(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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 | ||||||||||||
Exhibit No. | Description | |||||||
Press release dated February 24, 2021 | ||||||||
Quarterly supplemental information for the quarter and year ended December 31, 2020 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. |
Date: February 24, 2021 | By: | /s/ James L. Nelson | ||||||||||||
Name: | James L. Nelson | |||||||||||||
Title: | Chief Executive Officer and President |
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
(In thousands, except per share data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Revenue from tenants | $ | 87,042 | $ | 76,685 | $ | 330,104 | $ | 306,214 | ||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (13,277) | $ | 9,263 | $ | (7,775) | $ | 34,535 | ||||||||||||||||||
Net (loss) income per diluted common share | $ | (0.15) | $ | 0.10 | $ | (0.09) | $ | 0.39 | ||||||||||||||||||
NAREIT defined FFO attributable to common stockholders | $ | 22,700 | $ | 32,428 | $ | 130,921 | $ | 143,290 | ||||||||||||||||||
FFO per diluted common share | $ | 0.25 | $ | 0.36 | $ | 1.46 | $ | 1.66 | ||||||||||||||||||
Core FFO attributable to common stockholders | $ | 26,267 | $ | 32,068 | $ | 135,185 | $ | 145,559 | ||||||||||||||||||
Core FFO per diluted common share | $ | 0.29 | $ | 0.35 | $ | 1.51 | $ | 1.69 | ||||||||||||||||||
AFFO attributable to common stockholders | $ | 40,050 | $ | 39,906 | $ | 160,525 | $ | 159,703 | ||||||||||||||||||
AFFO per diluted common share | $ | 0.45 | $ | 0.44 | $ | 1.79 | $ | 1.85 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
ASSETS | (Unaudited) | |||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 476,599 | $ | 414,446 | ||||||||||
Buildings, fixtures and improvements | 3,124,884 | 2,685,325 | ||||||||||||
Construction in progress | 5,486 | 11,725 | ||||||||||||
Acquired intangible lease assets | 711,985 | 651,768 | ||||||||||||
Total real estate investments, at cost | 4,318,954 | 3,763,264 | ||||||||||||
Less: accumulated depreciation and amortization | (675,200) | (517,123) | ||||||||||||
Total real estate investments, net | 3,643,754 | 3,246,141 | ||||||||||||
Cash and cash equivalents | 124,245 | 270,302 | ||||||||||||
Restricted cash | 1,448 | 3,985 | ||||||||||||
Derivative assets, at fair value | 525 | 4,151 | ||||||||||||
Unbilled straight-line rent | 61,007 | 51,795 | ||||||||||||
Operating lease right-of-use asset | 58,395 | 50,211 | ||||||||||||
Prepaid expenses and other assets | 43,929 | 37,370 | ||||||||||||
Due from related parties | 377 | 351 | ||||||||||||
Deferred tax assets | 2,367 | 4,441 | ||||||||||||
Goodwill and other intangible assets, net | 23,089 | 21,920 | ||||||||||||
Deferred financing costs, net | 7,878 | 10,938 | ||||||||||||
Total Assets | $ | 3,967,014 | $ | 3,701,605 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 1,363,698 | $ | 1,272,154 | ||||||||||
Revolving credit facility | 111,132 | 199,071 | ||||||||||||
Term loan, net | 300,154 | 397,893 | ||||||||||||
Senior notes, net | 490,345 | — | ||||||||||||
Acquired intangible lease liabilities, net | 32,970 | 30,529 | ||||||||||||
Derivative liabilities, at fair value | 19,984 | 7,507 | ||||||||||||
Due to related parties | 2,002 | 342 | ||||||||||||
Accounts payable and accrued expenses | 28,310 | 22,903 | ||||||||||||
Operating lease liability | 25,350 | 23,985 | ||||||||||||
Prepaid rent | 21,481 | 17,236 | ||||||||||||
Deferred tax liability | 12,157 | 14,975 | ||||||||||||
Taxes payable | — | 1,046 | ||||||||||||
Dividends payable | 5,152 | 4,006 | ||||||||||||
Total Liabilities | 2,412,735 | 1,991,647 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Stockholders' Equity: | ||||||||||||||
7.25% Series A cumulative redeemable preferred stock | 68 | 68 | ||||||||||||
6.875% Series B cumulative redeemable perpetual preferred stock | 39 | 35 | ||||||||||||
Common stock | 2,227 | 2,225 | ||||||||||||
Additional paid-in capital | 2,418,659 | 2,408,353 | ||||||||||||
Accumulated other comprehensive income | 8,073 | 20,195 | ||||||||||||
Accumulated deficit | (896,547) | (733,245) | ||||||||||||
Total Stockholders' Equity | 1,532,519 | 1,697,631 | ||||||||||||
Non-controlling interest | 21,760 | 12,327 | ||||||||||||
Total Equity | 1,554,279 | 1,709,958 | ||||||||||||
Total Liabilities and Equity | $ | 3,967,014 | $ | 3,701,605 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||
Revenue from tenants | $ | 87,042 | $ | 76,685 | $ | 330,104 | $ | 306,214 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 9,635 | 5,701 | 32,372 | 28,314 | ||||||||||||||||||||||
Operating fees to related parties | 9,194 | 8,867 | 35,801 | 33,292 | ||||||||||||||||||||||
Impairment charges and related lease intangible write-offs | — | — | — | 6,375 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 275 | 19 | 663 | 1,320 | ||||||||||||||||||||||
General and administrative | 4,250 | 1,334 | 13,264 | 10,108 | ||||||||||||||||||||||
Equity-based compensation | 2,585 | 2,491 | 10,065 | 9,530 | ||||||||||||||||||||||
Depreciation and amortization | 35,977 | 31,989 | 138,543 | 125,996 | ||||||||||||||||||||||
Total expenses | 61,916 | 50,401 | 230,708 | 214,935 | ||||||||||||||||||||||
Operating income before gain (loss) on dispositions of real estate investments | 25,126 | 26,284 | 99,396 | 91,279 | ||||||||||||||||||||||
Gain (loss) on dispositions of real estate investments | — | 8,824 | (153) | 23,616 | ||||||||||||||||||||||
Operating income | 25,126 | 35,108 | 99,243 | 114,895 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (19,158) | (17,194) | (71,804) | (64,199) | ||||||||||||||||||||||
Loss on extinguishment of debt | (3,292) | 379 | (3,601) | (949) | ||||||||||||||||||||||
(Loss) gain on derivative instruments | (2,703) | (3,905) | (2,341) | 769 | ||||||||||||||||||||||
Unrealized (loss) income on undesignated foreign currency advances and other hedge ineffectiveness | (6,039) | — | (6,039) | 76 | ||||||||||||||||||||||
Other income | 28 | 195 | 289 | 216 | ||||||||||||||||||||||
Total other expense, net | (31,164) | (20,525) | (83,496) | (64,087) | ||||||||||||||||||||||
Net (loss) income before income tax | (6,038) | 14,583 | 15,747 | 50,808 | ||||||||||||||||||||||
Income tax expense | (2,457) | (1,652) | (4,969) | (4,332) | ||||||||||||||||||||||
Net (loss) income | (8,495) | 12,931 | 10,778 | 46,476 | ||||||||||||||||||||||
Preferred stock dividends | (4,782) | (3,668) | (18,553) | (11,941) | ||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (13,277) | $ | 9,263 | $ | (7,775) | $ | 34,535 | ||||||||||||||||||
Basic and Diluted Earnings Per Share: | ||||||||||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic | $ | (0.15) | $ | 0.10 | $ | (0.09) | $ | 0.40 | ||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Diluted | $ | (0.15) | $ | 0.10 | $ | (0.09) | $ | 0.39 | ||||||||||||||||||
Weighted Average Shares Outstanding: | ||||||||||||||||||||||||||
Basic | 89,483 | 89,458 | 89,474 | 85,031 | ||||||||||||||||||||||
Diluted | 89,483 | 90,777 | 89,474 | 86,350 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 9,601 | $ | 5,530 | $ | 4,142 | $ | (8,495) | $ | 10,778 | ||||||||||||||||||||||
Depreciation and amortization | 33,533 | 33,984 | 35,049 | 35,977 | 138,543 | |||||||||||||||||||||||||||
Interest expense | 16,440 | 17,529 | 18,677 | 19,158 | 71,804 | |||||||||||||||||||||||||||
Income tax expense | 959 | 691 | 862 | 2,457 | 4,969 | |||||||||||||||||||||||||||
Equity-based compensation | 2,488 | 2,513 | 2,479 | 2,585 | 10,065 | |||||||||||||||||||||||||||
Acquisition, transaction and other costs | 280 | 33 | 75 | 275 | 663 | |||||||||||||||||||||||||||
Loss on dispositions of real estate investments | — | 153 | — | — | 153 | |||||||||||||||||||||||||||
(Gain) loss on derivative instruments | (3,143) | 317 | 2,464 | 2,703 | 2,341 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 309 | — | 3,292 | 3,601 | |||||||||||||||||||||||||||
Other income | (48) | (71) | (142) | (28) | (289) | |||||||||||||||||||||||||||
Adjusted EBITDA | 60,110 | 60,988 | 63,606 | 63,963 | 248,667 | |||||||||||||||||||||||||||
Operating fees to related parties | 8,794 | 8,874 | 8,939 | 9,194 | 35,801 | |||||||||||||||||||||||||||
General and administrative | 2,961 | 3,412 | 2,641 | 4,250 | 13,264 | |||||||||||||||||||||||||||
NOI | 71,865 | 73,274 | 75,186 | 77,407 | 297,732 | |||||||||||||||||||||||||||
Amortization related to above and below-market lease intangibles and right-of-use assets, net | 232 | 204 | 198 | 157 | 791 | |||||||||||||||||||||||||||
Straight-line rent | (1,487) | (3,068) | (1,879) | (1,503) | (7,937) | |||||||||||||||||||||||||||
Cash NOI | $ | 70,610 | $ | 70,410 | $ | 73,505 | $ | 76,061 | $ | 290,586 | ||||||||||||||||||||||
Cash Paid for Interest: | ||||||||||||||||||||||||||||||||
Interest Expense | $ | 16,440 | $ | 17,529 | $ | 18,677 | $ | 19,158 | $ | 71,804 | ||||||||||||||||||||||
Non-cash portion of interest expense | (1,810) | (1,847) | (2,075) | (2,077) | (7,809) | |||||||||||||||||||||||||||
Amortization of mortgage discounts | (10) | (3) | — | — | (13) | |||||||||||||||||||||||||||
Total cash paid for interest | $ | 14,620 | $ | 15,679 | $ | 16,602 | $ | 17,081 | $ | 63,982 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||
Funds from operations (FFO): | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders (in accordance with GAAP) | $ | 5,038 | $ | 966 | $ | (502) | $ | (13,277) | $ | (7,775) | ||||||||||||||||||||||
Depreciation and amortization | 33,533 | 33,984 | 35,049 | 35,977 | 138,543 | |||||||||||||||||||||||||||
Loss on dispositions of real estate investments | — | 153 | — | — | 153 | |||||||||||||||||||||||||||
FFO (defined by NAREIT) | 38,571 | 35,103 | 34,547 | 22,700 | 130,921 | |||||||||||||||||||||||||||
Acquisition, transaction and other costs | 280 | 33 | 75 | 275 | 663 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 309 | — | 3,292 | 3,601 | |||||||||||||||||||||||||||
Core FFO attributable to common stockholders | 38,851 | 35,445 | 34,622 | 26,267 | 135,185 | |||||||||||||||||||||||||||
Equity-based compensation | 2,488 | 2,513 | 2,479 | 2,585 | 10,065 | |||||||||||||||||||||||||||
Non-cash portion of interest expense | 1,810 | 1,847 | 2,075 | 2,077 | 7,809 | |||||||||||||||||||||||||||
Amortization related to above and below-market lease intangibles and right-of-use assets, net | 232 | 204 | 198 | 157 | 791 | |||||||||||||||||||||||||||
Straight-line rent | (1,487) | (3,068) | (1,879) | (1,503) | (7,937) | |||||||||||||||||||||||||||
Straight-line rent (rent deferral agreements) [1] | — | 1,508 | 320 | (20) | 1,808 | |||||||||||||||||||||||||||
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness | — | — | — | 6,039 | 6,039 | |||||||||||||||||||||||||||
Eliminate unrealized (gains) losses on foreign currency transactions [2] | (2,082) | 1,325 | 3,061 | 4,448 | 6,752 | |||||||||||||||||||||||||||
Amortization of mortgage discounts | 10 | 3 | — | — | 13 | |||||||||||||||||||||||||||
Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 39,822 | $ | 39,777 | $ | 40,876 | $ | 40,050 | $ | 160,525 | ||||||||||||||||||||||
Weighted average common shares outstanding - Basic | 89,459 | 89,470 | 89,483 | 89,483 | 89,474 | |||||||||||||||||||||||||||
Weighted average common shares outstanding - Diluted | 89,499 | 90,103 | 89,483 | 89,483 | 89,474 | |||||||||||||||||||||||||||
Net income (loss) per share attributable to common shareholders — Basic and Diluted | $ | 0.05 | $ | 0.01 | $ | (0.01) | $ | (0.15) | $ | (0.09) | ||||||||||||||||||||||
FFO per diluted common share | $ | 0.43 | $ | 0.39 | $ | 0.39 | $ | 0.25 | $ | 1.46 | ||||||||||||||||||||||
Core FFO per diluted common share | $ | 0.43 | $ | 0.39 | $ | 0.39 | $ | 0.29 | $ | 1.51 | ||||||||||||||||||||||
AFFO per diluted common share | $ | 0.44 | $ | 0.44 | $ | 0.46 | $ | 0.45 | $ | 1.79 | ||||||||||||||||||||||
Dividends declared to common stockholders | $ | 47,638 | $ | 35,810 | $ | 35,794 | $ | 35,844 | $ | 155,086 |
Three Months Ended December 31, 2019 | Year Ended December 31, 2019 | |||||||||||||
Funds from operations (FFO): | ||||||||||||||
Net income attributable to common stockholders (in accordance with GAAP) | $ | 9,263 | $ | 34,535 | ||||||||||
Impairment charges and related lease intangible write-offs | — | 6,375 | ||||||||||||
Depreciation and amortization | 31,989 | 125,996 | ||||||||||||
Gain on dispositions of real estate investments | (8,824) | (23,616) | ||||||||||||
FFO (defined by NAREIT) | 32,428 | 143,290 | ||||||||||||
Acquisition, transaction and other costs | 19 | 1,320 | ||||||||||||
Loss on extinguishment of debt | (379) | 949 | ||||||||||||
Core FFO attributable to common stockholders | 32,068 | 145,559 | ||||||||||||
Non-cash equity-based compensation | 2,491 | 9,530 | ||||||||||||
Non-cash portion of interest expense | 1,789 | 6,614 | ||||||||||||
Amortization related to above and below-market lease intangibles and right-of-use assets, net | 633 | 1,655 | ||||||||||||
Straight-line rent | (1,695) | (6,758) | ||||||||||||
Unrealized income on undesignated foreign currency advances and other hedge ineffectiveness | — | (76) | ||||||||||||
Eliminate unrealized losses on foreign currency transactions | 4,592 | 2,919 | ||||||||||||
Amortization of mortgage discounts | 28 | 260 | ||||||||||||
Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 39,906 | $ | 159,703 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Table of Contents | ||||||||
Item | Page | |||||||
Non-GAAP Definitions | 3 | |||||||
Key Metrics | 6 | |||||||
Consolidated Balance Sheets | 7 | |||||||
Consolidated Statements of Operations | 8 | |||||||
Non-GAAP Measures | 9 | |||||||
Debt Overview | 11 | |||||||
Future Minimum Lease Rents | 12 | |||||||
Top Ten Tenants | 13 | |||||||
Diversification by Property Type | 14 | |||||||
Diversification by Tenant Industry | 15 | |||||||
Diversification by Geography | 16 | |||||||
Lease Expirations | 17 | |||||||
Please note that totals may not add due to rounding. |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Financial Results | ||||||||
Revenue from tenants | $ | 87,042 | ||||||
Net loss attributable to common stockholders | $ | (13,277) | ||||||
Basic and diluted net loss per share attributable to common stockholders [1] | $ | (0.15) | ||||||
Cash NOI [2] | $ | 76,061 | ||||||
Adjusted EBITDA [2] | $ | 63,963 | ||||||
AFFO attributable to common stockholders [2] | $ | 40,050 | ||||||
Dividends paid per share - fourth quarter [3] | $ | 0.40 | ||||||
Dividend yield - annualized, based on quarter end share price | 9.3 | % | ||||||
Balance Sheet and Capitalization | ||||||||
Equity market capitalization - based on quarter end share price of $17.14 for common shares, $26.16 for Series A preferred shares and $25.40 for Series B preferred shares | $ | 1,811,962 | ||||||
Net debt [4] [5] | 2,168,609 | |||||||
Enterprise value | 3,980,571 | |||||||
Total capitalization | 4,104,816 | |||||||
Total consolidated debt [5] | 2,292,854 | |||||||
Total assets | 3,967,014 | |||||||
Liquidity [6] | 218,753 | |||||||
Common shares outstanding as of December 31, 2020 (thousands) | 89,615 | |||||||
Share price, end of quarter | $ | 17.14 | ||||||
Net debt to enterprise value | 54.5 | % | ||||||
Net debt to annualized adjusted EBITDA [7] | 8.5 | x | ||||||
Weighted-average interest rate cost [8] | 3.3 | % | ||||||
Weighted-average debt maturity (years) [9] | 5.4 | |||||||
Interest Coverage Ratio [10] | 3.7 | x | ||||||
Real Estate Portfolio | ||||||||
Number of properties | 306 | |||||||
Number of tenants | 130 | |||||||
Square footage (millions) | 37.2 | |||||||
Leased | 99.7 | % | ||||||
Weighted-average remaining lease term (years) [11] | 8.5 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 476,599 | $ | 414,446 | ||||||||||
Buildings, fixtures and improvements | 3,124,884 | 2,685,325 | ||||||||||||
Construction in progress | 5,486 | 11,725 | ||||||||||||
Acquired intangible lease assets | 711,985 | 651,768 | ||||||||||||
Total real estate investments, at cost | 4,318,954 | 3,763,264 | ||||||||||||
Less accumulated depreciation and amortization | (675,200) | (517,123) | ||||||||||||
Total real estate investments, net | 3,643,754 | 3,246,141 | ||||||||||||
Cash and cash equivalents | 124,245 | 270,302 | ||||||||||||
Restricted cash | 1,448 | 3,985 | ||||||||||||
Derivative assets, at fair value | 525 | 4,151 | ||||||||||||
Unbilled straight-line rent | 61,007 | 51,795 | ||||||||||||
Operating lease right-of-use asset | 58,395 | 50,211 | ||||||||||||
Prepaid expenses and other assets | 43,929 | 37,370 | ||||||||||||
Due from related parties | 377 | 351 | ||||||||||||
Deferred tax assets | 2,367 | 4,441 | ||||||||||||
Goodwill and other intangible assets, net | 23,089 | 21,920 | ||||||||||||
Deferred financing costs, net | 7,878 | 10,938 | ||||||||||||
Total Assets | $ | 3,967,014 | $ | 3,701,605 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 1,363,698 | $ | 1,272,154 | ||||||||||
Revolving credit facility | 111,132 | 199,071 | ||||||||||||
Term loan, net | 300,154 | 397,893 | ||||||||||||
Senior notes, net | 490,345 | — | ||||||||||||
Acquired intangible lease liabilities, net | 32,970 | 30,529 | ||||||||||||
Derivative liabilities, at fair value | 19,984 | 7,507 | ||||||||||||
Due to related parties | 2,002 | 342 | ||||||||||||
Accounts payable and accrued expenses | 28,310 | 22,903 | ||||||||||||
Operating lease liability | 25,350 | 23,985 | ||||||||||||
Prepaid rent | 21,481 | 17,236 | ||||||||||||
Deferred tax liability | 12,157 | 14,975 | ||||||||||||
Taxes payable | — | 1,046 | ||||||||||||
Dividends payable | 5,152 | 4,006 | ||||||||||||
Total Liabilities | 2,412,735 | 1,991,647 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Stockholders' Equity: | ||||||||||||||
7.25% Series A cumulative redeemable preferred stock | 68 | 68 | ||||||||||||
6.875% Series B cumulative redeemable perpetual preferred stock | 39 | 35 | ||||||||||||
Common stock | 2,227 | 2,225 | ||||||||||||
Additional paid-in capital | 2,418,659 | 2,408,353 | ||||||||||||
Accumulated other comprehensive (loss) income | 8,073 | 20,195 | ||||||||||||
Accumulated deficit | (896,547) | (733,245) | ||||||||||||
Total Stockholders' Equity | 1,532,519 | 1,697,631 | ||||||||||||
Non-controlling interest | 21,760 | 12,327 | ||||||||||||
Total Equity | 1,554,279 | 1,709,958 | ||||||||||||
Total Liabilities and Equity | $ | 3,967,014 | $ | 3,701,605 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||
Revenue from tenants | $ | 87,042 | $ | 82,711 | $ | 81,109 | $ | 79,242 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 9,635 | 7,525 | 7,835 | 7,377 | ||||||||||||||||||||||
Operating fees to related parties | 9,194 | 8,939 | 8,874 | 8,794 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 275 | 75 | 33 | 280 | ||||||||||||||||||||||
General and administrative | 4,250 | 2,641 | 3,412 | 2,961 | ||||||||||||||||||||||
Equity-based compensation | 2,585 | 2,479 | 2,513 | 2,488 | ||||||||||||||||||||||
Depreciation and amortization | 35,977 | 35,049 | 33,984 | 33,533 | ||||||||||||||||||||||
Total expenses | 61,916 | 56,708 | 56,651 | 55,433 | ||||||||||||||||||||||
Operating income before loss on dispositions of real estate investments | 25,126 | 26,003 | 24,458 | 23,809 | ||||||||||||||||||||||
Loss on dispositions of real estate investments | — | — | (153) | — | ||||||||||||||||||||||
Operating income | 25,126 | 26,003 | 24,305 | 23,809 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (19,158) | (18,677) | (17,529) | (16,440) | ||||||||||||||||||||||
Loss on extinguishment of debt | (3,292) | — | (309) | — | ||||||||||||||||||||||
(Loss) gain on derivative instruments | (2,703) | (2,464) | (317) | 3,143 | ||||||||||||||||||||||
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness | (6,039) | — | — | — | ||||||||||||||||||||||
Other income | 28 | 142 | 71 | 48 | ||||||||||||||||||||||
Total other expense, net | (31,164) | (20,999) | (18,084) | (13,249) | ||||||||||||||||||||||
Net (loss) income before income tax | (6,038) | 5,004 | 6,221 | 10,560 | ||||||||||||||||||||||
Income tax expense | (2,457) | (862) | (691) | (959) | ||||||||||||||||||||||
Net (loss) income | (8,495) | 4,142 | 5,530 | 9,601 | ||||||||||||||||||||||
Preferred stock dividends | (4,782) | (4,644) | (4,564) | (4,563) | ||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (13,277) | $ | (502) | $ | 966 | $ | 5,038 | ||||||||||||||||||
Basic and Diluted Earnings Per Share: | ||||||||||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic and Diluted | $ | (0.15) | $ | (0.01) | $ | 0.01 | $ | 0.05 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 89,483 | 89,483 | 89,470 | 89,459 | ||||||||||||||||||||||
Diluted | 89,483 | 89,483 | 90,103 | 89,499 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||
EBITDA: | ||||||||||||||||||||||||||
Net (loss) income | $ | (8,495) | $ | 4,142 | $ | 5,530 | $ | 9,601 | ||||||||||||||||||
Depreciation and amortization | 35,977 | 35,049 | 33,984 | 33,533 | ||||||||||||||||||||||
Interest expense | 19,158 | 18,677 | 17,529 | 16,440 | ||||||||||||||||||||||
Income tax expense | 2,457 | 862 | 691 | 959 | ||||||||||||||||||||||
EBITDA | 49,097 | 58,730 | 57,734 | 60,533 | ||||||||||||||||||||||
Equity-based compensation | 2,585 | 2,479 | 2,513 | 2,488 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 275 | 75 | 33 | 280 | ||||||||||||||||||||||
Loss on dispositions of real estate investments | — | — | 153 | — | ||||||||||||||||||||||
Loss (gain) on derivative instruments | 2,703 | 2,464 | 317 | (3,143) | ||||||||||||||||||||||
Loss on extinguishment of debt | 3,292 | — | 309 | — | ||||||||||||||||||||||
Other income | (28) | (142) | (71) | (48) | ||||||||||||||||||||||
Adjusted EBITDA | 63,963 | 63,606 | 60,988 | 60,110 | ||||||||||||||||||||||
Operating fees to related parties | 9,194 | 8,939 | 8,874 | 8,794 | ||||||||||||||||||||||
General and administrative | 4,250 | 2,641 | 3,412 | 2,961 | ||||||||||||||||||||||
NOI | 77,407 | 75,186 | 73,274 | 71,865 | ||||||||||||||||||||||
Amortization related to above and below-market lease intangibles and right-of-use assets, net | 157 | 198 | 204 | 232 | ||||||||||||||||||||||
Straight-line rent | (1,503) | (1,879) | (3,068) | (1,487) | ||||||||||||||||||||||
Cash NOI | $ | 76,061 | $ | 73,505 | $ | 70,410 | $ | 70,610 | ||||||||||||||||||
Cash Paid for Interest: | ||||||||||||||||||||||||||
Interest expense | $ | 19,158 | $ | 18,677 | $ | 17,529 | $ | 16,440 | ||||||||||||||||||
Non-cash portion of interest expense | (2,077) | (2,075) | (1,847) | (1,810) | ||||||||||||||||||||||
Amortization of mortgage discounts | — | — | (3) | (10) | ||||||||||||||||||||||
Total cash paid for interest | $ | 17,081 | $ | 16,602 | $ | 15,679 | $ | 14,620 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||
Funds from operations (FFO): | ||||||||||||||||||||||||||
Net (loss) income attributable to common stockholders (in accordance with GAAP) | $ | (13,277) | $ | (502) | $ | 966 | $ | 5,038 | ||||||||||||||||||
Depreciation and amortization | 35,977 | 35,049 | 33,984 | 33,533 | ||||||||||||||||||||||
Loss on dispositions of real estate investments | — | — | 153 | — | ||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to common stockholders | 22,700 | 34,547 | 35,103 | 38,571 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 275 | 75 | 33 | 280 | ||||||||||||||||||||||
Loss on extinguishment of debt | 3,292 | — | 309 | — | ||||||||||||||||||||||
Core FFO attributable to common stockholders | 26,267 | 34,622 | 35,445 | 38,851 | ||||||||||||||||||||||
Non-cash equity-based compensation | 2,585 | 2,479 | 2,513 | 2,488 | ||||||||||||||||||||||
Non-cash portion of interest expense | 2,077 | 2,075 | 1,847 | 1,810 | ||||||||||||||||||||||
Amortization related to above and below-market lease intangibles and right-of-use assets, net | 157 | 198 | 204 | 232 | ||||||||||||||||||||||
Straight-line rent | (1,503) | (1,879) | (3,068) | (1,487) | ||||||||||||||||||||||
Straight-line rent (rent deferral agreements) [1] | (20) | 320 | 1,508 | — | ||||||||||||||||||||||
Unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness | 6,039 | — | — | — | ||||||||||||||||||||||
Eliminate unrealized losses (gains) on foreign currency transactions [2] | 4,448 | 3,061 | 1,325 | (2,082) | ||||||||||||||||||||||
Amortization of mortgage discounts | — | — | 3 | 10 | ||||||||||||||||||||||
Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 40,050 | $ | 40,876 | $ | 39,777 | $ | 39,822 | ||||||||||||||||||
Weighted average common shares outstanding — Basic | 89,483 | 89,483 | 89,470 | 89,459 | ||||||||||||||||||||||
Weighted average common shares outstanding — Diluted | 89,483 | 89,483 | 90,103 | 89,499 | ||||||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic and Diluted | $ | (0.15) | $ | (0.01) | $ | 0.01 | $ | 0.05 | ||||||||||||||||||
FFO per common share | $ | 0.25 | $ | 0.39 | $ | 0.39 | $ | 0.43 | ||||||||||||||||||
Core FFO per common share | $ | 0.29 | $ | 0.39 | $ | 0.39 | $ | 0.43 | ||||||||||||||||||
AFFO per common share | $ | 0.45 | $ | 0.46 | $ | 0.44 | $ | 0.44 | ||||||||||||||||||
Dividends declared [3] | $ | 35,844 | $ | 35,794 | $ | 35,810 | $ | 47,638 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Year of Maturity | Number of Encumbered Properties [1] | Weighted-Average Debt Maturity (Years) | Weighted-Average Interest Rate [2] | Total Outstanding Balance [3] (In thousands) | Percent | |||||||||||||||||||||||||||
Non-Recourse Debt | ||||||||||||||||||||||||||||||||
2021 | — | — | — | % | $ | 13,222 | ||||||||||||||||||||||||||
2022 | — | — | — | % | 20,475 | |||||||||||||||||||||||||||
2023 | 47 | 2.6 | 2.8 | % | 331,445 | |||||||||||||||||||||||||||
2024 | 8 | 3.3 | 1.5 | % | 237,939 | |||||||||||||||||||||||||||
2025 | 7 | 4.4 | 2.5 | % | 85,854 | |||||||||||||||||||||||||||
Thereafter | 56 | 7.9 | 4.3 | % | 689,751 | |||||||||||||||||||||||||||
Total Non-Recourse Debt | 118 | 5.5 | 3.3 | % | 1,378,686 | 60 | % | |||||||||||||||||||||||||
Recourse Debt | ||||||||||||||||||||||||||||||||
Revolving Credit Facility | 1.7 | 4.0 | % | 111,132 | ||||||||||||||||||||||||||||
Term Loan | 3.6 | 1.9 | % | 303,036 | ||||||||||||||||||||||||||||
Senior Notes | 7.0 | 3.8 | % | 500,000 | ||||||||||||||||||||||||||||
Total Recourse Debt | 5.2 | 3.2 | % | 914,168 | 40 | % | ||||||||||||||||||||||||||
Total Debt | 5.4 | 3.3 | % | $ | 2,292,854 | 100 | % | |||||||||||||||||||||||||
Total Debt by Currency | Percent | |||||||||||||||||||||||||||||||
USD | 60 | % | ||||||||||||||||||||||||||||||
EUR | 30 | % | ||||||||||||||||||||||||||||||
GBP | 10 | % | ||||||||||||||||||||||||||||||
Total | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Future Base Rent Payments [1] | ||||||||
2021 | $ | 334,858 | ||||||
2022 | 324,706 | |||||||
2023 | 303,737 | |||||||
2024 | 267,943 | |||||||
2025 | 226,047 | |||||||
Thereafter | 1,083,950 | |||||||
Total | $ | 2,541,241 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
Tenant / Lease Guarantor | Property Type | Tenant Industry | Annualized SL Rent [1] | SL Rent Percent | ||||||||||||||||||||||
FedEx | Distribution | Freight | $ | 14,045 | 4 | % | ||||||||||||||||||||
Whirlpool | Industrial/Distribution/Office | Consumer Goods | 13,215 | 4 | % | |||||||||||||||||||||
Government Services Administration (GSA) | Office | Government | 12,041 | 4 | % | |||||||||||||||||||||
Foster Wheeler | Office | Engineering | 11,596 | 3 | % | |||||||||||||||||||||
ING Bank | Office | Financial Services | 10,197 | 3 | % | |||||||||||||||||||||
FCA USA | Industrial/Distribution | Auto Manufacturing | 9,515 | 3 | % | |||||||||||||||||||||
Broadridge Finanical Solutions | Industrial | Financial Services | 9,332 | 3 | % | |||||||||||||||||||||
Finnair | Industrial | Aerospace | 8,825 | 3 | % | |||||||||||||||||||||
Penske | Distribution | Logistics | 8,500 | 2 | % | |||||||||||||||||||||
Contractors Steel | Industrial | Metal Processing | 7,958 | 2 | % | |||||||||||||||||||||
Subtotal | 105,224 | 31 | % | |||||||||||||||||||||||
Remaining portfolio | 235,054 | 69 | % | |||||||||||||||||||||||
Total Portfolio | $ | 340,278 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
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 | $ | 156,196 | 46 | % | 8,757 | 24 | % | $ | 40,084 | 28 | % | 2,417 | 14 | % | |||||||||||||||||||||||||||||||||||||||
Industrial | 98,832 | 29 | % | 15,663 | 41 | % | 67,877 | 48 | % | 10,804 | 58 | % | |||||||||||||||||||||||||||||||||||||||||
Distribution | 68,821 | 20 | % | 11,430 | 31 | % | 28,180 | 20 | % | 5,053 | 27 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 16,429 | 5 | % | 1,325 | 4 | % | 5,062 | 4 | % | 265 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 340,278 | 100 | % | 37,175 | 100 | % | $ | 141,203 | 100 | % | 18,539 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
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 | $ | 42,743 | 13 | % | 3,291 | 9 | % | $ | 9,332 | 7 | % | 1,166 | 6 | % | |||||||||||||||||||||||||||||||||||||||
Healthcare | 23,191 | 7 | % | 1,049 | 3 | % | 11,598 | 8 | % | 626 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
Technology | 21,610 | 6 | % | 1,084 | 3 | % | 2,486 | 2 | % | 178 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Auto Manufacturing | 21,177 | 6 | % | 3,397 | 9 | % | 15,709 | 11 | % | 2,099 | 11 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer Goods | 17,009 | 5 | % | 4,061 | 11 | % | 14,264 | 10 | % | 3,217 | 17 | % | |||||||||||||||||||||||||||||||||||||||||
Aerospace | 15,377 | 5 | % | 1,416 | 4 | % | 3,390 | 2 | % | 293 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Freight | 14,984 | 4 | % | 1,494 | 4 | % | 7,055 | 5 | % | 774 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
Government | 14,528 | 4 | % | 536 | 1 | % | 11,645 | 8 | % | 424 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Telecommunications | 14,442 | 4 | % | 865 | 2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Logistics | 14,432 | 4 | % | 2,269 | 6 | % | 1,132 | 1 | % | 170 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Metal Processing | 14,331 | 4 | % | 2,472 | 7 | % | 10,906 | 8 | % | 1,852 | 10 | % | |||||||||||||||||||||||||||||||||||||||||
Energy | 12,731 | 4 | % | 1,043 | 3 | % | 8,928 | 6 | % | 675 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
Engineering | 11,596 | 3 | % | 366 | 1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals | 10,805 | 3 | % | 476 | 1 | % | 1,020 | 1 | % | 86 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Automotive Parts Supplier | 9,560 | 3 | % | 964 | 3 | % | 7,131 | 5 | % | 643 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
Metal Fabrication | 8,346 | 2 | % | 1,208 | 3 | % | 3,646 | 3 | % | 496 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
Discount Retail | 8,168 | 2 | % | 1,001 | 3 | % | 1,851 | 1 | % | 200 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Retail Food Distribution | 7,816 | 2 | % | 1,128 | 3 | % | 825 | 1 | % | 170 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Publishing | 7,005 | 2 | % | 873 | 2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Home Furnishings | 5,977 | 2 | % | 2,456 | 7 | % | 5,977 | 4 | % | 2,456 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
Specialty Retail | 5,679 | 2 | % | 486 | 1 | % | 2,553 | 2 | % | 206 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Food Manufacturing | 3,979 | 1 | % | 598 | 2 | % | 3,979 | 3 | % | 598 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
Restaurant - Quick Service | 3,403 | 1 | % | 74 | — | % | 3,212 | 2 | % | 65 | — | % | |||||||||||||||||||||||||||||||||||||||||
Other [2] | 31,389 | 11 | % | 4,568 | 12 | % | 14,564 | 10 | % | 2,145 | 12 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 340,278 | 100 | % | 37,175 | 100 | % | $ | 141,203 | 100 | % | 18,539 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
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 | $ | 214,809 | 63.2 | % | 27,000 | 72.6 | % | $ | 130,618 | 92.4 | % | 17,867 | 96.4 | % | |||||||||||||||||||||||||||||||||||||||
Michigan | 52,083 | 15.3 | % | 5,878 | 15.9 | % | 34,049 | 24.1 | % | 3,741 | 20.0 | % | |||||||||||||||||||||||||||||||||||||||||
Texas | 24,416 | 7.2 | % | 1,926 | 5.2 | % | 11,423 | 8.1 | % | 970 | 5.2 | % | |||||||||||||||||||||||||||||||||||||||||
Ohio | 19,247 | 5.7 | % | 4,316 | 11.6 | % | 15,127 | 10.7 | % | 3,276 | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||
California | 18,176 | 5.3 | % | 1,226 | 3.3 | % | 7,699 | 5.5 | % | 838 | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 8,322 | 2.5 | % | 349 | 0.9 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 8,247 | 2.4 | % | 1,125 | 3.0 | % | 6,513 | 4.6 | % | 662 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 8,210 | 2.4 | % | 2,657 | 7.2 | % | 7,465 | 5.3 | % | 2,628 | 14.2 | % | |||||||||||||||||||||||||||||||||||||||||
Indiana | 6,935 | 2.0 | % | 1,521 | 4.1 | % | 3,700 | 2.6 | % | 665 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||
Missouri | 6,810 | 2.0 | % | 656 | 1.8 | % | 4,840 | 3.4 | % | 566 | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||
Alabama | 5,606 | 1.7 | % | 257 | 0.7 | % | 320 | 0.2 | % | 58 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Illinois | 5,369 | 1.6 | % | 963 | 2.6 | % | 4,793 | 3.4 | % | 887 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||
New York | 5,254 | 1.5 | % | 760 | 2.0 | % | 1,747 | 1.2 | % | 145 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 4,912 | 1.4 | % | 801 | 2.2 | % | 4,912 | 3.5 | % | 801 | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 4,223 | 1.2 | % | 459 | 1.2 | % | 1,915 | 1.4 | % | 122 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 4,175 | 1.2 | % | 523 | 1.4 | % | 3,267 | 2.3 | % | 446 | 2.4 | % | |||||||||||||||||||||||||||||||||||||||||
Connecticut | 2,742 | 0.8 | % | 305 | 0.8 | % | 2,742 | 1.9 | % | 305 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||
Colorado | 2,703 | 0.8 | % | 87 | 0.2 | % | 2,703 | 1.9 | % | 87 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
Massachusetts | 2,384 | 0.7 | % | 192 | 0.5 | % | 2,384 | 1.7 | % | 192 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
Minnesota | 2,143 | 0.6 | % | 150 | 0.4 | % | 691 | 0.5 | % | 103 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||
Kansas | 2,118 | 0.6 | % | 292 | 0.8 | % | 1,922 | 1.4 | % | 277 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||
Maine | 1,889 | 0.6 | % | 50 | 0.1 | % | 1,889 | 1.3 | % | 50 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Florida | 1,878 | 0.6 | % | 179 | 0.5 | % | 1,878 | 1.3 | % | 179 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||
Mississippi | 1,580 | 0.5 | % | 314 | 0.8 | % | 283 | 0.2 | % | 14 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Georgia | 1,557 | 0.5 | % | 492 | 1.3 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
New Hampshire | 1,457 | 0.4 | % | 247 | 0.7 | % | 1,058 | 0.7 | % | 164 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,289 | 0.4 | % | 54 | 0.2 | % | 1,289 | 0.9 | % | 54 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Vermont | 1,166 | 0.3 | % | 213 | 0.6 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Nebraska | 1,150 | 0.3 | % | 101 | 0.3 | % | 278 | 0.2 | % | 27 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Iowa | 1,117 | 0.3 | % | 236 | 0.6 | % | 1,117 | 0.8 | % | 236 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||
Louisiana | 1,111 | 0.3 | % | 112 | 0.3 | % | 434 | 0.3 | % | 36 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
West Virginia | 980 | 0.3 | % | 104 | 0.3 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
North Dakota | 884 | 0.3 | % | 47 | 0.1 | % | 884 | 0.6 | % | 47 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Maryland | 785 | 0.2 | % | 120 | 0.3 | % | 785 | 0.6 | % | 120 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||
Oklahoma | 699 | 0.2 | % | 79 | 0.2 | % | 699 | 0.5 | % | 79 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
New Mexico | 556 | 0.2 | % | 46 | 0.1 | % | 556 | 0.4 | % | 46 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Wyoming | 498 | 0.2 | % | 37 | 0.1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Montana | 441 | 0.1 | % | 58 | 0.2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Idaho | 441 | 0.1 | % | 22 | 0.1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Delaware | 362 | 0.1 | % | 10 | — | % | 362 | 0.3 | % | 10 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Nevada | 344 | 0.1 | % | 14 | — | % | 344 | 0.2 | % | 14 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Utah | 315 | 0.1 | % | 12 | — | % | 315 | 0.2 | % | 12 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Virginia | 235 | 0.1 | % | 10 | — | % | 235 | 0.2 | % | 10 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
United Kingdom | 57,570 | 16.8 | % | 4,127 | 11.1 | % | 1,131 | 0.8 | % | 95 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
The Netherlands | 15,317 | 4.5 | % | 849 | 2.3 | % | 2,553 | 1.8 | % | 206 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
Finland | 15,142 | 4.5 | % | 1,457 | 3.9 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
France | 14,309 | 4.2 | % | 1,663 | 4.5 | % | 342 | 0.2 | % | 32 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
Germany | 10,588 | 3.1 | % | 1,584 | 4.3 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Luxembourg | 5,984 | 1.8 | % | 156 | 0.4 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Puerto Rico | 3,212 | 0.9 | % | 65 | 0.2 | % | 3,212 | 2.3 | % | 65 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Italy | 2,240 | 0.7 | % | 196 | 0.5 | % | 2,240 | 1.6 | % | 196 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||
Canada | 753 | 0.2 | % | 49 | 0.1 | % | 753 | 0.5 | % | 49 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Spain | 354 | 0.1 | % | 29 | 0.1 | % | 354 | 0.4 | % | 29 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 340,278 | 100 | % | 37,175 | 100 | % | $ | 141,203 | 100 | % | 18,539 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended December 31, 2020 (Unaudited) |
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) | ||||||||||||||||||||||||||||||||
2021 | 3 | $ | 5,879 | 1.7 | % | 419 | 1.1 | % | ||||||||||||||||||||||||
2022 | 16 | 23,240 | 6.8 | % | 1,630 | 4.4 | % | |||||||||||||||||||||||||
2023 | 28 | 26,146 | 7.7 | % | 2,223 | 6.0 | % | |||||||||||||||||||||||||
2024 | 38 | 49,156 | 14.4 | % | 4,598 | 12.4 | % | |||||||||||||||||||||||||
2025 | 38 | 39,426 | 11.6 | % | 3,237 | 8.7 | % | |||||||||||||||||||||||||
2026 | 18 | 21,851 | 6.4 | % | 2,079 | 5.6 | % | |||||||||||||||||||||||||
2027 | 19 | 7,899 | 2.3 | % | 788 | 2.1 | % | |||||||||||||||||||||||||
2028 | 39 | 28,623 | 8.4 | % | 4,084 | 11.0 | % | |||||||||||||||||||||||||
2029 | 23 | 34,885 | 10.3 | % | 4,076 | 11.0 | % | |||||||||||||||||||||||||
2030 | 19 | 24,511 | 7.2 | % | 1,958 | 5.3 | % | |||||||||||||||||||||||||
2031 | 13 | 21,593 | 6.3 | % | 3,737 | 10.1 | % | |||||||||||||||||||||||||
2032 | 23 | 14,821 | 4.4 | % | 1,325 | 3.6 | % | |||||||||||||||||||||||||
2033 | 5 | 14,404 | 4.2 | % | 1,261 | 3.4 | % | |||||||||||||||||||||||||
2034 | 1 | 922 | 0.3 | % | 228 | 0.6 | % | |||||||||||||||||||||||||
2035 | 5 | 7,248 | 2.1 | % | 750 | 2.0 | % | |||||||||||||||||||||||||
2036 | — | — | — | % | — | — | % | |||||||||||||||||||||||||
Thereafter (>2036) | 17 | 19,674 | 5.9 | % | 4,657 | 12.7 | % | |||||||||||||||||||||||||
Total | 305 | $ | 340,278 | 100 | % | 37,050 | 100 | % |
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