ materially from those contemplated by such forward-looking statements, including but not limited to: (i) the Company's ability to complete the proposed REIT Merger and Internalization Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approvals and satisfaction of other closing conditions to consummate the proposed transaction, (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Internalization Merger Agreement and REIT Merger Agreement, each dated as of May 23, 2023 relating to the proposed transactions, (iii) ability of the Company to obtain lender consent to amend its Second Amended and Restated Credit Facility or any other loan agreement of the Company, if at all, or on terms favorable to the Company, (iv) risks related to the potential repeal of the Company's Shareholder's Rights Plan; (v) risks related to the decrease in the beneficial ownership requirements of the Company's applicable classes and series of stock; (vi) risks related to diverting the attention of the Company's management from ongoing business operations, (vii) failure to realize the expected benefits of the proposed transactions, (viii) significant transaction costs or unknown or inestimable liabilities, (ix) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay, (x) the risk that RTL's business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, (xi) risks related to future opportunities and plans for the Company post-closing, including the uncertainty of expected future financial performance and results of the Company post-closing following completion of the proposed transactions, (xii) the effect of the announcement of the proposed transaction on the ability of the Company and RTL to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships, (xiii) the effect of any downgrade of the Company's or RTL's corporate rating or to any of their respective debt or equity securities including the outstanding notes under the RTL Indenture; (xiv) risks related to the market value of the GNL Common Stock to be issued in the proposed transactions; (xv) other risks related to the completion of the proposed transactions, (xvi) the risk that one or more parties to the Internalization Merger Agreement and REIT Merger Agreement may not fulfil its obligations under the respective agreement, as well as the additional risks, uncertainties and other important factors set forth in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023, and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| | | | | | | | |
Exhibit No. | | Description |
| | Press release dated August 3, 2023 |
| | |
| | Quarterly supplemental information for the quarter ended June 30, 2023 |
| | |
104 | | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Global Net Lease, Inc.
| | | | | | | | | | | | | | |
Date: August 3, 2023 | By: | /s/ James L. Nelson | |
| | Name: | James L. Nelson | |
| | Title: | Chief Executive Officer and President | |
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
GLOBAL NET LEASE REPORTS SECOND QUARTER 2023 RESULTS
Company to Host Investor Webcast and Conference Call Today at 1:00 PM ET
New York, August 3, 2023 - Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter ended June 30, 2023.
Second Quarter 2023 and Subsequent Events Highlights
•Announced merger agreement with The Necessity Retail REIT, Inc. (NASDAQ:RTL), which is expected to close in September, 2023 and is expected to:
◦Create the third largest publicly traded net lease REIT with a global presence
◦Be 9% accretive to annualized AFFO per share in the first quarter after closing, compared to the first quarter of 2023
◦Create $75 million of annual cost savings anticipated within twelve months of closing
•Revenue was $95.8 million compared to $95.2 million in second quarter 2022
•Net loss attributable to common stockholders was $31.4 million, or $0.30 per diluted share, compared to $5.8 million, or $0.06 per diluted share in second quarter 2022
•Net operating income ("NOI") was $86.8 million compared to $87.4 million in second quarter 2022
•Core Funds from Operations (“Core FFO”) was $27.7 million, or $0.27 per diluted share, due in part to proxy related expenses of $22.0 million and $6.3 million of merger and transaction costs, compared to $50.0 million or $0.48 per diluted share in second quarter 2022
•Adjusted Funds from Operations (“AFFO”) was $41.4 million compared to $45.0 million in the second quarter 2022
•AFFO per diluted share was $0.40 compared to $0.43 in second quarter 2022 and $0.38 in the first quarter of 2023
•Distributed $41.7 million, or $0.40 per diluted share, in dividends to common shareholders
•Leased over 900,000 square feet through 11 leases and one tenant expansion project, resulting in nearly $20.2 million of net new straight-line rent over a weighted-average lease term of 6.0 years
•Portfolio 97.7% leased with 7.6 years of weighted average remaining lease term1
•Contractual annual rent increases in 94.7%2 of leases with an average increase of 1.2% per year, including but not limited to 60.1% that are fixed-rate increases and 27.5% that are based on Consumer Price Index
•Approximately 60.0% of annualized straight-line rent comes from Investment Grade or implied Investment Grade tenants3
“We made great progress on our key strategic objectives during the quarter as we executed substantial lease renewals and extensions and focused on our industrial and distribution assets, which comprise 55.0% of our portfolio,” said James Nelson, CEO of GNL. “We leased over 900,000 square feet and continued to selectively dispose of non-core assets, such as the vacant office in San Jose, CA that we recently agreed to sell for nearly the same price we originally paid for it when it had a long-term lease in place, while preparing to integrate RTL. We believe that this transformative merger, along with the internalization of GNL’s management and numerous governance enhancements, will be accretive to AFFO per share and establish a sector-leading REIT with a world-class portfolio. We look forward to building off our strong foundation to accelerate long-term growth and unlock significant value for GNL shareholders.”
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | |
(In thousands, except per share data) | | 2023 | | 2022 | | |
Revenue from tenants | | $ | 95,844 | | | $ | 95,177 | | | |
| | | | | | |
Net loss attributable to common stockholders | | $ | (31,357) | | | $ | (5,847) | | | |
Net loss per diluted common share | | $ | (0.30) | | | $ | (0.06) | | | |
| | | | | | |
NAREIT defined FFO attributable to common stockholders | | $ | 5,940 | | | $ | 49,481 | | | |
NAREIT defined FFO per diluted common share | | $ | 0.06 | | | $ | 0.48 | | | |
| | | | | | |
Core FFO attributable to common stockholders | | $ | 27,707 | | | $ | 49,956 | | | |
Core FFO per diluted common share | | $ | 0.27 | | | $ | 0.48 | | | |
| | | | | | |
AFFO attributable to common stockholders | | $ | 41,410 | | | $ | 45,019 | | | |
AFFO per diluted common share | | $ | 0.40 | | | $ | 0.43 | | | |
Property Portfolio
As of June 30, 2023, the Company’s portfolio of 317 net lease properties is located in eleven countries and territories, and is comprised of 39.6 million rentable square feet leased to 139 tenants across 52 industries. The real estate portfolio metrics include:
•97.7% leased with a remaining weighted-average lease term of 7.6 years
•94.7% of the portfolio contains contractual rent increases based on annualized straight-line rent
•60.0% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
•60.4% U.S. and Canada, 39.6% Europe (based on annualized straight-line rent)
•55.0% Industrial / Distribution, 40.0% Office and 5.0% Retail (based on an annualized straight-line rent)
Capital Structure and Liquidity Resources4
As of June 30, 2023, the Company had liquidity of $374.1 million, including $100.9 million of cash and cash equivalents and $273.2 million of availability under the Company's revolving credit facility.
The Company’s net debt to enterprise value was 65.2% with an enterprise value of $3.7 billion based on the quarter end closing share price of $10.28 for common stock, $21.08 for the Series A preferred stock and $19.03 for the Series B preferred stock, and net debt of $2.4 billion5, including $1.0 billion of mortgage debt.
As of June 30, 2023, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 72.0% compared to 76.0% as of June 30, 2022. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.9 times6. Weighted-average debt maturity was 3.7 years as of June 30, 2023 as compared to 4.3 years as of June 30, 2022.
Footnotes/Definitions
1 Weighted-average remaining lease term in years is based on square feet as of June 30, 2023.
2 All such increases are calculated based on straight-line rent and subject to certain caps
3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of June 30, 2023. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.7% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of June 30, 2023.
4 During the three months ended June 30, 2023, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock "at-the-market" programs.
5 Comprised of the principal amount of GNL's outstanding debt totaling $2.5 billion less cash and cash equivalents totaling $100.9 million, as of June 30, 2023.
6 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
Conference Call
GNL will host a conference call on August 3, 2023 at 1:00 p.m. ET to discuss its financial and operating results.
Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the GNL website, www.globalnetlease.com, in the “Investor Relations” section.
To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.
Conference Call Details
Live Call
Dial-In (Toll Free): 1-866-652-5200
International Dial-In: 1-412-317-6060
Conference Replay*
Domestic Dial-In (Toll Free): 1-844-512-2921
International Dial-In: 1-412-317-6671
Conference Number: 10176723
*Available from 5:00 p.m. ET on August 3, 2023 through November 3, 2023.
Supplemental Schedules
The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.
About Global Net Lease, Inc.
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.
Forward-Looking Statements
The statements in this communication that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” expects,” “plans,” “intends,” “would,” or similar expressions indicate a forward-looking statement, although not all forward-looking statements contain these identifying words. Any statements referring to the future value of an investment in the Company, including the adjustments giving effect to RTL merging with and into Osmosis Sub I, LLC, with Osmosis Sub I continuing as the surviving entity and wholly-owned subsidiary of GNL (the “REIT Merger”) and GNL and RTL becoming internally managed (the “Internalization Merger”) as described in this communication, as well as the potential success that the Company may have in executing the REIT Merger and Internalization Merger, are also forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company’s actual results, or the Company’s actual results after making adjustments to give effect to the REIT Merger and the Internalization Merger, to differ materially from those contemplated by such forward-looking statements, including but not limited to: (i) the Company’s ability to complete the proposed REIT Merger and Internalization Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approvals and satisfaction of other closing conditions to consummate the proposed transaction, (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Internalization Merger Agreement and REIT Merger Agreement, each dated as of May 23, 2023 relating to the proposed transactions, (iii) ability of the Company to obtain lender consent to amend its Second Amended and Restated Credit Facility or any other loan agreement of the Company, if at all, or on terms favorable to the Company, (iv) risks related to the potential repeal of the Company’s Shareholder’s Rights Plan; (v) risks related to the decrease in the beneficial ownership requirements of the Company’s applicable classes and series of stock; (vi) risks related to diverting the attention of the Company’s management from ongoing business operations, (vii) failure to realize the expected benefits of the proposed transactions, (viii) significant transaction costs or unknown or inestimable liabilities, (ix) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay, (x) the risk that RTL’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, (xi) risks related to future opportunities and plans for the
Company post-closing, including the uncertainty of expected future financial performance and results of the Company post-closing following completion of the proposed transactions, (xii) the effect of the announcement of the proposed transaction on the ability of the Company and RTL to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships, (xiii) the effect of any downgrade of the Company’s or RTL’s corporate rating or to any of their respective debt or equity securities including the outstanding notes under the RTL Indenture; (xiv) risks related to the market value of the GNL Common Stock to be issued in the proposed transactions; (xv) other risks related to the completion of the proposed transactions, (xvi) the risk that one or more parties to the Internalization Merger Agreement and REIT Merger Agreement may not fulfil its obligations under the respective agreement, as well as the additional risks, uncertainties and other important factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023, and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
Additional Information About the REIT Merger and Internalization Merger and Where to Find It
In connection with the proposed transactions, on July 6, 2023, GNL filed with the SEC a registration statement on Form S-4 (as amended on July 17, 2023), which includes a document that serves as a prospectus of GNL and a joint proxy statement of GNL and RTL (the “joint proxy statement/prospectus”). Each party also plans to file other relevant documents with the SEC regarding the proposed transactions. The Form S-4 became effective on July 18, 2023. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. GNL and RTL commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about July 19, 2023. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other relevant documents filed by GNL with the SEC at the SEC’s website at www.sec.gov. Copies of the documents filed by GNL with the SEC are available free of charge on GNL’s website at www.globalnetlease.com or by contacting GNL’s Investor Relations at investorrelations@globalnetlease.com.
Participants in the Proxy Solicitation
GNL and its respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about directors and executive officers of GNL is available in the proxy statement for its 2023 Annual Meeting,as incorporated by reference in the joint proxy statement/prospectus. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transactions. Investors should read the joint proxy statement/prospectus carefully before making any voting or investment decisions. Investors may obtain free copies of these documents from GNL as indicated above.
Contacts:
Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (212) 415-6510
Global Net Lease, Inc.
Consolidated Balance Sheets
(In thousands)
| | | | | | | | | | | | | | |
| | June 30, 2023 | | December 31, 2022 |
ASSETS | | (Unaudited) | | |
Real estate investments, at cost: | | | | |
Land | | $ | 505,202 | | | $ | 494,101 | |
Buildings, fixtures and improvements | | 3,347,831 | | | 3,276,656 | |
Construction in progress | | 37,262 | | | 26,717 | |
Acquired intangible lease assets | | 727,678 | | | 689,275 | |
Total real estate investments, at cost | | 4,617,973 | | | 4,486,749 | |
Less accumulated depreciation and amortization | | (963,745) | | | (891,479) | |
Total real estate investments, net | | 3,654,228 | | | 3,595,270 | |
| | | | |
Cash and cash equivalents | | 100,918 | | | 103,335 | |
Restricted cash | | 4,268 | | | 1,110 | |
Derivative assets, at fair value | | 27,649 | | | 37,279 | |
Unbilled straight-line rent | | 77,444 | | | 73,037 | |
Operating lease right-of-use asset | | 51,240 | | | 49,166 | |
Prepaid expenses and other assets | | 50,453 | | | 64,348 | |
Due from related parties | | 436 | | | 464 | |
Deferred tax assets | | 2,584 | | | 3,647 | |
Goodwill and other intangible assets, net | | 21,556 | | | 21,362 | |
Deferred financing costs, net | | 11,100 | | | 12,808 | |
Total Assets | | $ | 4,001,876 | | | $ | 3,961,826 | |
| | | | |
LIABILITIES AND EQUITY | | | | |
Mortgage notes payable, net | | $ | 995,184 | | | $ | 1,233,081 | |
Revolving credit facility | | 1,038,502 | | | 669,968 | |
| | | | |
Senior notes, net | | 493,810 | | | 493,122 | |
Acquired intangible lease liabilities, net | | 23,091 | | | 24,550 | |
Derivative liabilities, at fair value | | 1,798 | | | 328 | |
Due to related parties | | 350 | | | 1,183 | |
Accounts payable and accrued expenses | | 31,265 | | | 22,889 | |
Operating lease liability | | 22,329 | | | 21,877 | |
Prepaid rent | | 28,844 | | | 28,456 | |
Deferred tax liability | | 6,395 | | | 7,264 | |
| | | | |
Dividends payable | | 5,139 | | | 5,189 | |
Total Liabilities | | 2,646,707 | | | 2,507,907 | |
Commitments and contingencies | | — | | | — | |
Stockholders' Equity: | | | | |
7.25% Series A cumulative redeemable preferred stock | | 68 | | | 68 | |
6.875% Series B cumulative redeemable perpetual preferred stock | | 47 | | | 47 | |
Common stock | | 2,374 | | | 2,371 | |
Additional paid-in capital | | 2,690,375 | | | 2,683,169 | |
Accumulated other comprehensive income | | 11,593 | | | 1,147 | |
| | (1,368,678) | | | (1,247,781) | |
Total Stockholders' Equity | | 1,335,779 | | | 1,439,021 | |
Non-controlling interest | | 19,390 | | | 14,898 | |
Total Equity | | 1,355,169 | | | 1,453,919 | |
Total Liabilities and Equity | | $ | 4,001,876 | | | $ | 3,961,826 | |
Global Net Lease, Inc.
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | 2023 | | 2022 |
Revenue from tenants | | $ | 95,844 | | | $ | 95,177 | |
| | | | |
Expenses: | | | | |
Property operating | | 9,033 | | | 7,798 | |
Operating fees to related parties | | 10,110 | | | 10,081 | |
Impairment charges | | — | | | 16,031 | |
Merger, transaction and other costs | | 6,279 | | | 133 | |
Settlement costs | | 15,084 | | | — | |
General and administrative | | 10,683 | | | 3,675 | |
Equity-based compensation | | 2,870 | | | 3,358 | |
Depreciation and amortization | | 37,297 | | | 39,359 | |
Total expenses | | 91,356 | | | 80,435 | |
Operating income before loss on dispositions of real estate investments | | 4,488 | | | 14,742 | |
Gain on dispositions of real estate investments | | — | | | 62 | |
Operating income | | 4,488 | | | 14,804 | |
Other income (expense): | | | | |
Interest expense | | (27,710) | | | (23,449) | |
Loss on extinguishment of debt | | (404) | | | (342) | |
(Loss) gain on derivative instruments | | (774) | | | 7,798 | |
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness | | — | | | 2,439 | |
Other income | | 1,650 | | | 549 | |
Total other expense, net | | (27,238) | | | (13,005) | |
Net (loss) income before income taxes | | (22,750) | | | 1,799 | |
Income tax expense | | (3,508) | | | (2,515) | |
Net loss | | (26,258) | | | (716) | |
| | | | |
Preferred stock dividends | | (5,099) | | | (5,131) | |
Net loss attributable to common stockholders | | $ | (31,357) | | | $ | (5,847) | |
| | | | |
Basic and Diluted Loss Per Share: | | | | |
Net loss per share attributable to common stockholders — Basic and Diluted | | $ | (0.30) | | | $ | (0.06) | |
| | | | |
Weighted average shares outstanding — Basic and Diluted | | 104,149 | | | 103,649 | |
| | | | |
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
| | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | 2023 | | 2022 |
Adjusted EBITDA | | | | |
Net loss | | $ | (26,258) | | | $ | (716) | |
Depreciation and amortization | | 37,297 | | | 39,359 | |
Interest expense | | 27,710 | | | 23,449 | |
Income tax expense | | 3,508 | | | 2,515 | |
Impairment charges | | — | | | 16,031 | |
Equity-based compensation | | 2,870 | | | 3,358 | |
| | | | |
Merger, transaction and other costs | | 6,279 | | | 133 | |
Settlement costs | | 15,084 | | | — | |
Gain on dispositions of real estate investments | | — | | | (62) | |
Loss (gain) on derivative instruments | | 774 | | | (7,798) | |
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness | | — | | | (2,439) | |
Loss on extinguishment of debt | | 404 | | | 342 | |
Other income | | (1,650) | | | (549) | |
Expenses attributable to 2023 proxy contest and related litigation [1] | | 7,371 | | | — | |
Adjusted EBITDA | | 73,389 | | | 73,623 | |
| | | | |
Net operating income (NOI) | | | | |
Operating fees to related parties | | 10,110 | | | 10,081 | |
General and administrative | | 10,683 | | | 3,675 | |
Expenses attributable to 2023 proxy contest and related litigation [1] | | (7,371) | | | — | |
NOI | | 86,811 | | | 87,379 | |
Amortization related to above- and below- market lease intangibles and right-of-use assets, net | | 1,297 | | | 273 | |
Straight-line rent | | (1,786) | | | (2,342) | |
Cash NOI | | $ | 86,322 | | | $ | 85,310 | |
| | | | |
Cash Paid for Interest: | | | | |
Interest Expense | | $ | 27,710 | | | $ | 23,449 | |
Non-cash portion of interest expense | | (2,083) | | | (2,336) | |
Amortization of mortgage discounts | | (237) | | | (238) | |
Total cash paid for interest | | $ | 25,390 | | | $ | 20,875 | |
Footnote:
[1] Amount relates to general and administrative expenses incurred for the Company’s 2023 proxy contest and related litigation involving Blackwells Capital LLC, an affiliate of Blackwells Onshore, and certain others involved with the proxy solicitation (collectively, the “Blackwells/Related Parties”). The Company does not consider these expenses to be part of its normal operating performance. Due to the increase in these expenses as a portion of its general and administrative expenses in the first quarter of 2023, the Company began including this adjustment to arrive at Adjusted EBITDA in order to better reflect its operating performance. The second quarter of 2022 did not have any of these expenses.
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Three Months Ended December 31, |
| | 2023 | | 2022 | | 2022 |
Net loss attributable to stockholders (in accordance with GAAP) | | $ | (31,357) | | | $ | (5,847) | | | $ | (17,738) | |
Impairment charges | | — | | | 16,031 | | | 4,504 | |
Depreciation and amortization | | 37,297 | | | 39,359 | | | 36,987 | |
Gain on dispositions of real estate investments | | — | | | (62) | | | (120) | |
FFO (defined by NAREIT) | | 5,940 | | | 49,481 | | | 23,633 | |
Merger, transaction and other costs [1] | | 6,279 | | | 133 | | | — | |
Settlement costs [2] | | 15,084 | | | — | | | — | |
Loss on extinguishment of debt | | 404 | | | 342 | | | 1,657 | |
Core FFO attributable to common stockholders | | 27,707 | | | 49,956 | | | 25,290 | |
Non-cash equity-based compensation | | 2,870 | | | 3,358 | | | 2,855 | |
| | | | | | |
Non-cash portion of interest expense | | 2,083 | | | 2,336 | | | 2,240 | |
Amortization related to above- and below-market lease intangibles and right-of-use assets, net | | 1,297 | | | 273 | | | 349 | |
Straight-line rent | | (1,786) | | | (2,342) | | | (2,099) | |
Straight-line rent (rent deferral agreements) [3] | | — | | | (39) | | | — | |
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness | | — | | | (2,440) | | | — | |
Eliminate unrealized losses (gains) on foreign currency transactions [4] | | 1,631 | | | (6,321) | | | 11,897 | |
Amortization of mortgage discounts | | 237 | | | 238 | | | 225 | |
Expenses attributable to 2023 proxy contest and related litigation [5] | | 7,371 | | | — | | | 1,436 | |
Adjusted funds from operations (AFFO) attributable to common stockholders | | $ | 41,410 | | | $ | 45,019 | | | $ | 42,193 | |
Footnotes:
[1] For the three months ended June 30, 2023, these costs primarily consist of advisory, legal and other professional costs that were directly related to the proposed merger.
[2] In the three months ended June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued/to be issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.
[3] Represents amounts related to deferred rent pursuant to lease negotiations which qualify for FASB relief for which rent was deferred but not reduced. These amounts are included in the straight-line rent receivable on our balance sheet but are considered to be earned revenue attributed to the current period for rent that was deferred, for purposes of AFFO, as they are expected to be collected. Accordingly, when the deferred amounts are collected, the amounts reduce AFFO. As of March 31, 2023, the Company has collected all previously deferred rents.
[4] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended June 30, 2023, the loss on derivative instruments was $0.8 million, which consisted of unrealized losses of $1.6 million and realized gains of $0.8 million. For the three months ended June 30, 2022, the gain on derivative instruments was $7.8 million, which consisted of unrealized gains of $6.3 million and realized gains of $1.5 million. For the three months ended December 31, 2022, the loss on derivative instruments was $6.9 million, which consisted of unrealized losses of $11.9 million and realized gains of $5.0 million.
[5] Amounts relate to general and administrative expenses incurred for the Company’s 2023 proxy contest and related Blackwells/Related Parties litigation. The Company does not consider these expenses to be part of its normal operating performance and has, accordingly, increased its AFFO for this amount.
Global Net Lease, Inc.
Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
(In thousands)
| | | | | | | | |
Second Quarter 2022 Revenue from tenants | | $ | 95,844 | |
Foreign currency translation impact (using foreign currency exchange rates from Q2 2022) | | 168 | |
| | |
| | |
Revenue from tenants (quarter-over-quarter constant currency adjusted) | | $ | 96,012 | |
Caution on Use of Non-GAAP Measures
Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and Constant Currency should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.
Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.
We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.
As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable.
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the United States dollar which would not have occurred if there had been a constant exchange rate. Revenue from tenants on a Constant Currency basis is calculated by applying the average monthly currency rates from prior comparable period to Revenues from tenants from the applicable period. We believe that this measure provides investors with information about revenue results and trends that eliminates currency volatility while increasing the comparability of our underlying results and trends.
Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations
Funds from Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition.
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the
use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.
Core Funds from Operations
In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, settlement costs related to our Blackwells/Related Parties litigation, as well as certain other costs that are considered to be non-core, such as debt extinguishment costs, fire loss and other costs related to damages at our properties. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.
Adjusted Funds from Operations
In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include, for example, early extinguishment of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.
In calculating AFFO, we exclude certain expenses which under GAAP are characterized as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest and related Blackwells/Related Parties litigation, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income and Constant Currency
We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest and related Blackwells/Related Parties litigation, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Due to the increase in general and administrative expenses as a result of the 2023 proxy contest and related litigation as a portion of our total general and administrative expenses in the first quarter of 2023, we began including this adjustment to arrive at Adjusted EBITDA in order to better reflect our operating performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.
Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the United States dollar which would not have occurred if there had been a constant exchange rate. Revenue from tenants on a Constant Currency basis is calculated by applying the average monthly currency rates from prior comparable period to Revenues from tenants from the applicable period. We believe that this measure provides investors with information about revenue results and trends that eliminates currency volatility while increasing the comparability of our underlying results and trends.
EXHIBIT 99.2
Global Net Lease, Inc.
Supplemental Information
Quarter ended June 30, 2023 (unaudited)
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
| | | | | | | | |
Table of Contents | | |
| | |
Item | | Page |
Non-GAAP Definitions | | 4 |
Key Metrics | | 8 |
Consolidated Balance Sheets | | 10 |
Consolidated Statements of Operations | | 11 |
Non-GAAP Measures | | 12 |
Debt Overview | | 15 |
Future Minimum Lease Rents | | 16 |
Top Ten Tenants | | 17 |
Diversification by Property Type | | 18 |
Diversification by Tenant Industry | | 19 |
Diversification by Geography | | 20 |
Lease Expirations | | 21 |
| | |
Please note that totals may not add due to rounding. | | |
Forward-looking Statements:
This supplemental package of Global Net Lease, Inc. (the “Company”) includes “forward-looking statements.” These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. In addition, words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” expects,” “plans,” “intends,” “would,” or similar expressions indicate a forward-looking statement, although not all forward-looking statements contain these identifying words. Any statements referring to the future value of an investment in the Company, including the adjustments giving effect to The Necessity Retail REIT (“RTL”) merging with and into Osmosis Sub I, LLC, with Osmosis Sub I continuing as the surviving entity and wholly-owned subsidiary of GNL (the “REIT Merger”) and GNL and RTL becoming internally managed (the “Internalization Merger”) as described in this communication, as well as the potential success that the Company may have in executing the REIT Merger and Internalization Merger, are also forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company’s actual results, or the Company’s actual results after making adjustments to give effect to the REIT Merger and the Internalization Merger, to differ materially from those contemplated by such forward-looking statements, including but not limited to: (i) the Company’s ability to complete the proposed REIT Merger and Internalization Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approvals and satisfaction of other closing conditions to consummate the proposed transaction, (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Internalization Merger Agreement and REIT Merger Agreement, each dated as of May 23, 2023 relating to the proposed transactions, (iii) ability of the Company to obtain lender consent to amend its Second Amended and Restated Credit Facility or any other loan agreement of the Company, if at all, or on terms favorable to the Company, (iv) risks related to the potential repeal of the Company’s Shareholder’s Rights Plan; (v) risks related to the decrease in the beneficial ownership requirements of the Company’s applicable classes and series of stock; (vi) risks related to diverting the attention of the Company’s management from ongoing business operations, (vii) failure to realize the expected benefits of the proposed transactions, (viii) significant transaction costs or unknown or inestimable liabilities, (ix) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay, (x) the risk that RTL’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, (xi) risks related to future opportunities and plans for the Company post-closing, including the uncertainty of expected future financial performance and results of the Company post-closing following completion of the proposed transactions, (xii) the effect of the announcement of the proposed transaction on the ability of the Company and RTL to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships, (xiii) the effect of any downgrade of the Company’s or RTL’s corporate rating or to any of their respective debt or equity securities including the outstanding notes under the RTL Indenture; (xiv) risks related to the market value of the GNL common stock, par value $0.01 per share (“Common Stock”) to be issued in the proposed transactions; (xv) other risks related to the completion of the proposed transactions, (xvi) the risk that one or more parties to the Internalization Merger Agreement and REIT Merger Agreement may not fulfil its obligations under the respective agreement, as well as the additional risks, uncertainties and other important factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
23, 2023, and all other filings with the SEC after that date, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.
Additional Information About the REIT Merger and Internalization Merger and Where to Find It
In connection with the proposed transactions, on July 6, 2023, GNL filed with the SEC a registration statement on Form S-4 (as amended on July 17, 2023), which includes a document that serves as a prospectus of GNL and a joint proxy statement of GNL and RTL (the “Joint Proxy Statement/Prospectus”). Each party also plans to file other relevant documents with the SEC regarding the proposed transactions. The Form S-4 became effective on July 18, 2023. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. GNL and RTL commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about July 19, 2023. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other relevant documents filed by GNL with the SEC at the SEC’s website at www.sec.gov. Copies of the documents filed by GNL with the SEC are available free of charge on GNL’s website at www.globalnetlease.com or by contacting GNL’s Investor Relations at investorrelations@globalnetlease.com.
Participants in the Proxy Solicitation
GNL and its respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about directors and executive officers of GNL is available in the proxy statement for its 2023 Annual Meeting, as incorporated by reference in the Joint Proxy Statement/Prospectus. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transactions. Investors should read the joint proxy statement/prospectus carefully before making any voting or investment decisions. Investors may obtain free copies of these documents from GNL as indicated above.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Non-GAAP Financial Measures
This section discusses non-GAAP financial measures we use to evaluate our performance, including Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”), and Constant Currency. While NOI is a property-level measure, AFFO is based on total Company performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. Additionally, NOI as defined herein, does not reflect an adjustment for straight-line rent but AFFO does include this adjustment. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.
Caution on Use of Non-GAAP Measures
FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI, and Constant Currency should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.
Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs.
We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.
As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable.
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the United States dollar which would not have occurred if there had been a constant exchange rate. Revenue from tenants on a Constant Currency basis is calculated by applying the average monthly currency rates from prior comparable period to Revenues from tenants from the applicable period. We believe that this measure provides investors with information about revenue results and trends that eliminates currency volatility while increasing the comparability of our underlying results and trends.
Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations
Funds From Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and, when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.
Core Funds From Operations
In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, settlement costs related to our Blackwells/Related Parties litigation, as well as certain other costs that are considered to be non-core, such as debt extinguishment costs, fire loss and other costs related to damages at our properties. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.
Adjusted Funds From Operations
In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include early extinguishment of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.
In calculating AFFO, we exclude certain expenses which under GAAP are characterized as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest and related Blackwells/Related Parties litigation, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income, and Constant Currency.
We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments) and certain other expenses, including general and administrative expenses incurred for the 2023 proxy contest and related Blackwells/Related Parties litigation, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Due to the increase in general and administrative expenses as a result of the 2023 proxy contest and related litigation as a portion of our total general and administrative expenses in the first quarter of 2023, we began including this adjustment to arrive at Adjusted EBITDA in order to better reflect our operating performance. Adjusted EBITDA for the fourth quarter of 2022 (the only prior period with these types of costs) has been conformed to this presentation. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.
Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the United States dollar which would not have occurred if there had been a constant exchange rate. Revenue from tenants
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
on a Constant Currency basis is calculated by applying the average monthly currency rates from prior comparable period to Revenues from tenants from the applicable period. We believe that this measure provides investors with information about revenue results and trends that eliminates currency volatility while increasing the comparability of our underlying results and trends.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Key Metrics
As of and for the three months ended June 30, 2023
Amounts in thousands, except per share data, ratios and percentages
| | | | | | | | |
Financial Results | | |
Revenue from tenants | | $ | 95,844 | |
Revenue from tenants (quarter-over-quarter constant currency adjusted) [1] | | $ | 96,012 | |
| | |
Net loss attributable to common stockholders | | $ | (31,357) | |
Basic and diluted net loss per share attributable to common stockholders [2] | | $ | (0.30) | |
Cash NOI [1] | | $ | 86,322 | |
Adjusted EBITDA [1] | | $ | 73,389 | |
AFFO attributable to common stockholders [1] | | $ | 41,410 | |
Dividends per share - first quarter [3] | | $ | 0.40 | |
Dividend yield - annualized, based on quarter end share price | | 15.6 | % |
| | |
Balance Sheet and Capitalization | | |
Equity market capitalization - based on quarter end share price of $10.28 for common shares, $21.08 for Series A preferred shares and $19.03 for Series B preferred shares | | $ | 1,305,993 | |
Net debt [4] [5] | | 2,441,984 | |
Enterprise value | | $ | 3,747,977 | |
| | |
Total capitalization | | $ | 3,848,895 | |
| | |
Total consolidated debt [5] | | $ | 2,542,902 | |
Total assets | | $ | 4,001,876 | |
Liquidity [6] | | $ | 374,118 | |
| | |
Common shares outstanding as of June 30, 2023 (thousands) | | 104,406 | |
Common share price, end of quarter | | $ | 10.28 | |
| | |
Net debt to enterprise value | | 65.2 | % |
Net debt to annualized adjusted EBITDA [7] | | 8.3 | x |
| | |
Weighted-average interest rate cost [8] | | 4.8 | % |
Weighted-average debt maturity (years) [9] | | 3.7 | |
Interest Coverage Ratio [10] | | 2.9 | x |
| | |
Real Estate Portfolio | | |
Number of properties | | 317 | |
Number of tenants | | 139 | |
| | |
Square footage (millions) | | 39.6 | |
Leased | | 97.7 | % |
Weighted-average remaining lease term (years) [11] | | 7.6 |
Footnotes:
[1] This Non-GAAP metric is reconciled below.
[2] Adjusted for net income attributable to common stockholders for common share equivalents.
[3] Represents quarterly dividend per share rate based off the annualized dividend rate of $1.60.
[4] Represents total debt outstanding of $2.5 billion, less cash and cash equivalents of $100.9 million.
[5] Excludes the effect of mortgage discounts and deferred financing costs, net.
[6] Liquidity includes $273.2 million of availability under the credit facility and $100.9 million of cash and cash equivalents as of June 30, 2023.
[7] Annualized adjusted EBITDA annualized based on Adjusted EBITDA for the quarter ended June 30, 2023 multiplied by four.
[8] The weighted average interest rate cost is based on the outstanding principal balance of the debt.
[9] The weighted average debt maturity is based on the outstanding principal balance of the debt.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
[10] The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
[11] The weighted-average remaining lease term (years) is based on square feet.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 |
Consolidated Balance Sheets
Amounts in thousands
| | | | | | | | | | | | | | |
| | June 30, 2023 | | December 31, 2022 |
| | (Unaudited) | | |
ASSETS | | | | |
Real estate investments, at cost: | | | | |
Land | | $ | 505,202 | | | $ | 494,101 | |
Buildings, fixtures and improvements | | 3,347,831 | | | 3,276,656 | |
Construction in progress | | 37,262 | | | 26,717 | |
Acquired intangible lease assets | | 727,678 | | | 689,275 | |
Total real estate investments, at cost | | 4,617,973 | | | 4,486,749 | |
Less accumulated depreciation and amortization | | (963,745) | | | (891,479) | |
Total real estate investments, net | | 3,654,228 | | | 3,595,270 | |
| | | | |
Cash and cash equivalents | | 100,918 | | | 103,335 | |
Restricted cash | | 4,268 | | | 1,110 | |
Derivative assets, at fair value | | 27,649 | | | 37,279 | |
Unbilled straight-line rent | | 77,444 | | | 73,037 | |
Operating lease right-of-use asset | | 51,240 | | | 49,166 | |
Prepaid expenses and other assets | | 50,453 | | | 64,348 | |
Due from related parties | | 436 | | | 464 | |
Deferred tax assets | | 2,584 | | | 3,647 | |
Goodwill and other intangible assets, net | | 21,556 | | | 21,362 | |
Deferred financing costs, net | | 11,100 | | | 12,808 | |
Total Assets | | $ | 4,001,876 | | | $ | 3,961,826 | |
| | | | |
LIABILITIES AND EQUITY | | | | |
Mortgage notes payable, net | | $ | 995,184 | | | $ | 1,233,081 | |
Revolving credit facility | | 1,038,502 | | | 669,968 | |
| | | | |
Senior notes, net | | 493,810 | | | 493,122 | |
Acquired intangible lease liabilities, net | | 23,091 | | | 24,550 | |
Derivative liabilities, at fair value | | 1,798 | | | 328 | |
Due to related parties | | 350 | | | 1,183 | |
Accounts payable and accrued expenses | | 31,265 | | | 22,889 | |
Operating lease liability | | 22,329 | | | 21,877 | |
Prepaid rent | | 28,844 | | | 28,456 | |
Deferred tax liability | | 6,395 | | | 7,264 | |
| | | | |
Dividends payable | | 5,139 | | | 5,189 | |
Total Liabilities | | 2,646,707 | | | 2,507,907 | |
Commitments and contingencies | | — | | | — | |
Stockholders’ Equity: | | | | |
7.25% Series A cumulative redeemable preferred stock | | 68 | | | 68 | |
6.875% Series B cumulative redeemable perpetual preferred stock | | 47 | | | 47 | |
Common stock | | 2,374 | | | 2,371 | |
Additional paid-in capital | | 2,690,375 | | | 2,683,169 | |
Accumulated other comprehensive income | | 11,593 | | | 1,147 | |
Accumulated deficit | | (1,368,678) | | | (1,247,781) | |
Total Stockholders’ Equity | | 1,335,779 | | | 1,439,021 | |
Non-controlling interest | | 19,390 | | | 14,898 | |
Total Equity | | 1,355,169 | | | 1,453,919 | |
Total Liabilities and Equity | | $ | 4,001,876 | | | $ | 3,961,826 | |
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Consolidated Statements of Operations
Amounts in thousands, except per share data
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 |
Revenue from tenants | | $ | 95,844 | | | $ | 94,332 | | | $ | 93,948 | | | $ | 92,599 | |
| | | | | | | | |
Expenses: | | | | | | | | |
Property operating | | 9,033 | | | 8,146 | | | 9,854 | | | 7,765 | |
Operating fees to related parties | | 10,110 | | | 10,101 | | | 9,877 | | | 10,088 | |
Impairment charges | | — | | | — | | | 4,504 | | | 796 | |
Merger, transaction and other costs | | 6,279 | | | 99 | | | — | | | 103 | |
Settlement costs | | 15,084 | | | — | | | — | | | — | |
General and administrative | | 10,683 | | | 5,660 | | | 6,108 | | | 4,060 | |
Equity-based compensation | | 2,870 | | | 2,925 | | | 2,855 | | | 3,132 | |
Depreciation and amortization | | 37,297 | | | 37,029 | | | 36,987 | | | 37,791 | |
Total expenses | | 91,356 | | | 63,960 | | | 70,185 | | | 63,735 | |
Operating income before loss on dispositions of real estate investments | | 4,488 | | | 30,372 | | | 23,763 | | | 28,864 | |
Gain on dispositions of real estate investments | | — | | | — | | | 120 | | | 143 | |
Operating income | | 4,488 | | | 30,372 | | | 23,883 | | | 29,007 | |
Other income (expense): | | | | | | | | |
Interest expense | | (27,710) | | | (26,965) | | | (25,731) | | | (24,207) | |
Loss on extinguishment of debt | | (404) | | | — | | | (1,657) | | | (41) | |
(Loss) gain on derivative instruments | | (774) | | | (1,656) | | | (6,892) | | | 13,121 | |
| | | | | | | | |
Other income | | 1,650 | | | 66 | | | 127 | | | 10 | |
Total other expense, net | | (27,238) | | | (28,555) | | | (34,153) | | | (11,117) | |
Net (loss) income before income taxes | | (22,750) | | | 1,817 | | | (10,270) | | | 17,890 | |
Income tax expense | | (3,508) | | | (2,707) | | | (2,370) | | | (3,052) | |
Net (loss) income | | (26,258) | | | (890) | | | (12,640) | | | 14,838 | |
| | | | | | | | |
Preferred stock dividends | | (5,099) | | | (5,099) | | | (5,098) | | | (5,099) | |
Net (loss) income attributable to common stockholders | | $ | (31,357) | | | $ | (5,989) | | | $ | (17,738) | | | $ | 9,739 | |
| | | | | | | | |
Basic and Diluted (Loss) Earnings Per Share: | | | | | | | | |
Net (loss) income per share attributable to common stockholders — Basic and Diluted | | $ | (0.30) | | | $ | (0.06) | | | $ | (0.17) | | | $ | 0.09 | |
| | | | | | | | |
Weighted average shares outstanding — Basic and Diluted | | 104,149 | | | 103,783 | | | 103,782 | | | 103,715 | |
| | | | | | | | |
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Non-GAAP Measures
Amounts in thousands, except per share data
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 |
EBITDA: | | | | | | | | |
Net (loss) income | | $ | (26,258) | | | $ | (890) | | | $ | (12,640) | | | $ | 14,838 | |
Depreciation and amortization | | 37,297 | | | 37,029 | | | 36,987 | | | 37,791 | |
Interest expense | | 27,710 | | | 26,965 | | | 25,731 | | | 24,207 | |
Income tax expense | | 3,508 | | | 2,707 | | | 2,370 | | | 3,052 | |
EBITDA | | 42,257 | | | 65,811 | | | 52,448 | | | 79,888 | |
Impairment charges | | — | | | — | | | 4,504 | | | 796 | |
Equity-based compensation | | 2,870 | | | 2,925 | | | 2,855 | | | 3,132 | |
| | | | | | | | |
Merger, transaction and other costs | | 6,279 | | | 99 | | | — | | | 103 | |
Settlement costs | | 15,084 | | | — | | | — | | | — | |
Gain on dispositions of real estate investments | | — | | | — | | | (120) | | | (143) | |
Loss (gain) on derivative instruments | | 774 | | | 1,656 | | | 6,892 | | | (13,121) | |
| | | | | | | | |
Loss on extinguishment of debt | | 404 | | | — | | | 1,657 | | | 41 | |
Other income | | (1,650) | | | (66) | | | (127) | | | (10) | |
Expenses attributable to 2023 proxy contest and related litigation [1] | | 7,371 | | | 1,716 | | | 1,436 | | | — | |
Adjusted EBITDA | | 73,389 | | | 72,141 | | | 69,545 | | | 70,686 | |
Operating fees to related parties | | 10,110 | | | 10,101 | | | 9,877 | | | 10,088 | |
General and administrative | | 10,683 | | | 5,660 | | | 6,108 | | | 4,060 | |
Expenses attributable to 2023 proxy contest and related litigation [1] | | (7,371) | | | (1,716) | | | (1,436) | | | — | |
NOI | | 86,811 | | | 86,186 | | | 84,094 | | | 84,834 | |
Amortization related to above and below-market lease intangibles and right-of-use assets, net | | 1,297 | | | 955 | | | 349 | | | 351 | |
Straight-line rent | | (1,786) | | | (1,888) | | | (2,099) | | | (2,314) | |
Cash NOI | | $ | 86,322 | | | $ | 85,253 | | | $ | 82,344 | | | $ | 82,871 | |
| | | | | | | | |
Cash Paid for Interest: | | | | | | | | |
Interest Expense | | $ | 27,710 | | | $ | 26,965 | | | $ | 25,731 | | | $ | 24,207 | |
Non-cash portion of interest expense | | (2,083) | | | (2,085) | | | (2,240) | | | (2,322) | |
Amortization of mortgage discounts | | (237) | | | (227) | | | (225) | | | (225) | |
Total cash paid for interest | | $ | 25,390 | | | $ | 24,653 | | | $ | 23,266 | | | $ | 21,660 | |
Footnote:
[1] Amounts relate to general and administrative expenses incurred for the 2023 proxy contest and related Blackwells Capital LLC, an affiliate of Blackwells Onshore, and certain others involved with the proxy solicitation (collectively, the “Blackwells/Related Parties”) litigation. The Company does not consider these expenses to be part of its normal operating performance. Due to the increase in these expenses as a portion of its general and administrative expenses in the quarter ended March 31, 2023, the Company began including this adjustment to arrive at Adjusted EBITDA in order to better reflect its operating performance. Adjusted EBITDA for the quarter ended December 31, 2022 was conformed to this presentation. The quarter ended September 30, 2022 did not have any of these expenses.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Non-GAAP Measures
Amounts in thousands, except per share data
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | June 30, 2023 | | March 31, 2023 | | December 31, 2022 | | September 30, 2022 |
Funds from operations (FFO): | | | | | | | | |
Net (loss) income attributable to common stockholders (in accordance with GAAP) | | $ | (31,357) | | | $ | (5,989) | | | $ | (17,738) | | | $ | 9,739 | |
Impairment charges | | — | | | — | | | 4,504 | | | 796 | |
Depreciation and amortization | | 37,297 | | | 37,029 | | | 36,987 | | | 37,791 | |
Gain on dispositions of real estate investments | | — | | | — | | | (120) | | | (143) | |
FFO (as defined by NAREIT) attributable to common stockholders | | 5,940 | | | 31,040 | | | 23,633 | | | 48,183 | |
Merger, transaction and other costs [1] | | 6,279 | | | 99 | | | — | | | 103 | |
Settlement costs [2] | | 15,084 | | | — | | | — | | | — | |
Loss on extinguishment of debt | | 404 | | | — | | | 1,657 | | | 41 | |
Core FFO attributable to common stockholders | | 27,707 | | | 31,139 | | | 25,290 | | | 48,327 | |
Non-cash equity-based compensation | | 2,870 | | | 2,925 | | | 2,855 | | | 3,132 | |
| | | | | | | | |
Non-cash portion of interest expense | | 2,083 | | | 2,085 | | | 2,240 | | | 2,322 | |
Amortization related to above and below-market lease intangibles and right-of-use assets, net | | 1,297 | | | 955 | | | 349 | | | 351 | |
Straight-line rent | | (1,786) | | | (1,888) | | | (2,099) | | | (2,314) | |
| | | | | | | | |
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness | | — | | | — | | | — | | | 1 | |
Eliminate unrealized losses (gains) on foreign currency transactions [3] | | 1,631 | | | 2,647 | | | 11,897 | | | (10,732) | |
Amortization of mortgage discounts | | 237 | | | 227 | | | 225 | | | 225 | |
Expenses attributable to 2023 proxy contest and related litigation [4] | | 7,371 | | | 1,716 | | | 1,436 | | | — | |
Adjusted funds from operations (AFFO) attributable to common stockholders | | $ | 41,410 | | | $ | 39,806 | | | $ | 42,193 | | | $ | 41,312 | |
| | | | | | | | |
Weighted average common shares outstanding — Basic and Diluted | | 104,149 | | | 103,783 | | | 103,782 | | | 103,715 | |
| | | | | | | | |
Net (loss) income per share attributable to common shareholders | | $ | (0.30) | | | $ | (0.06) | | | $ | (0.17) | | | $ | 0.09 | |
FFO per diluted common share | | $ | 0.06 | | | $ | 0.30 | | | $ | 0.23 | | | $ | 0.46 | |
Core FFO per diluted common share | | $ | 0.27 | | | $ | 0.30 | | | $ | 0.24 | | | $ | 0.47 | |
AFFO per diluted common share | | $ | 0.40 | | | $ | 0.38 | | | $ | 0.41 | | | $ | 0.40 | |
Dividends declared to common stockholders | | $ | 41,674 | | | $ | 41,677 | | | $ | 41,677 | | | $ | 41,707 | |
Footnotes:
[1] For the three months ended June 30, 2023, these costs primarily consist of advisory, legal and other professional costs that were directly related to the REIT Merger and Internalization Merger. The quarters ended March 31, 2023, December 31, 2022 and September 30, 2022 did not have any of these costs.
[2] In the three months ended June 30, 2023, we recognized these settlement costs which include one-half of the reasonable, documented, out-of-pocket expenses (including legal fees) incurred by the Blackwells/Related Parties in connection with the proxy contest and related litigation as well as expense for Common Stock issued/to be issued to the Blackwells/Related Parties, as required under the cooperation agreement with the Blackwells/Related Parties.
[3] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended June 30, 2023, the loss on derivative instruments was $0.8 million which consisted of unrealized losses of $1.6 million and realized gains of $0.8 million. For the three months ended March 31, 2023, the loss on derivative instruments was $1.7 million which consisted of unrealized losses of $2.6 million and realized gains of $0.9 million. For the three months ended December 31, 2022, the loss on derivative instruments was $6.9 million, which consisted of unrealized losses of $11.9 million and realized gains of $5.0 million. For the three months ended September 30, 2022, the gain on derivative instruments was $13.1 million which consisted of unrealized gains of $10.7 million and realized gains of $2.4 million.
[4] Amounts relate to general and administrative expenses incurred for the Company’s 2023 proxy contest and related Blackwells litigation. The Company does not consider these expenses to be part of its normal operating performance and has, accordingly, increased its AFFO for these amounts.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Non-GAAP Measures
Amounts in thousands
| | | | | | | | |
Second Quarter 2022 Revenue from tenants | | $ | 95,844 | |
Foreign currency translation impact (using Q2 2022 foreign currency exchange rates) | | 168 | |
| | |
| | |
Revenue from tenants (quarter-over-quarter constant currency adjusted) | | $ | 96,012 | |
| | |
Footnote:
Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign currencies and the United States dollar which would not have occurred if there had been a constant exchange rate. Revenue from tenants on a Constant Currency basis is calculated by applying the average monthly currency rates from the prior comparable period to Revenues from tenants from the applicable period.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Debt Overview
As of June 30, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year of Maturity | | Number of Encumbered Properties [1] | | Weighted-Average Debt Maturity (Years) [1] | | Weighted-Average Interest Rate [2] | | Total Outstanding Balance [3] (In thousands) | | Percent |
Non-Recourse Debt | | | | | | | | | | |
2023 (remainder) | | — | | | — | | | — | % | | $ | — | | | |
2024 | | 11 | | | 0.8 | | | 3.7 | % | | 339,070 | | | |
2025 | | — | | | — | | | — | % | | — | | | |
2026 | | — | | | — | | | — | % | | — | | | |
2027 | | 10 | | | 4.4 | | | 4.4 | % | | 162,580 | | | |
2028 | | 16 | | | 5.3 | | | 4.8 | % | | 201,250 | | | |
Thereafter | | 28 | | | 6.1 | | | 4.0 | % | | 301,500 | | | |
Total Non-Recourse Debt | | 65 | | | 3.9 | | | 4.1 | % | | 1,004,400 | | | 39 | % |
| | | | | | | | | | |
Recourse Debt | | | | | | | | | | |
Revolving Credit Facility | | | | 3.3 | | | 6.1 | % | | 1,038,502 | | | |
| | | | | | | | | | |
Senior Notes | | | | 4.5 | | | 3.8 | % | | 500,000 | | | |
Total Recourse Debt | | | | 3.7 | | | 5.3 | % | | 1,538,502 | | | 61 | % |
| | | | | | | | | | |
Total Debt | | | | 3.7 | | | 4.8 | % | | $ | 2,542,902 | | | 100 | % |
| | | | | | | | | | |
Total Debt by Currency | | | | | | | | Percent | | |
USD | | | | | | | | 59 | % | | |
EUR | | | | | | | | 22 | % | | |
GBP | | | | | | | | 18 | % | | |
CAD | | | | | | | | 1 | % | | |
Total | | | | | | | | 100 | % | | |
Footnotes:
[1] For non-recourse debt, amounts are shown within the year that the loan fully matures.
[2] As of June 30, 2023, the Company’s total combined debt was 72.0% fixed rate or swapped to a fixed rate and 28.0% floating rate.
[3] Excludes the effect of mortgage discounts and deferred financing costs, net. Current balances as of June 30, 2023 are shown in the year the debt matures.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Future Minimum Lease Rents
As of June 30, 2023
Amounts in thousands
| | | | | | | | |
| | Future Minimum Base Rent Payments [1] |
2023 (remainder) | | $ | 258,832 | |
2024 | | 333,500 | |
2025 | | 301,477 | |
2026 | | 278,270 | |
2027 | | 250,916 | |
2028 | | 226,629 | |
Thereafter | | 1,032,052 | |
Total | | $ | 2,681,676 | |
Footnotes:
[1] Base rent assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and C$1.00 to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Top Ten Tenants
As of June 30, 2023
Amounts in thousands, except percentages
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Tenant / Lease Guarantor | | Property Type | | Tenant Industry | | Annualized SL Rent [1] | | SL Rent Percent |
The McLaren Group | | Industrial | | Auto Manufacturing | | $ | 19,458 | | | 5 | % |
FedEx | | Distribution | | Freight | | 14,173 | | | 4 | % |
Whirlpool | | Industrial/Distribution | | Consumer Goods | | 13,215 | | | 4 | % |
Foster Wheeler | | Office | | Engineering | | 11,205 | | | 3 | % |
Government Services Administration (GSA) | | Office | | Government | | 11,028 | | | 3 | % |
FCA USA | | Industrial/Distribution | | Auto Manufacturing | | 10,147 | | | 3 | % |
ING Bank | | Office | | Financial Services | | 9,833 | | | 3 | % |
Broadridge Financial Solutions | | Industrial | | Financial Services | | 9,332 | | | 3 | % |
Finnair | | Industrial | | Aerospace | | 8,795 | | | 2 | % |
Penske | | Distribution | | Logistics | | 8,500 | | | 2 | % |
Subtotal | | | | | | 115,686 | | | 32 | % |
| | | | | | | | |
Remaining portfolio | | | | | | 247,009 | | | 68 | % |
| | | | | | | | |
Total Portfolio | | | | | | $ | 362,695 | | | 100 | % |
Footnotes:
[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and C$1.00 to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Diversification by Property Type
As of June 30, 2023
Amounts in thousands, except percentages
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Portfolio | | | Unencumbered Portfolio [2] |
Property Type | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent | | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent |
Office | | $ | 145,299 | | | 40 | % | | 8,566 | | | 22 | % | | | $ | 84,067 | | | 36 | % | | 4,673 | | | 17 | % |
Industrial | | 129,665 | | | 36 | % | | 17,972 | | | 45 | % | | | 88,276 | | | 38 | % | | 14,378 | | | 52 | % |
Distribution | | 68,664 | | | 19 | % | | 11,430 | | | 29 | % | | | 41,914 | | | 18 | % | | 6,907 | | | 25 | % |
Retail | | 19,067 | | | 5 | % | | 1,583 | | | 4 | % | | | 19,067 | | | 8 | % | | 1,583 | | | 6 | % |
Total | | $ | 362,695 | | | 100 | % | | 39,551 | | | 100 | % | | | $ | 233,324 | | | 100 | % | | 27,541 | | | 100 | % |
Footnotes:
[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and
C$1.00 to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
[2] Includes properties on the credit facility borrowing base.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Diversification by Tenant Industry
As of June 30, 2023
Amounts in thousands, except percentages
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Portfolio | | | Unencumbered Portfolio [3] |
Industry Type | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent | | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent |
Financial Services | | $ | 45,006 | | | 12 | % | | 3,126 | | | 8 | % | | | $ | 28,077 | | | 12 | % | | 2,250 | | | 8 | % |
Auto Manufacturing | | 41,892 | | | 12 | % | | 4,237 | | | 11 | % | | | 17,735 | | | 8 | % | | 2,252 | | | 8 | % |
Consumer Goods | | 20,452 | | | 6 | % | | 4,544 | | | 11 | % | | | 18,867 | | | 8 | % | | 3,875 | | | 14 | % |
Healthcare | | 19,499 | | | 5 | % | | 1,000 | | | 3 | % | | | 7,905 | | | 3 | % | | 576 | | | 2 | % |
Technology | | 17,969 | | | 5 | % | | 987 | | | 2 | % | | | 14,001 | | | 6 | % | | 842 | | | 3 | % |
Freight | | 15,147 | | | 4 | % | | 1,494 | | | 4 | % | | | 6,961 | | | 3 | % | | 774 | | | 3 | % |
Aerospace | | 14,707 | | | 4 | % | | 1,314 | | | 3 | % | | | 2,750 | | | 1 | % | | 191 | | | 1 | % |
Government | | 14,331 | | | 4 | % | | 536 | | | 1 | % | | | 12,918 | | | 6 | % | | 503 | | | 2 | % |
Metal Processing | | 14,324 | | | 4 | % | | 2,472 | | | 6 | % | | | 10,900 | | | 5 | % | | 1,852 | | | 7 | % |
Logistics | | 14,107 | | | 4 | % | | 2,269 | | | 6 | % | | | 4,277 | | | 2 | % | | 1,443 | | | 5 | % |
Energy | | 11,496 | | | 3 | % | | 964 | | | 2 | % | | | 10,229 | | | 4 | % | | 817 | | | 3 | % |
Metal Fabrication | | 11,430 | | | 3 | % | | 1,524 | | | 4 | % | | | 6,660 | | | 3 | % | | 812 | | | 3 | % |
Engineering | | 11,205 | | | 3 | % | | 366 | | | 1 | % | | | 11,205 | | | 5 | % | | 366 | | | 1 | % |
Pharmaceuticals | | 10,809 | | | 3 | % | | 476 | | | 1 | % | | | 1,020 | | | — | % | | 86 | | | — | % |
Automotive Parts Supplier | | 9,705 | | | 3 | % | | 964 | | | 2 | % | | | 9,705 | | | 4 | % | | 964 | | | 4 | % |
Retail Food Distribution | | 8,059 | | | 2 | % | | 1,128 | | | 3 | % | | | 8,059 | | | 3 | % | | 1,128 | | | 4 | % |
Telecommunications | | 7,993 | | | 2 | % | | 599 | | | 2 | % | | | 975 | | | — | % | | 65 | | | — | % |
Discount Retail | | 7,458 | | | 2 | % | | 1,001 | | | 3 | % | | | 1,851 | | | 1 | % | | 200 | | | 1 | % |
Publishing | | 6,498 | | | 2 | % | | 873 | | | 2 | % | | | 6,498 | | | 3 | % | | 873 | | | 3 | % |
Pharmacy | | 6,446 | | | 2 | % | | 324 | | | 1 | % | | | 6,446 | | | 3 | % | | 324 | | | 1 | % |
Home Furnishings | | 5,977 | | | 2 | % | | 2,456 | | | 6 | % | | | 5,977 | | | 3 | % | | 2,456 | | | 9 | % |
Specialty Retail | | 5,575 | | | 2 | % | | 486 | | | 1 | % | | | 5,575 | | | 2 | % | | 486 | | | 2 | % |
Food Manufacturing | | 3,979 | | | 1 | % | | 598 | | | 2 | % | | | 3,979 | | | 2 | % | | 598 | | | 2 | % |
Building Products | | 3,802 | | | 1 | % | | 604 | | | 2 | % | | | 3,802 | | | 2 | % | | 604 | | | 2 | % |
Other [2] | | 34,829 | | | 9 | % | | 5,209 | | | 13 | % | | | 26,952 | | | 11 | % | | 3,204 | | | 12 | % |
Total | | $ | 362,695 | | | 100 | % | | 39,551 | | | 100 | % | | | $ | 233,324 | | | 100 | % | | 27,541 | | | 100 | % |
Footnotes:
[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and
C$1.00 to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
[2] Other includes 27 industry types as of June 30, 2023.
[3] Includes properties on the credit facility borrowing base.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Diversification by Geography
As of June 30, 2023
Amounts in thousands, except percentages
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Portfolio | | | Unencumbered Portfolio [2] |
Region | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent | | | Annualized SL Rent [1] | | SL Rent Percent | | Square Feet | | Sq. ft. Percent |
United States | | $ | 215,944 | | | 59.5 | % | | 28,001 | | | 70.8 | % | | | $ | 138,608 | | | 59.3 | % | | 19,087 | | | 69 | % |
Michigan | | 51,751 | | | 14.3 | % | | 6,263 | | | 15.8 | % | | | 33,716 | | | 14.5 | % | | 4,124 | | | 15.0 | % |
Texas | | 24,386 | | | 6.7 | % | | 1,887 | | | 4.8 | % | | | 13,845 | | | 5.9 | % | | 1,153 | | | 4.2 | % |
Ohio | | 18,292 | | | 5.0 | % | | 4,405 | | | 11.1 | % | | | 14,937 | | | 6.4 | % | | 3,364 | | | 12.2 | % |
California | | 14,006 | | | 3.9 | % | | 1,226 | | | 3.1 | % | | | 7,699 | | | 3.3 | % | | 838 | | | 3.0 | % |
New Jersey | | 8,327 | | | 2.3 | % | | 349 | | | 0.9 | % | | | — | | | — | % | | — | | | — | % |
North Carolina | | 8,311 | | | 2.3 | % | | 2,657 | | | 6.7 | % | | | 7,567 | | | 3.2 | % | | 2,628 | | | 9.5 | % |
Tennessee | | 8,213 | | | 2.3 | % | | 1,125 | | | 2.8 | % | | | 6,480 | | | 2.8 | % | | 662 | | | 2.4 | % |
Indiana | | 7,028 | | | 1.9 | % | | 1,556 | | | 3.9 | % | | | 3,555 | | | 1.5 | % | | 700 | | | 2.5 | % |
Missouri | | 6,790 | | | 1.9 | % | | 656 | | | 1.7 | % | | | 4,820 | | | 2.1 | % | | 566 | | | 2.1 | % |
Illinois | | 6,342 | | | 1.8 | % | | 1,138 | | | 2.9 | % | | | 5,761 | | | 2.5 | % | | 1,062 | | | 3.9 | % |
Alabama | | 5,606 | | | 1.6 | % | | 257 | | | 0.7 | % | | | 320 | | | 0.1 | % | | 58 | | | 0.2 | % |
New York | | 5,391 | | | 1.5 | % | | 760 | | | 1.9 | % | | | 1,747 | | | 0.7 | % | | 145 | | | 0.5 | % |
South Carolina | | 5,193 | | | 1.4 | % | | 801 | | | 2.0 | % | | | 5,193 | | | 2.2 | % | | 801 | | | 2.9 | % |
Kentucky | | 4,228 | | | 1.2 | % | | 523 | | | 1.3 | % | | | 3,314 | | | 1.4 | % | | 446 | | | 1.6 | % |
Pennsylvania | | 4,079 | | | 1.1 | % | | 459 | | | 1.2 | % | | | 1,770 | | | 0.8 | % | | 122 | | | 0.4 | % |
Arkansas | | 2,973 | | | 0.8 | % | | 90 | | | 0.2 | % | | | 2,973 | | | 1.3 | % | | 90 | | | 0.3 | % |
Massachusetts | | 2,822 | | | 0.8 | % | | 250 | | | 0.6 | % | | | 2,822 | | | 1.2 | % | | 250 | | | 0.9 | % |
Minnesota | | 2,793 | | | 0.8 | % | | 266 | | | 0.7 | % | | | 1,286 | | | 0.6 | % | | 219 | | | 0.8 | % |
New Hampshire | | 2,779 | | | 0.8 | % | | 339 | | | 0.9 | % | | | 2,380 | | | 1.0 | % | | 256 | | | 0.9 | % |
Connecticut | | 2,742 | | | 0.8 | % | | 305 | | | 0.8 | % | | | 2,742 | | | 1.2 | % | | 305 | | | 1.1 | % |
Colorado | | 2,694 | | | 0.7 | % | | 87 | | | 0.2 | % | | | 2,694 | | | 1.2 | % | | 87 | | | 0.3 | % |
Kansas | | 2,127 | | | 0.6 | % | | 292 | | | 0.7 | % | | | 1,922 | | | 0.8 | % | | 277 | | | 1.0 | % |
Maine | | 1,969 | | | 0.5 | % | | 50 | | | 0.1 | % | | | 1,969 | | | 0.8 | % | | 50 | | | 0.2 | % |
Florida | | 1,878 | | | 0.5 | % | | 179 | | | 0.5 | % | | | 1,878 | | | 0.8 | % | | 179 | | | 0.6 | % |
Mississippi | | 1,580 | | | 0.4 | % | | 314 | | | 0.8 | % | | | 283 | | | 0.1 | % | | 14 | | | — | % |
Georgia | | 1,557 | | | 0.4 | % | | 492 | | | 1.2 | % | | | — | | | — | % | | — | | | — | % |
Vermont | | 1,236 | | | 0.3 | % | | 213 | | | 0.5 | % | | | — | | | — | % | | — | | | — | % |
Nebraska | | 1,157 | | | 0.3 | % | | 101 | | | 0.3 | % | | | 278 | | | 0.1 | % | | 27 | | | 0.1 | % |
Louisiana | | 1,111 | | | 0.3 | % | | 112 | | | 0.3 | % | | | 434 | | | 0.2 | % | | 36 | | | 0.1 | % |
South Dakota | | 1,110 | | | 0.3 | % | | 54 | | | 0.1 | % | | | 1,110 | | | 0.5 | % | | 54 | | | 0.2 | % |
Iowa | | 1,053 | | | 0.3 | % | | 236 | | | 0.6 | % | | | 1,053 | | | 0.5 | % | | 236 | | | 0.9 | % |
West Virginia | | 980 | | | 0.3 | % | | 104 | | | 0.3 | % | | | — | | | — | % | | — | | | — | % |
North Dakota | | 884 | | | 0.2 | % | | 47 | | | 0.1 | % | | | 884 | | | 0.4 | % | | 47 | | | 0.2 | % |
Oklahoma | | 699 | | | 0.2 | % | | 79 | | | 0.2 | % | | | 699 | | | 0.3 | % | | 79 | | | 0.3 | % |
Maryland | | 690 | | | 0.2 | % | | 120 | | | 0.3 | % | | | 690 | | | 0.3 | % | | 120 | | | 0.4 | % |
New Mexico | | 556 | | | 0.2 | % | | 46 | | | 0.1 | % | | | 556 | | | 0.2 | % | | 46 | | | 0.2 | % |
Wyoming | | 498 | | | 0.1 | % | | 37 | | | 0.1 | % | | | — | | | — | % | | — | | | — | % |
Montana | | 441 | | | 0.1 | % | | 58 | | | 0.2 | % | | | — | | | — | % | | — | | | — | % |
Idaho | | 441 | | | 0.1 | % | | 22 | | | 0.1 | % | | | — | | | — | % | | — | | | — | % |
Nevada | | 344 | | | 0.1 | % | | 14 | | | — | % | | | 344 | | | 0.1 | % | | 14 | | | 0.1 | % |
Delaware | | 337 | | | 0.1 | % | | 10 | | | — | % | | | 337 | | | 0.1 | % | | 10 | | | — | % |
Utah | | 315 | | | 0.1 | % | | 12 | | | — | % | | | 315 | | | 0.1 | % | | 12 | | | — | % |
Virginia | | 235 | | | 0.1 | % | | 10 | | | — | % | | | 235 | | | 0.1 | % | | 10 | | | — | % |
United Kingdom | | 80,858 | | | 22.3 | % | | 5,237 | | | 13.2 | % | | | 61,401 | | | 26.3 | % | | 4,397 | | | 16.2 | % |
Netherlands | | 16,194 | | | 4.5 | % | | 1,007 | | | 2.6 | % | | | 3,827 | | | 1.6 | % | | 364 | | | 1.3 | % |
Finland | | 14,401 | | | 4.0 | % | | 1,457 | | | 3.7 | % | | | — | | | — | % | | — | | | — | % |
Germany | | 10,230 | | | 2.8 | % | | 1,584 | | | 4.0 | % | | | 10,230 | | | 4.4 | % | | 1,584 | | | 5.8 | % |
France | | 7,726 | | | 2.1 | % | | 1,398 | | | 3.5 | % | | | 7,726 | | | 3.3 | % | | 1,398 | | | 5.1 | % |
Luxembourg | | 5,809 | | | 1.6 | % | | 156 | | | 0.4 | % | | | — | | | — | % | | — | | | — | % |
Channel Islands | | 5,776 | | | 1.6 | % | | 114 | | | 0.3 | % | | | 5,776 | | | 2.5 | % | | 114 | | | 0.4 | % |
Canada | | 3,133 | | | 0.9 | % | | 372 | | | 0.9 | % | | | 3,133 | | | 1.3 | % | | 372 | | | 1.4 | % |
Italy | | 2,240 | | | 0.6 | % | | 196 | | | 0.5 | % | | | 2,240 | | | 1 | % | | 196 | | | 0.7 | % |
Spain | | 384 | | | 0.1 | % | | 29 | | | 0.1 | % | | | 383 | | | 0.2 | % | | 29 | | | 0.1 | % |
Total | | $ | 362,695 | | | 100 | % | | 39,551 | | | 100 | % | | | $ | 233,324 | | | 100 | % | | 27,541 | | | 100 | % |
Footnotes:
[1] SL Rent (Straight-line rent) is on an annualized basis and assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.09 for EUR and
C$1.00 to $0.75 as of June 30, 2023 for illustrative purposes, as applicable.
[2] Includes properties on the credit facility borrowing base.
| | | | | | | | |
Global Net Lease, Inc. |
Supplemental Information |
Quarter ended June 30, 2023 (Unaudited) |
Lease Expirations
As of June 30, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year of Expiration | | Number of Leases Expiring | | Annualized SL Rent [1] | | Annualized SL Rent Percent | | Leased Rentable Square Feet | | Percent of Rentable Square Feet Expiring |
| | | | (In thousands) | | | | (In thousands) | | |
2023 (Remaining) | | 5 | | $ | 2,876 | | | 0.8 | % | | 395 | | | 1.0 | % |
2024 | | 29 | | 35,065 | | | 9.7 | % | | 3,183 | | | 8.0 | % |
2025 | | 22 | | 29,664 | | | 8.2 | % | | 2,932 | | | 7.4 | % |
2026 | | 17 | | 25,918 | | | 7.1 | % | | 1,643 | | | 4.2 | % |
2027 | | 25 | | 21,020 | | | 5.8 | % | | 2,133 | | | 5.4 | % |
2028 | | 50 | | 37,875 | | | 10.4 | % | | 4,999 | | | 12.6 | % |
2029 | | 25 | | 36,661 | | | 10.1 | % | | 4,183 | | | 10.6 | % |
2030 | | 21 | | 27,785 | | | 7.7 | % | | 2,130 | | | 5.4 | % |
2031 | | 15 | | 28,029 | | | 7.7 | % | | 3,970 | | | 10.0 | % |
2032 | | 32 | | 26,002 | | | 7.2 | % | | 2,331 | | | 5.9 | % |
2033 | | 10 | | 17,625 | | | 4.9 | % | | 1,570 | | | 4.0 | % |
2034 | | 10 | | 8,421 | | | 2.3 | % | | 696 | | | 1.8 | % |
2035 | | 5 | | 7,547 | | | 2.1 | % | | 750 | | | 1.9 | % |
2036 | | 10 | | 5,988 | | | 1.7 | % | | 745 | | | 1.9 | % |
2037 | | 2 | | 1,203 | | | 0.3 | % | | 178 | | | 0.4 | % |
Thereafter (>2037) | | 31 | | 46,180 | | | 12.7 | % | | 6,792 | | | 18.2 | % |
Total | | 309 | | $ | 357,859 | | | 100 | % | | 38,630 | | | 100 | % |
[1] Annualized rental income converted from local currency into USD as of June 30, 2023 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
v3.23.2
Cover Page Document
|
Aug. 03, 2023 |
Class of Stock [Line Items] |
|
Document Type |
8-K
|
Document Period End Date |
Aug. 03, 2023
|
Entity Registrant Name |
Global Net Lease, Inc.
|
Entity Incorporation, State or Country Code |
MD
|
Entity File Number |
001-37390
|
Entity Tax Identification Number |
45-2771978
|
Entity Address, Address Line One |
650 Fifth Avenue, 30th Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10019
|
City Area Code |
212
|
Local Phone Number |
415-6500
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
Entity Central Index Key |
0001526113
|
Amendment Flag |
false
|
Common Stock |
|
Class of Stock [Line Items] |
|
Title of 12(b) Security |
Common Stock, $0.01 par value per share
|
Trading Symbol |
GNL
|
Security Exchange Name |
NYSE
|
7.25% Series A Cumulative Redeemable Preferred Stock |
|
Class of Stock [Line Items] |
|
Title of 12(b) Security |
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
|
Trading Symbol |
GNL PR A
|
Security Exchange Name |
NYSE
|
6.85% Series B Cumulative Redeemable Preferred Stock |
|
Class of Stock [Line Items] |
|
Title of 12(b) Security |
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
Trading Symbol |
GNL PR B
|
Security Exchange Name |
NYSE
|
Preferred Stock Purchase Rights |
|
Class of Stock [Line Items] |
|
Title of 12(b) Security |
Preferred Stock Purchase Rights
|
Security Exchange Name |
NYSE
|
No Trading Symbol Flag |
true
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a security having no trading symbol.
+ References
+ Details
Name: |
dei_NoTradingSymbolFlag |
Namespace Prefix: |
dei_ |
Data Type: |
dei:trueItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ClassOfStockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=gnl_A7.25SeriesACumulativeRedeemablePreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=gnl_A6.85SeriesBCumulativeRedeemablePreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=gnl_PreferredStockPurchaseRightsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Global Net Lease (NYSE:GNL-B)
過去 株価チャート
から 5 2024 まで 6 2024
Global Net Lease (NYSE:GNL-B)
過去 株価チャート
から 6 2023 まで 6 2024