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Mar 31, 2021
Global Net Lease Q1 2021 Earnings Report
Reported first quarter results with revenue increase and strong rent collection.
Key Takeaways
Global Net Lease reported a revenue increase of 12.8% compared to the first quarter of 2020, with 100% rent collection. The company's portfolio remains nearly fully leased, and strategic acquisitions have been made to enhance earnings growth.
Revenue increased 12.8% to $89.4 million from $79.2 million in first quarter 2020.
Net loss was $0.8 million as compared to net income of $5.0 million in first quarter 2020.
Collected 100% of first quarter original cash rents, including 100% from top 20 tenants.
Portfolio 99.7% leased with 8.3 years of weighted average remaining lease term.
Revenue by Geographic Location
Forward Guidance
The company's forward pipeline of $257 million is expected to provide accretive earnings growth, supported by ample liquidity and strategic acquisitions.
Positive Outlook
- Accretive earnings growth from a $257 million forward pipeline.
- Going-in cap rate of 9.3% on the forward pipeline.
- Weighted-average remaining lease term of 19.4 years on acquisitions.
- Recent acquisition of McLaren headquarters with 20-year NNN leases.
- Ample liquidity to pursue additional accretive acquisitions.
Challenges Ahead
- Potential adverse effects of the ongoing global COVID-19 pandemic.
- Dependence on market conditions and capital availability for future acquisitions.
- Uncertainty in completing pending acquisitions on contemplated terms.
- Risks related to tenants and the global economy.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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