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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 September 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
400911431_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 November 1, 2019, the registrant had 89,458,340 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)


 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Real estate investments, at cost (Note 3):
 
 
 
Land
$
388,269

 
$
398,911

Buildings, fixtures and improvements
2,463,275

 
2,345,202

Construction in progress
8,185

 
1,235

Acquired intangible lease assets
641,307

 
675,551

Total real estate investments, at cost
3,501,036

 
3,420,899

Less accumulated depreciation and amortization
(499,507
)
 
(437,974
)
Total real estate investments, net
3,001,529

 
2,982,925

Assets held for sale
107,868

 
112,902

Cash and cash equivalents
305,962

 
100,324

Restricted cash
3,950

 
3,369

Derivative assets, at fair value (Note 7)
7,473

 
8,730

Unbilled straight-line rent
51,195

 
47,183

Operating lease right-of-use asset (Note 9)
49,274

 

Prepaid expenses and other assets
41,827

 
22,245

Due from related parties
20

 
16

Deferred tax assets
3,254

 
3,293

Goodwill and other intangible assets, net
21,595

 
22,180

Deferred financing costs, net
14,652

 
6,311

     Total Assets
$
3,608,599

 
$
3,309,478

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Mortgage notes payable, net (Note 4)
$
1,366,818

 
$
1,129,807

Revolving credit facility (Note 5)
101,405

 
363,894

Term loan, net (Note 5)
389,885

 
278,727

Acquired intangible lease liabilities, net
31,559

 
35,757

Derivative liabilities, at fair value (Note 7)
10,638

 
3,886

Due to related parties
299

 
790

Accounts payable and accrued expenses
20,741

 
31,529

Operating lease liability (Note 9)
23,547

 

Prepaid rent
20,338

 
16,223

Deferred tax liability
14,603

 
15,227

Taxes payable
3

 
2,228

Dividends payable
3,416

 
2,664

Total Liabilities
1,983,252

 
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, 6,682,448 and 5,416,890 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
67

 
54

Common Stock, $0.01 par value, 150,000,000 shares authorized, 89,458,340 shares issued and outstanding as of September 30, 2019; 100,000,000 shares authorized, 76,080,625 shares issued and outstanding as of December 31, 2018
2,225

 
2,091

Additional paid-in capital
2,322,419

 
2,031,981

Accumulated other comprehensive (loss) income
(14,618
)
 
6,810

Accumulated deficit
(694,714
)
 
(615,448
)
Total Stockholders’ Equity
1,615,379

 
1,425,488

Non-controlling interest
9,968

 
3,258

 Total Equity
1,625,347

 
1,428,746

     Total Liabilities and Equity
$
3,608,599

 
$
3,309,478


2

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

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


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

3

GLOBAL NET LEASE, INC.

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

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue from tenants
 
$
77,942

 
$
71,924

 
$
229,529

 
$
210,981

 
 
 
 
 
 
 
 
 
 Expenses (income):
 
 
 
 
 
 
 
 
Property operating
 
8,205

 
5,301

 
22,613

 
20,982

Fire recovery
 

 
31

 

 
(49
)
Operating fees to related parties
 
8,220

 
6,956

 
24,425

 
20,925

Impairment charges
 
6,375

 

 
6,375

 

Acquisition, transaction and other costs (Note 9)
 
192

 
2,804

 
1,301

 
5,243

General and administrative
 
3,250

 
3,215

 
8,774

 
7,822

Equity-based compensation
 
2,501

 
2,053

 
7,039

 
1,198

Depreciation and amortization
 
31,620

 
30,195

 
94,007

 
89,504

Total expenses
 
60,363

 
50,555

 
164,534

 
145,625

Operating income before gain (loss) on dispositions of real estate investments
 
17,579

 
21,369

 
64,995

 
65,356

Gain (loss) on dispositions of real estate investments
 
6,977

 
(1,933
)
 
14,792

 
(5,751
)
Operating income
 
24,556

 
19,436

 
79,787

 
59,605

Other income (expense):
 
 
 
 
 
 
 
 
Interest expense
 
(16,154
)
 
(15,104
)
 
(47,005
)
 
(42,494
)
Loss on extinguishment of debt
 
(563
)
 
(2,612
)
 
(1,328
)
 
(3,897
)
Gain on derivative instruments
 
3,044

 
1,290

 
4,674

 
4,688

Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness
 

 
108

 
76

 
18

Other (loss) income
 
(2
)
 
44

 
21

 
67

Total other expense, net
 
(13,675
)
 
(16,274
)
 
(43,562
)
 
(41,618
)
Net income before income tax
 
10,881

 
3,162

 
36,225

 
17,987

Income tax expense
 
(940
)
 
(530
)
 
(2,680
)
 
(2,800
)
Net income
 
9,941

 
2,632

 
33,545

 
15,187

Preferred Stock dividends
 
(3,081
)
 
(2,455
)
 
(8,273
)
 
(7,361
)
Net income attributable to common stockholders
 
$
6,860

 
$
177

 
$
25,272

 
$
7,826

 
 
 
 
 
 
 
 
 
Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
 
Basic and diluted net income per share attributable to common stockholders
 
$
0.08

 
$

 
$
0.30

 
$
0.11

Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
85,254,638

 
69,441,639

 
83,539,304

 
68,014,855

Diluted
 
86,202,582

 
69,441,639

 
84,487,248

 
68,417,253

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

4

GLOBAL NET LEASE, INC.

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



 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
9,941

 
$
2,632

 
$
33,545

 
$
15,187

 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
 
 
 
 
 
 
 
 
Cumulative translation adjustment
 
(7,605
)
 
(3,735
)
 
(9,216
)
 
(9,813
)
Designated derivatives, fair value adjustments
 
(3,031
)
 
1,721

 
(11,880
)
 
7,468

Other comprehensive loss
 
(10,636
)
 
(2,014
)
 
(21,096
)
 
(2,345
)
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
(695
)
 
618

 
12,449

 
12,842

 
 
 
 
 
 
 
 
 
Preferred Stock dividends
 
(3,081
)
 
(2,455
)
 
(8,273
)
 
(7,361
)
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to common stockholders
 
$
(3,776
)
 
$
(1,837
)
 
$
4,176

 
$
5,481

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)

 
 
Nine Months Ended September 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
 

 

 
13,377,715

 
134

 
258,470

 

 

 
258,604

 

 
258,604

Issuance of Preferred Stock, net
 
1,265,558

 
13

 

 

 
31,639

 

 

 
31,652

 

 
31,652

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common stock, $1.59 per share (Note 8)
 

 

 

 

 

 

 
(103,265
)
 
(103,265
)
 

 
(103,265
)
   Preferred stock, $1.35 per share
 

 

 

 

 

 

 
(8,273
)
 
(8,273
)
 

 
(8,273
)
Equity-based compensation
 

 

 

 

 
329

 

 

 
329

 
6,710

 
7,039

Distributions to non-controlling interest holders
 

 

 

 

 

 

 
(405
)
 
(405
)
 

 
(405
)
Net Income
 

 

 

 

 

 

 
33,545

 
33,545

 

 
33,545

Cumulative translation adjustment
 

 

 

 

 

 
(9,216
)
 

 
(9,216
)
 

 
(9,216
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 
(11,880
)
 

 
(11,880
)
 

 
(11,880
)
Balance, September 30, 2019
 
6,682,448

 
$
67

 
89,458,340

 
$
2,225

 
$
2,322,419

 
$
(14,618
)
 
$
(694,714
)

$
1,615,379

 
$
9,968

 
$
1,625,347

 
 
Three Months Ended September 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, 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

Adoption of ASU 2017-12 (Note 2)
 

 

 

 

 

 

 

 

 

 

Adoption of ASC 842 (Note 2)
 

 

 

 

 

 

 

 

 

 

Issuance of Common Stock, net
 

 

 
5,596,440

 
56

 
107,962

 

 

 
108,018

 

 
108,018

Issuance of Preferred Stock, net
 
724,600

 
8

 

 

 
18,132

 

 

 
18,140

 

 
18,140

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

 

 

 

 

 

 
(45,028
)
 
(45,028
)
 

 
(45,028
)
   Preferred stock, $0.45 per share
 

 

 

 

 

 

 
(3,081
)
 
(3,081
)
 

 
(3,081
)
Equity-based compensation
 

 

 

 

 
142

 

 

 
142

 
2,359

 
2,501

Distributions to non-controlling interest holders
 

 

 

 

 

 

 
(135
)
 
(135
)
 

 
(135
)
Net Income
 

 

 

 

 

 

 
9,941

 
9,941

 

 
9,941

Cumulative translation adjustment
 

 

 

 

 

 
(7,605
)
 

 
(7,605
)
 

 
(7,605
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 
(3,031
)
 

 
(3,031
)
 

 
(3,031
)
Balance, September 30, 2019
 
6,682,448

 
$
67

 
89,458,340

 
$
2,225

 
$
2,322,419

 
$
(14,618
)
 
$
(694,714
)
 
$
1,615,379

 
$
9,968

 
$
1,625,347

The accompanying notes are an integral part of these consolidated financial statements.
 
 
Nine Months Ended September 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