Global Net Lease reported an 8.7% increase in revenue, reaching $97.1 million, and a net income of $5.5 million, a significant improvement from the net loss of $0.8 million in the same quarter last year. The company executed lease renewals and expansions totaling 1.2 million square feet, adding $54 million in net straight-line rent. Subsequent to quarter end, GNL completed a recast of its credit facility, securing a new $1.45 billion revolving credit facility.
Revenue increased by 8.7% to $97.1 million compared to Q1 2021.
Net income grew to $5.5 million, a significant improvement from the $0.8 million net loss in Q1 2021.
Core Funds from Operations (FFO) increased by 17.3% to $45.6 million, or $0.44 per share.
The company executed lease renewals and expansions totaling 1.2 million square feet, adding $54 million in net straight-line rent.
Global Net Lease did not provide specific forward guidance in this earnings report.
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