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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 March 31, 2020
 
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
403913229_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.)
650 Fifth Ave., 30th Floor, New YorkNY                 10019
______________________________________________________________________________ ___________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 415-6500
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
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value
 
GNL PR B
 
New York Stock Exchange
Preferred Stock Purchase Rights
 
 
 
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, a smaller reporting company, or an emerging growth company. See the definitions 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 May 4, 2020, the registrant had 89,464,267 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)


 
March 31,
2020
 
December 31,
2019
ASSETS
 
 
 
Real estate investments, at cost (Note 3):
 
 
 
Land
$
429,160

 
$
414,446

Buildings, fixtures and improvements
2,736,228

 
2,685,325

Construction in progress
12,912

 
11,725

Acquired intangible lease assets
649,562

 
651,768

Total real estate investments, at cost
3,827,862

 
3,763,264

Less accumulated depreciation and amortization
(543,062
)
 
(517,123
)
Total real estate investments, net
3,284,800

 
3,246,141

Cash and cash equivalents
343,447

 
270,302

Restricted cash
4,355

 
3,985

Derivative assets, at fair value (Note 7)
5,373

 
4,151

Unbilled straight-line rent
51,925

 
51,795

Operating lease right-of-use asset (Note 9)
48,868

 
50,211

Prepaid expenses and other assets
39,956

 
37,370

Due from related parties
345

 
351

Deferred tax assets
4,419

 
4,441

Goodwill and other intangible assets, net
21,688

 
21,920

Deferred financing costs, net
10,177

 
10,938

     Total Assets
$
3,815,353

 
$
3,701,605

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Mortgage notes payable, net (Note 4)
$
1,249,308

 
$
1,272,154

Revolving credit facility (Note 5)
399,213

 
199,071

Term loan, net (Note 5)
390,450

 
397,893

Acquired intangible lease liabilities, net
29,398

 
30,529

Derivative liabilities, at fair value (Note 7)
14,035

 
7,507

Due to related parties
196

 
342

Accounts payable and accrued expenses
22,762

 
22,903

Operating lease liability (Note 9)
23,363

 
23,985

Prepaid rent
17,448

 
17,236

Deferred tax liability
14,289

 
14,975

Taxes payable

 
1,046

Dividends payable
4,934

 
4,006

Total Liabilities
2,165,396

 
1,991,647

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, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of March 31, 2020 and December 31, 2019
68

 
68

6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 3,450,000 shares issued and outstanding as of March 31, 2020 and December 31, 2019
35

 
35

Common Stock, $0.01 par value, 250,000,000 shares authorized, 89,458,752 shares issued and outstanding as of March 31, 2020 and December 31, 2019
2,225

 
2,225

Additional paid-in capital
2,408,452

 
2,408,353

Accumulated other comprehensive income
493

 
20,195

Accumulated deficit
(776,002
)
 
(733,245
)
Total Stockholders’ Equity
1,635,271

 
1,697,631

Non-controlling interest
14,686

 
12,327

 Total Equity
1,649,957

 
1,709,958

     Total Liabilities and Equity
$
3,815,353

 
$
3,701,605

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 March 31,
 
 
2020
 
2019
Revenue from tenants
 
$
79,242

 
$
75,468

 
 
 
 
 
 Expenses (income):
 
 
 
 
Property operating
 
7,377

 
7,359

Operating fees to related parties
 
8,794

 
8,043

Acquisition, transaction and other costs (Note 9)
 
280

 
262

General and administrative
 
2,961

 
3,206

Equity-based compensation
 
2,488

 
2,109

Depreciation and amortization
 
33,533

 
31,303

Total expenses
 
55,433

 
52,282

Operating income before gain (loss) on dispositions of real estate investments
 
23,809

 
23,186

(Loss) gain on dispositions of real estate investments
 

 
892

Operating income
 
23,809

 
24,078

Other income (expense):
 
 
 
 
Interest expense
 
(16,440
)
 
(15,162
)
Gain on derivative instruments
 
3,143

 
240

Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness
 

 
76

Other income
 
48

 
4

Total other expense, net
 
(13,249
)
 
(14,842
)
Net income before income tax
 
10,560

 
9,236

Income tax expense
 
(959
)
 
(960
)
Net income
 
9,601

 
8,276

Preferred stock dividends
 
(4,563
)
 
(2,485
)
Net income attributable to common stockholders
 
$
5,038

 
$
5,791

 
 
 
 
 
Basic and Diluted Earnings Per Share:
 
 
 
 
Basic and diluted net income per share attributable to common stockholders
 
$
0.05

 
$
0.07

Weighted average common shares outstanding:
 
 
 
 
Basic
 
89,458,753

 
81,474,615

Diluted
 
89,499,294

 
82,798,432

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

3

GLOBAL NET LEASE, INC.

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



 
 
Three Months Ended March 31,
 
 
2020
 
2019
Net income
 
$
9,601

 
$
8,276

 
 
 
 
 
Other comprehensive income (loss)
 
 
 
 
Cumulative translation adjustment
 
(12,550
)
 
(1,323
)
Designated derivatives, fair value adjustments
 
(7,152
)
 
(4,941
)
Other comprehensive loss
 
(19,702
)
 
(6,264
)
 
 
 
 
 
Comprehensive income (loss)
 
(10,101
)
 
2,012

 
 
 
 
 
Preferred Stock dividends
 
(4,563
)
 
(2,485
)
 
 
 
 
 
Comprehensive loss attributable to common stockholders
 
$
(14,664
)
 
$
(473
)
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)

 
 
Three Months Ended March 31, 2020
 
 
Series A Preferred Stock
 
Series B Preferred Stock
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
Shares
 
Par Value
 
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, 2019
 
6,799,467

 
$
68

 
3,450,000

 
$
35

 
89,458,752

 
$
2,225

 
$
2,408,353

 
$
20,195

 
$
(733,245
)
 
$
1,697,631

 
$
12,327

 
$
1,709,958

Common stock issuance costs
 

 

 

 

 

 

 
(106
)
 

 

 
(106
)
 

 
(106
)
Preferred stock issuance costs
 

 

 

 

 

 

 
76

 

 

 
76

 

 
76

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
   Common stock, $0.53 per share
 

 

 

 

 

 

 

 

 
(47,638
)
 
(47,638
)
 

 
(47,638
)
   Series A preferred stock, $0.45 per share
 

 

 

 

 

 

 

 

 
(3,081
)
 
(3,081
)
 

 
(3,081
)
   Series B preferred stock, $0.43 per share
 

 

 

 

 

 

 

 

 
(1,482
)
 
(1,482
)
 

 
(1,482
)
Equity-based compensation
 

 

 

 

 

 

 
129

 

 

 
129

 
2,359

 
2,488

Distributions to non-controlling interest holders
 

 

 

 

 

 

 

 

 
(157
)
 
(157
)
 

 
(157
)
Net Income
 

 

 

 

 

 

 

 

 
9,601

 
9,601

 

 
9,601

Cumulative translation adjustment
 

 

 

 

 

 

 

 
(12,550
)
 

 
(12,550
)
 

 
(12,550
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 

 

 
(7,152
)
 

 
(7,152
)
 

 
(7,152
)
Balance, March 31, 2020
 
6,799,467

 
$
68

 
3,450,000

 
$
35

 
89,458,752

 
$
2,225

 
$
2,408,452

 
$
493

 
$
(776,002
)

$
1,635,271

 
$
14,686

 
$
1,649,957


 
 
Three Months Ended March 31, 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
 

 

 

 

 

 
(332
)
 
332

 

 

 

Adoption of ASC 842
 

 

 

 

 

 

 
(1,200
)
 
(1,200
)
 

 
(1,200
)
Issuance of Common Stock, net
 

 

 
7,759,322

 
78

 
150,120

 

 

 
150,198

 

 
150,198

Issuance of Series A Preferred Stock, net
 
68,104

 
1

 

 

 
1,612

 

 

 
1,613

 

 
1,613

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 

   Common stock, $0.53 per share
 

 

 

 

 

 

 
(43,297
)
 
(43,297
)
 

 
(43,297
)
   Series A preferred stock, $0.45 per share
 

 

 

 

 

 

 
(2,485
)
 
(2,485
)
 

 
(2,485
)
Equity-based compensation
 

 

 

 

 
116

 

 

 
116

 
1,993

 
2,109

Distributions to non-controlling interest holders
 

 

 

 

 

 

 
(134
)
 
(134
)
 

 
(134
)
Net Income
 

 

 

 

 

 

 
8,276

 
8,276

 

 
8,276

Cumulative translation adjustment
 

 

 

 

 

 
(1,323
)
 

 
(1,323
)
 

 
(1,323
)
Designated derivatives, fair value adjustments
 

 

 

 

 

 
(4,941
)
 

 
(4,941
)
 

 
(4,941
)
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


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

5

GLOBAL NET LEASE, INC.
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)


 
 
Three Months Ended March 31,
 
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Net income
 
$
9,601

 
$
8,276

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 
Depreciation
 
19,263

 
16,733

Amortization of intangibles
 
14,270

 
14,570

Amortization of deferred financing costs
 
1,810

 
1,742

Amortization of mortgage discounts and premiums, net
 
10

 
102

Amortization of below-market lease liabilities
 
(815
)
 
(1,011
)
Amortization of above-market lease assets
 
840

 
1,112

Amortization of above- and below- market ground lease assets
 
207

 
236

Bad debt expense
 

 
59

Unbilled straight-line rent
 
(1,487
)
 
(1,626
)
Equity-based compensation
 
2,488

 
2,109

Unrealized (gain) loss on foreign currency transactions, derivatives, and other
 
(2,082
)
 
452

Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness
 

 
76

Payments for settlement of derivatives
 

 
(719
)
Loss (gain) on disposition of real estate investments
 

 
(892
)
Lease incentive payment
 
(4,676
)
 

Changes in operating assets and liabilities, net:
 
 
 
 
Prepaid expenses and other assets
 
4,873

 
(6,230
)
Deferred tax assets
 
22

 
12

Accounts payable and accrued expenses
 
(909
)
 
(12,396
)
Prepaid rent
 
212

 
4,593

Deferred tax liability
 
(686
)
 
(267
)
Taxes payable
 
(1,046
)
 
(2,180
)
Net cash provided by operating activities
 
41,895

 
24,751

Cash flows from investing activities:
 
 
 
 
Investment in real estate and real estate related assets
 
(113,117
)
 
(23,454
)
Deposits for real estate acquisitions
 
(1,434
)
 
(1,200
)
Capital expenditures
 
(1,396
)
 
(11,265
)
Proceeds from dispositions of real estate investments
 

 
9,277

Net cash used in investing activities
 
(115,947
)
 
(26,642
)
Cash flows from financing activities:
 
 
 
 
Borrowings under revolving credit facilities
 
205,000

 
26,000

Repayments on revolving credit facilities
 

 
(130,000
)
Proceeds from mortgage notes payable
 

 
84,228

Payments on mortgage notes payable
 

 
(82,636
)
Deposits on mortgages
 

 
(300
)
Common stock issuance costs
 
(106
)
 
150,198

Preferred stock issuance costs
 
76

 
1,613

Payments of financing costs
 

 
(857
)
Dividends paid on Common Stock
 
(47,638
)
 
(43,270
)
Dividends paid on Series A Preferred Stock
 
(3,081
)
 
(2,455
)
Dividends paid on Series B Preferred Stock
 
(577
)
 

Distributions to non-controlling interest holders
 
(135
)
 
(134
)
Net cash provided by financing activities
 
153,539

 
2,387

Net change in cash, cash equivalents and restricted cash
 
79,487

 
496

Effect of exchange rate changes on cash
 
(5,972
)
 
(5,554
)
Cash, cash equivalents and restricted cash, beginning of period
 
274,287

 
103,693

Cash, cash equivalents and restricted cash, end of period
 
$
347,802

 
$
98,635





6

GLOBAL NET LEASE, INC.
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)


 
 
Three Months Ended March 31,
 
 
2020
 
2019
Cash and cash equivalents, end of period
 
$
343,447

 
$
95,267

Restricted cash, end of period
 
4,355

 
3,368

Cash, cash equivalents and restricted cash, end of period
 
$
347,802

 
$
98,635

 
 
 
 
 
Supplemental Disclosures:
 
 
 
 
Cash paid for interest
 
$
14,700

 
$
15,535

Cash paid for income taxes
 
2,667

 
3,140


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

7

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(Unaudited)


Note 1 — Organization
Global Net Lease, Inc. (the “Company”), incorporated on July 13, 2011, is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the taxable year ended December 31, 2013. The Company’s common stock, $0.01 par value per share (“Common Stock”) is listed on the New York Stock Exchange (“NYSE”) under the symbol “GNL.” In addition, the Company’s 7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”) and its 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (“Series B Preferred Stock”) are both listed on the NYSE under the symbols “GNL PR A” and “GNL PR B,” respectively.
The Company invests in commercial properties, with an emphasis on sale-leaseback transactions and mission-critical single tenant net-leased commercial properties. Substantially all of the Company’s business is conducted through the Global Net Lease Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company has retained Global Net Lease Advisors, LLC (the “Advisor”) to manage the Company’s affairs on a day-to-day basis. The Company’s properties are managed and leased to third parties by Global Net Lease Properties, LLC (the “Property Manager”). The Advisor and the Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital LLC, “AR Global”), and these related parties receive compensation and fees for various services provided to the Company.
As of March 31, 2020, the Company owned 288 properties consisting of 34.2 million rentable square feet, which were 99.6% leased, with a weighted-average remaining lease term of 9.0 years. Based on the percentage of annualized rental income on a straight-line basis as of March 31, 2020, 64% of the Company’s properties are located in the U.S. and Canada and 36% in Europe. The Company may also originate or acquire first mortgage loans, mezzanine loans, preferred equity or securitized loans (secured by real estate). As of March 31, 2020, the Company did not own any first mortgage loans, mezzanine loans, preferred equity or securitized loans.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results for the entire year or any subsequent interim period.
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, which are included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 28, 2020. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three months ended March 31, 2020, other than those relating to new accounting pronouncements (see “Recently Issued Accounting Pronouncements” section below).
The accompanying unaudited consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP.

8

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(Unaudited)

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to a multi-year outperformance agreement entered into with the Advisor in 2018 (the “2018 OPP”) and fair value measurements, as applicable.
Revenue Recognition
The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of March 31, 2020, these leases had an average remaining lease term of 9.0 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease.
For new leases after acquisition, the commencement date is considered to be the date the lease is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis.
The following tables present future minimum base rental cash payments due to the Company over the periods indicated. These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items:
As of March 31, 2020:
(In thousands)
 
Future Minimum Base Rent Payments (1)
2020 (remainder)
 
$
223,138

2021
 
298,729

2022
 
290,089

2023
 
268,239

2024
 
232,791

2025
 
192,892

Thereafter
 
888,892

 
 
$
2,394,770

______________
(1) 
Assumes exchange rates of £1.00 to $1.24 for British Pounds Sterling (“GBP”), €1.00 to $1.10 for EUR and C$1.00 to $0.71 as of March 31, 2020 for illustrative purposes, as applicable.
The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve

9

GLOBAL NET LEASE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(Unaudited)

would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable.
Investments in Real Estate
Investments in real estate are recorded at cost. Improvements and replacements are capitalized when they extend the useful life of the asset. Costs of repairs and maintenance are expensed as incurred.
At the time an asset is acquired, the Company evaluates the inputs, processes and outputs of the asset acquired to determine if the transaction is a business combination or an asset acquisition. If an acquisition qualifies as a business combination, the related transaction costs are recorded as an expense in the consolidated statements of operations. If an acquisition qualifies as an asset acquisition, the related transaction costs are generally capitalized and subsequently amortized over the useful life of the acquired assets. See the Purchase Price Allocation section in this Note for a discussion of the initial accounting for investments in Real Estate.
Disposal of real estate investments that represent a strategic shift in operations that will have a major effect on the Company’s operations and financial results are required to be presented as discontinued operations in the consolidated statements of operations. No properties were presented as discontinued operations for the periods ended March 31, 2020 and December 31, 2019. Properties that are intended to be sold are to be designated as “held for sale” on the consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale. As of March 31, 2020 and December 31, 2019, the Company did not have any properties classified as held for sale.
All of the Company’s leases as lessor, prior to adoption of revised lease accounting rules on January 1, 2019, were accounted for as operating leases and will continue to be accounted for as operating leases under the transition guidance. The Company evaluates new leases originated on or after January 1, 2019 (by the Company or by a predecessor lessor/owner) pursuant to the current guidance where a lease for some or all of a building is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, a bargain purchase option, the non-cancelable lease term is for more than major part of remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases are evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor. As of March 31, 2020 and December 31, 2019, the Company has no leases as a lessor that would be considered as sales-type leases or financings under sale-leaseback rules.
The Company is also the lessee under certain land leases which were previously classified prior to adoption of lease accounting and will continue to be classified as operating leases under transition elections unless subsequently modified. These leases are reflected on the balance sheet and the rent expense is reflected on a straight line basis over the lease term.
Purchase Price Allocation
In both a business combination and an asset acquisition, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets or liabilities based on their respective fair values. Tangible assets may include land, land improvements, buildings, fixtures and tenant improvements on an as if vacant basis. Intangible assets may include the value of in-place leases, and above- and below- market leases and other identifiable assets or liabilities based on lease or property specific characteristics. In addition, any assumed mortgages receivable or payable and any assumed or issued noncontrolling interests (in a business combination) are recorded at their estimated fair values. In allocating the fair value to assumed mortgages, amounts are recorded to debt premiums or discounts based on the present value of the estimated cash flows, which is calculated to account for either above or below-market interest rates. In a business combination, the difference between the purchase price and the fair value of identifiable net assets acquired is either recorded as goodwill or as a bargain purchase gain. In an asset acquisition, the difference between the acquisition price (including capitalized transaction costs) and the fair value of identifiable net assets acquired is allocated to the non-current assets. All acquisitions during the three months ended March 31, 2020 and 2019 were asset acquisitions.
For acquired properties with leases classified as operating leases, the Company allocates the purchase price of acquired properties to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(Unaudited)

market data. The Company also considers information obtained about each property as a result of the Company’s pre-acquisition due diligence in estimating the fair value of the tangible and intangible assets acquired and intangible liabilities assumed.
Tangible assets include land, land improvements, buildings, fixtures and tenant improvements on an as-if vacant basis. The Company utilizes various estimates, processes and information to determine the as-if vacant property value. Estimates of value are made using customary methods, including data from appraisals, comparable sales, discounted cash flow analysis and other methods. Fair value estimates are also made using significant assumptions such as capitalization rates, discount rates, fair market lease rates, and land values per square foot. Identifiable intangible assets include amounts allocated to acquire leases for above- and below-market lease rates, and the value of in-place leases, as applicable.
Factors considered in the analysis of the in-place lease intangibles include an estimate of carrying costs during the expected lease-up period for each property, taking into account current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at contract rates during the expected lease-up period, which typically ranges from 12 to 18 months. The Company also estimates costs to execute similar leases including leasing commissions, legal and other related expenses.
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease, and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases.
The aggregate value of intangible assets related to customer relationship, as applicable, is measured based on the Company’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the tenant. Characteristics considered by the Company in determining these values include the nature and extent of its existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors.
Impairment of Long Lived Assets
When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net earnings.
Goodwill
The Company evaluates goodwill for impairment at least annually or upon the occurrence of a triggering event. A triggering event is an event or circumstance that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The Company determined that the potential impact of the COVID-19 pandemic represented a triggering event, and, as such, performed an updated goodwill assessment. Based on the Company’s assessment, it determined that the goodwill was not impaired as of March 31, 2020.
Derivative Instruments
The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest
rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in the Company’s functional currency, the U.S. Dollar (“USD”). The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency.
The Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair
value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in
a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to
apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted

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March 31, 2020
(Unaudited)

transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in foreign operations. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
The accounting for subsequent changes in the fair value of these derivatives depends on whether each has been designed and
qualifies for hedge accounting treatment. If the Company elects not to apply hedge accounting treatment (or for derivatives that
do not qualify as hedges), any changes in the fair value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the consolidated statements of operations. If a derivative is designated and qualifies for cash flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other comprehensive income (loss) in the consolidated statements of comprehensive income (loss) to the extent that it is effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings.
Equity-Based Compensation
The Company has a stock-based incentive award plan for its directors, and awards thereunder which are accounted for under the guidance for employee share based payments. The cost of services received in exchange for a stock award is measured at the grant date fair value of the award and the expense for such awards is included in equity-based compensation on consolidated statements of operations and is recognized over the vesting period or when the requirements for exercise of the award have been met (see Note 12 — Equity-Based Compensation).
Multi-Year Outperformance Agreements
Concurrent with the Listing and modifications to the Fourth Amended and Restated Advisory Agreement (the “Advisory Agreement”) by and among the Company, the OP and the Advisor, the Company entered into a multi-year outperformance agreement with the Advisor in June 2015 (the “2015 OPP”). Following the end of the performance period under the 2015 OPP on June 2, 2018, the Company entered into the 2018 OPP with the Advisor (see Note 12 — Equity-Based Compensation). Under the 2018 OPP, effective June 2, 2018, the Company records equity-based compensation evenly over the requisite service period of approximately 2.8 years from the grant date. Under accounting guidance adopted by the Company on January 1, 2019, total equity-based compensation expense calculated as of the adoption of the new guidance will be fixed as of that date and reflected as a charge to earnings over the remaining service period. Further, in the event of a modification, any incremental increase in the value of the instrument measured on the date of the modification both before and after the modification, will result in an incremental amount to be reflected prospectively as a charge to earnings over the remaining service period. The expense for these non-employee awards is included in the equity-based compensation line item of the consolidated statements of operations. For additional information on the original terms, a February 2019 modification of the 2018 OPP, and accounting for these award