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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-37390
399096747_image3a31.gif
Global Net Lease, Inc.
(Exact name of registrant as specified in its charter)
Maryland
 
45-2771978
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
405 Park Ave., 3rd Floor
New York
,
New York
 
10022
(Address of principal executive offices)
 
(Zip Code)
(212) 415-6500
Registrant’s telephone number, including area code
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
 
GNL
 
New York Stock Exchange
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
 
GNL PR A
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of August 1, 2019, the registrant had 84,485,990 shares of common stock outstanding.


GLOBAL NET LEASE, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1

PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
GLOBAL NET LEASE, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)


 
June 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Real estate investments, at cost (Note 3):
 
 
 
Land
$
389,589

 
$
398,911

Buildings, fixtures and improvements
2,441,341

 
2,345,202

Construction in progress
12,821

 
1,235

Acquired intangible lease assets
653,665

 
675,551

Total real estate investments, at cost
3,497,416

 
3,420,899

Less accumulated depreciation and amortization
(481,639
)
 
(437,974
)
Total real estate investments, net
3,015,777

 
2,982,925

Assets held for sale
121,064

 
112,902

Cash and cash equivalents
178,722

 
100,324

Restricted cash
12,953

 
3,369

Derivative assets, at fair value (Note 7)
5,658

 
8,730

Unbilled straight-line rent
50,613

 
47,183

Prepaid expenses and other assets
79,476

 
22,245

Due from related parties
20

 
16

Deferred tax assets
3,288

 
3,293

Goodwill and other intangible assets, net
22,098

 
22,180

Deferred financing costs, net
5,090

 
6,311

     Total Assets
$
3,494,759

 
$
3,309,478

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Mortgage notes payable, net (Note 4)
$
1,286,033

 
$
1,129,807

Revolving credit facility (Note 5)
259,527

 
363,894

Term loan, net (Note 5)
277,403

 
278,727

Acquired intangible lease liabilities, net
32,724

 
35,757

Derivative liabilities, at fair value (Note 7)
7,204

 
3,886

Due to related parties
124

 
790

Accounts payable and accrued expenses
46,244

 
31,529

Prepaid rent
21,119

 
16,223

Deferred tax liability
15,140

 
15,227

Taxes payable
613

 
2,228

Dividends payable
3,001

 
2,664

Total Liabilities
1,949,132

 
1,880,732

Commitments and contingencies (Note 9)

 

Stockholders’ Equity (Note 8):
 
 
 
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 13,409,650 shares authorized, 5,957,848 and 5,416,890 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
59

 
54

Common Stock, $0.01 par value, 150,000,000 shares authorized, 83,861,900 shares issued and outstanding as of June 30, 2019; 100,000,000 shares authorized, 76,080,625 shares issued and outstanding as of December 31, 2018
2,169

 
2,091

Additional paid-in capital
2,196,183

 
2,031,981

Accumulated other comprehensive (loss) income
(3,982
)
 
6,810

Accumulated deficit
(656,411
)
 
(615,448
)
Total Stockholders’ Equity
1,538,018

 
1,425,488

Non-controlling interest
7,609

 
3,258

 Total Equity
1,545,627

 
1,428,746

     Total Liabilities and Equity
$
3,494,759

 
$
3,309,478

The accompanying notes are an integral part of these consolidated financial statements.

2

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue from tenants
 
$
76,119

 
$
70,971

 
$
151,587

 
$
139,057

 
 
 
 
 
 
 
 
 
 Expenses (income):
 
 
 
 
 
 
 
 
Property operating
 
7,049

 
8,211

 
14,408

 
15,681

Fire recovery
 

 
(1
)
 

 
(80
)
Operating fees to related parties
 
8,162

 
7,138

 
16,205

 
13,969

Acquisition, transaction and other costs (Note 9)
 
847

 
1,114

 
1,109

 
2,439

General and administrative
 
2,318

 
2,556

 
5,524

 
4,607

Equity-based compensation
 
2,429

 
(23
)
 
4,538

 
(855
)
Depreciation and amortization
 
31,084

 
29,813

 
62,387

 
59,309

Total expenses
 
51,889

 
48,808

 
104,171

 
95,070

Operating income before gain (loss) on dispositions of real estate investments
 
24,230

 
22,163

 
47,416

 
43,987

Gain (loss) on dispositions of real estate investments
 
6,923

 
(3,818
)
 
7,815

 
(3,818
)
Operating income
 
31,153

 
18,345

 
55,231

 
40,169

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(15,689
)
 
(14,415
)
 
(30,851
)
 
(27,390
)
Loss on extinguishment of debt
 
(765
)
 
(1,285
)
 
(765
)
 
(1,285
)
Gain on derivative instruments
 
1,390

 
6,333

 
1,630

 
3,398

Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness
 

 
(47
)
 
76

 
(90
)
Other income
 
19

 
12

 
23

 
23

Total other expense, net
 
(15,045
)
 
(9,402
)
 
(29,887
)
 
(25,344
)
Net income before income tax
 
16,108

 
8,943

 
25,344

 
14,825

Income tax expense
 
(780
)
 
(1,200
)
 
(1,740
)
 
(2,270
)
Net income
 
15,328

 
7,743

 
23,604

 
12,555

Preferred Stock dividends
 
(2,707
)
 
(2,455
)
 
(5,192
)
 
(4,906
)
Net income attributable to common stockholders
 
$
12,621

 
$
5,288

 
$
18,412

 
$
7,649

 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
 
Basic and diluted net income per share attributable to common stockholders
 
$
0.15

 
$
0.08

 
$
0.22

 
$
0.11

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
83,847,120

 
67,292,021

 
82,667,421

 
67,289,639

Diluted
 
85,165,549

 
67,292,021

 
83,985,850

 
67,289,639

The accompanying notes are an integral part of these consolidated financial statements.

3

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In thousands)
(Unaudited)



 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
15,328

 
$
7,743

 
$
23,604

 
$
12,555

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Cumulative translation adjustment
 
(288
)
 
(16,878
)
 
(1,611
)
 
(6,078
)
Designated derivatives, fair value adjustments
 
(3,908
)
 
1,401

 
(8,849
)
 
5,747

Other comprehensive loss
 
(4,196
)
 
(15,477
)
 
(10,460
)
 
(331
)
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
11,132

 
(7,734
)
 
13,144

 
12,224

 
 
 
 
 
 
 
 
 
Preferred Stock dividends
 
(2,707
)
 
(2,455
)
 
(5,192
)
 
(4,906
)
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to common stockholders
 
$
8,425

 
$
(10,189
)
 
$
7,952

 
$
7,318

The accompanying notes are an integral part of these consolidated financial statements.

4

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)

 
 
Six Months Ended June 30, 2019
 
 
Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Number of
Shares
 
Par Value
 
Additional Paid-in
Capital
 
Accumulated Other Comprehensive (Loss) Income
 
Accumulated Deficit
 
Total Stockholders’ Equity
 
Non-controlling interest
 
Total Equity
Balance, December 31, 2018
 
5,416,890

 
$
54

 
76,080,625

 
$
2,091

 
$
2,031,981

 
$
6,810

 
$
(615,448
)
 
$
1,425,488

 
$
3,258

 
$
1,428,746

Adoption of ASU 2017-12 (Note 2)
 

 

 

 

 

 
(332
)
 
332

 

 

 

Adoption of ASC 842 (Note 2)
 

 

 

 

 

 

 
(1,200
)
 
(1,200
)
 

 
(1,200
)
Issuance of Common Stock, net
 

 

 
7,781,275

 
78

 
150,508

 

 

 
150,586

 

 
150,586

Issuance of Preferred Stock, net
 
540,958

 
5

 

 

 
13,507

 

 

 
13,512

 

 
13,512

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common stock, $1.06 per share (Note 8)
 

 

 

 

 

 

 
(58,237
)
 
(58,237
)
 

 
(58,237
)
   Preferred stock, $0.90 per share
 

 

 

 

 

 

 
(5,192
)
 
(5,192
)
 

 
(5,192
)
Equity-based compensation
 

 

 

 

 
187

 

 

 
187

 
4,351

 
4,538

Distributions to non-controlling interest holders
 

 

 

 

 

 

 
(270
)
 
(270
)
 

 
(270
)
Net Income
 

 

 

 

 

 

 
23,604

 
23,604

 

 
23,604

Cumulative translation adjustment
 

 

 

 

 

 
(1,611
)
 

 
(1,611
)
 

 
(1,611
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 
(8,849
)
 

 
(8,849
)
 

 
(8,849
)
Balance, June 30, 2019
 
5,957,848

 
$
59

 
83,861,900

 
$
2,169

 
$
2,196,183

 
$
(3,982
)
 
$
(656,411
)

$
1,538,018

 
$
7,609

 
$
1,545,627

 
 
Three Months Ended June 30, 2019
 
 
Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Number of
Shares
 
Par Value
 
Additional Paid-in
Capital
 
Accumulated Other Comprehensive (Loss) Income
 
Accumulated Deficit
 
Total Stockholders’ Equity
 
Non-controlling interest
 
Total Equity
Balance, March 31, 2019
 
5,484,994

 
$
55

 
83,839,947

 
$
2,169

 
$
2,183,829

 
$
214

 
$
(653,956
)
 
$
1,532,311

 
$
5,251

 
1,537,562

Adoption of ASU 2017-12 (Note 2)
 

 

 

 

 

 

 

 

 

 

Adoption of ASC 842 (Note 2)
 

 

 

 

 

 

 

 

 

 

Issuance of Common Stock, net
 

 

 
21,953

 

 
388

 

 

 
388

 

 
388

Issuance of Preferred Stock, net
 
472,854

 
4

 

 

 
11,895

 

 

 
11,899

 

 
11,899

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common stock, $0.53 per share (Note 8)
 

 

 

 

 

 

 
(14,940
)
 
(14,940
)
 

 
(14,940
)
   Preferred stock, $0.45 per share
 

 

 

 

 

 

 
(2,707
)
 
(2,707
)
 

 
(2,707
)
Equity-based compensation
 

 

 

 

 
71

 

 

 
71

 
2,358

 
2,429

Distributions to non-controlling interest holders
 

 

 

 

 

 

 
(136
)
 
(136
)
 

 
(136
)
Net Income
 

 

 

 

 

 

 
15,328

 
15,328

 

 
15,328

Cumulative translation adjustment
 

 

 

 

 

 
(288
)
 

 
(288
)
 

 
(288
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 
(3,908
)
 

 
(3,908
)
 

 
(3,908
)
Balance, June 30, 2019
 
5,957,848

 
$
59

 
83,861,900

 
$
2,169

 
$
2,196,183

 
$
(3,982
)
 
$
(656,411
)
 
$
1,538,018

 
$
7,609

 
$
1,545,627

The accompanying notes are an integral part of these consolidated financial statements.

5

GLOBAL NET LEASE, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)
(Unaudited)

 
 
Six Months Ended June 30, 2018
 
 
Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
Number of
Shares
 
Par Value
 
Additional Paid-in
Capital
 
Accumulated Other Comprehensive (Loss) Income
 
Accumulated Deficit
 
Total Stockholders’ Equity
 
Non-controlling interest
 
Total Equity
Balance, December 31, 2017
 
5,409,650

 
$
54

 
67,287,231

 
$
2,003

 
$
1,860,058

 
$
19,447