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Sep 30, 2020
Global Net Lease Q3 2020 Earnings Report
Reported an increase in revenue and AFFO per share, driven by strong portfolio performance and strategic acquisitions.
Key Takeaways
Global Net Lease reported a 6.1% increase in revenue to $82.7 million and an AFFO of $40.9 million. The company collected 97% of cash rents and completed $23.4 million in acquisitions. The portfolio remains 99.6% leased with a weighted-average remaining lease term of 8.7 years.
Revenue increased 6.1% to $82.7 million from third quarter 2019.
Net loss was $0.5 million as compared to net income of $6.9 million in third quarter 2019.
Collected 97% of third quarter cash rents, including 99% from Top 20 tenants.
Acquired three industrial and office properties for $23.4 million at a weighted-average going-in capitalization rate of 7.26%.
Forward Guidance
GNL anticipates continued portfolio performance and growth through strategic acquisitions, supported by ample liquidity and no near-term debt maturities.
Positive Outlook
- Resumed accretive acquisitions program.
- Thoughtfully constructed pipeline will result in over $330 million of high-quality acquisitions.
- Ample liquidity to act on this acquisitions plan.
- No near-term debt maturities.
- Committed to intentionally building a resilient, best-in-class portfolio of industrial, distribution and office properties.
Challenges Ahead
- Potential adverse effects of the ongoing global COVID-19 pandemic.
- Acquisitions are subject to market conditions and capital availability.
- Acquisitions may not be identified or completed on favorable terms, or at all.
- Impact of COVID-19 pandemic on the Company’s rental revenue for the third quarter of 2020 and thereafter cannot be determined at present.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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