Global Net Lease Announces Operating Results For First Quarter 2018

NEW YORK, May 8, 2018

First Quarter 2018 Highlights

• Revenue increased 8.4% year over year to $68.1 million
• Net income attributable to common stockholders was $2.4 million ¹.
• Adjusted Funds from Operations ("AFFO") was $35.1 million as compared to $34.5 million in prior year first quarter, weighted average shares outstanding for the respective periods were 67,287,231 and 66,271,008.
• Portfolio 99.5% leased with 8.6 years weighted average lease term remaining at quarter end and 78.3% of tenants rated as investment grade or implied investment grade.²
• Closed on six industrial and distribution assets totaling 759,940 square feet for $63.4 million.
• Debt maturity extended to 3.6 years as compared to 1.6 years at end of the first quarter of 2017 coupled with a meaningful shift to a higher percentage of fixed rate debt from 76 % to 83%

James Nelson, Chief Executive Officer of GNL said, "GNL's positive first quarter results reflect the successful addition of net lease assets to the portfolio. Our year over year first quarter revenue increased 8.4% and because a number of these acquisitions occurred at the end of the quarter we expect an even greater impact to cash flow and earnings starting in the second quarter. The notable activity in our advisor's expanded European operations serve as further evidence of GNL's ongoing commitment to the effective execution of our strategy. During the quarter we closed on $63 million of the $293 million of industrial and distribution assets we announced in February 2018.  We expect to close the majority of those acquisitions by the fall of 2018.  We will remain proactive, yet disciplined, as we pursue additional acquisitions to drive shareholder value."

		Quarter Ended
		March 31,
		2018				2017 ARIVA.DE Börsen-Geflüster Kurse Global Net Lease Inc. A 6,86 $ -0,15%
(in thousands, except per share data)
Revenue		$	68,086			$	62,837
Net income attributable to common stockholders (1)		$	2,361			$	7,429
Net income per common share		$	0.03			$	0.11
NAREIT defined FFO attributable to common stockholders		$	31,857			$	33,515
NAREIT defined FFO per common share		$	0.47			$	0.51
Core FFO attributable to common stockholders		$	33,103			$	34,209
Core FFO per common share		$	0.49			$	0.52
AFFO attributable to common stockholders		$	35,081			$	34,457

^{______________________________________
1} Net income includes adjustments for acquisition and transaction costs and unrealized losses on derivatives of $3.9 million.

² As used herein, "Investment Grade Rating" includes both actual investment grade ratings of the tenant or Implied Investment Grade. Implied Investment Grade includes ratings of tenant parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or lease guarantor. Implied Investment Grade ratings are determined using a proprietary Moody's analytical tool, which compares the risk metrics of the non-rated company to those of a company with an actual rating. Ratings information is as of March 31, 2018.  

Property Portfolio

The Company's portfolio consisted of 327 net lease properties located in seven countries and comprised 23.7 million rentable square feet leased to 103 tenants across 41 industries as of March 31, 2018. The real estate portfolio metrics include:

• 99.5 % leased with 8.6 years remaining weighted average lease term as of March 31, 2018
• 91.5% of portfolio rent with contractual rent increases based on square footage. ⁽¹⁾
• 78.3% of portfolio annualized straight line rent derived from investment grade and implied investment grade rated tenants
• Retail portfolio accounts for 9% of annualized straight line rent, with no retail tenants in bankruptcy, and all paying rent
• 49% U.S. and 51% Europe (based on annualized straight line rent)
• 58% Office, 33% Industrial / Distribution and 9% Retail (based on an annualized straight-line rent)

Acquisition Highlights

During the first quarter the Company closed on the acquisition of six industrial and distribution assets totaling 759,940 square feet for $63.4 million. The leases for these facilities, located in Mississippi, Michigan and Illinois, are with (or are guaranteed by) Fiat Chrysler, Chemours Company, Lee Steel Holdings, and LSI Steel Processing. The six assets were purchased at prices equating to a weighted-average GAAP capitalization rate of 7.96%⁽²⁾ and have a weighted-average remaining lease term of 10.0 years⁽³⁾.

Tenant	Closing Date	Assets	Square Feet	Asset Type	Lease Term (yrs)(4)	Purchase Price (mm)	Location
Chemours Company, FC LLC	2/26/2018	1	300,000	Distribution	9.8	$18.6	Mississippi
Lee Steel Holdings, LLC	3/21/2018	1	114,042	Industrial	10.5	$8.8	Michigan
LSI Steel Processing	3/29/2018	3	217,924	Industrial	10.0	$17.8	Illinois
FCA US, LLC (Fiat Chrysler)	3/29/2018	1	127,974	Industrial	9.9	$18.2	Michigan
Total		6	759,940 Werbung Mehr Nachrichten zur Global Net Lease Inc. A Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:45 - PR Newswire Invesco Bond Income Plus Ltd - Issue of Equity 10:54 - PR Newswire Fidelity Japan Trust Plc - Monthly Factsheet 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59