0001144204-15-064282.txt : 20151112 0001144204-15-064282.hdr.sgml : 20151112 20151112060046 ACCESSION NUMBER: 0001144204-15-064282 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151112 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151112 DATE AS OF CHANGE: 20151112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Global Net Lease, Inc. CENTRAL INDEX KEY: 0001526113 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 452771978 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37390 FILM NUMBER: 151220985 BUSINESS ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-415-6500 MAIL ADDRESS: STREET 1: 405 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Trust, Inc. DATE OF NAME CHANGE: 20120810 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Daily Net Asset Value Trust, Inc. DATE OF NAME CHANGE: 20111014 FORMER COMPANY: FORMER CONFORMED NAME: American Realty Capital Global Trust, Inc. DATE OF NAME CHANGE: 20110719 8-K 1 v424475_8k.htm FORM 8-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 12, 2015

 

Global Net Lease, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Maryland   001-37390   45-2771978

(State or other jurisdiction

of incorporation)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

405 Park Avenue, 14th Floor
New York, New York 10022

(Address, including zip code, of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (212) 415-6500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ 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))

 

  

 

 

Item 7.01. Regulation FD Disclosure.

 

On November 12, 2015, Global Net Lease, Inc. issued quarterly supplemental financial information, attached hereto as Exhibit 99.1 to this Current Report on Form 8-K. Such exhibit shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No. Description

 

99.1

Quarterly supplemental information for the quarter ended September 30, 2015

 

  

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date: November 12, 2015 By:    /s/ Scott J. Bowman   
    Name:   Scott J. Bowman  
    Title: Chief Executive Officer  

 

  

 

 

 

 

 

 

 

 

 

 EX-99.1 2 v424475_ex99-1.htm EXHIBIT 99.1

 

 

 

 

 

 

 

 

 

 

Global Net Lease, Inc.

Supplemental Information

 

Quarter ended September 30, 2015 (unaudited)

 

 

 

 

 

 

 

 

  

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Table of Contents

 

Item   Page
Non-GAAP Definitions   3
Key Metrics   7
Consolidated Balance Sheets   8
Consolidated Statements of Income   9
Non-GAAP Measures   10
Debt Overview   12
Investment Activity   13
Top Ten Tenants   14
Diversification by Property Type   15
Diversification by Tenant Industry   16
Diversification by Geography   17
Lease Expirations   18

 

Forward-looking Statements:

 

This supplemental package includes “forward looking statements”. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Annual Report on Form 10-K for the year ended December 31, 2014 of Global Net Lease, Inc. (the “Company”), including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and (ii) in future periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

 

  2

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Definitions
 
This section includes non-GAAP financial measures, including Funds from Operations, Core Funds from Operations, Adjusted Funds from Operations, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, Net Operating Income, and Cash Net Operating Income. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.

 

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations
 
Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a measure known as funds from operations ("FFO"), which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to net income or loss as determined under accounting principles generally accepted in the United States ("GAAP").
 
We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property but including asset impairment writedowns, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Our FFO calculation complies with NAREIT's definition.
 
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time, especially if not adequately maintained or repaired and renovated as required by relevant circumstances or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO, core funds from operations ("Core FFO") and adjusted funds from operations (“AFFO”), as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO, Core FFO and AFFO measures and the adjustments to GAAP in calculating FFO, Core FFO and AFFO. Other REITs may not define FFO in accordance with the current NAREIT definition (as we do) or may interpret the current NAREIT definition differently than we do and/or calculate Core FFO and/or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly titled measures presented by other REITs.

 

  3

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Definitions

 

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO facilitates comparisons of operating performance between periods and between other REITs in our peer group.
 
Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT's definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses.
 
Core FFO is FFO, excluding acquisition and transaction related costs as well as certain other costs that are considered to be non-core, such as charges relating to the Listing Note and listing related fees. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the operations derived from the investment. By excluding expensed acquisition and transaction related costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties.
 
We exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include unrealized gains and losses, which may not ultimately be realized, such as gains or losses on contingent valuation rights, gains and losses on investments and early extinguishment of debt. We also exclude dividends on Class B Units as the related shares are assumed to have converted to common stock in our calculation of fully diluted weighted average shares of common stock. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have no cash impact and do not provide liquidity to the company or require capital resources of the company. By providing AFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our ongoing operating performance without the impacts of transactions that are not related to the ongoing profitability of our portfolio of properties. We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies that are not making a significant number of acquisitions. Investors are cautioned that AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as it excludes certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

 

  4

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Definitions

 

In calculating AFFO, we exclude certain expenses, which under GAAP are characterized as operating expenses in determining operating net income. These expenses are paid in cash by us, and therefore such funds will not be available to distribute to investors. All paid and accrued merger, acquisition and transaction related fees and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired will also have negative effects on returns to investors, the ability to fund dividends or distributions in the future, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property and certain other expenses. AFFO that excludes such costs and expenses would only be comparable to companies that did not have such activities. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, we view fair value adjustments as items which are unrealized and may not ultimately be realized. We view both gains and losses from fair value adjustments as items which are not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe AFFO provides useful supplemental information.
 
As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our performance relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

 

  5

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Definitions

 

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Adjusted Cash Net Operating Income.
 
We believe that earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, other non-cash items and including our pro-rata share from unconsolidated joint ventures ("Adjusted EBITDA") is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
 
Net operating income ("NOI") is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition and transaction-related expenses, depreciation and amortization, other non-cash expenses and interest expense. NOI is adjusted to include our pro rata share of NOI from unconsolidated joint ventures. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.
 
Cash NOI is NOI presented on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and the amortization of above and below market leases.

 

  6

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Key Metrics
As of and for the three months ended September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

Financial Results  
    Rental income  $                   47,836
  Net income attributable to stockholders                           5,432
      Net income attributable to stockholders per diluted share  $                       0.03
      Cash NOI                        43,294
  Adjusted EBITDA                        39,981
  AFFO                        31,162
      AFFO per diluted share                             0.18
         
  Distributions declared per share - third quarter                             0.18
      Dividend yield - annualized, based on quarter end share price of $9.20 7.7%
      Dividend payout ratio - third quarter 97.3%

 

Balance Sheet and Capitalization  
      Equity market capitalization - based on quarter end share price of $9.20  $              1,554,217
      Net debt                  1,213,502
      Enterprise value                  2,767,719
         
  Total capitalization                  2,799,799
         
  Total consolidated debt                  1,244,784
  Gross assets                  2,562,238
  Liquidity                        36,680
         
      Common shares outstanding as of Sep 30, 2015 (thousands)                      168,937
      Share price, end of quarter  $                       9.20
         
      Net debt to enterprise value 43.3%
      Net debt to adjusted EBITDA 7.6x
         
      Weighted-average interest rate cost 2.5%
      Weighted-average debt maturity (years)[1] 3.3

 

Real Estate Portfolio  
      Number of properties 329
      Number of tenants 86
         
      Square footage (millions)                             18.7
      Occupancy 100.0%
      Weighted-average remaining lease term (years)                             11.5
         
      Acqusitions - third quarter  $                 207,824

 

Footnotes:

 

[1] Credit facility has an initial maturity date of July 25, 2016 with two one-year extensions, subject to certain conditions. Weighted-average debt maturity assumes that the extensions are exercised.

 

  7

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Consolidated Balance Sheets
Amounts in thousands

 

   Sep 30, 2015   Dec 31, 2014 
Assets          
Real estate investments, at cost:          
Land  $344,767   $326,696 
Buildings, fixtures and improvements   1,702,345    1,519,558 
Construction in progress   28    9,706 
Acquired intangible lease assets   524,264    484,079 
Total real estate investments, at cost   2,571,404    2,340,039 
Less accumulated depreciation and amortization   (109,922)   (42,568)
Total real estate investments, net   2,461,482    2,297,471 
Cash and cash equivalents   32,080    64,684 
Restricted cash   4,076    6,104 
Derivatives, at fair value   5,451    13,638 
Investment securities, at fair value   -    490 
Prepaid expenses and other assets   39,016    24,873 
Due from affiliates   53    500 
Deferred tax assets   2,905    2,102 
Goodwill and other intangible assets, net   3,390    3,665 
Deferred financing costs, net   13,785    15,270 
Total assets  $2,562,238   $2,428,797 
           
Liabilities and Equity          
Mortgage notes payable  $509,427   $281,186 
Mortgage premium, net   798    1,165 
Credit facility   735,357    659,268 
Below-market lease liabilities, net   28,878    21,676 
Derivatives, at fair value   7,256    6,115 
Listing note, at fair value   3,380    - 
Due to affiliates   943    400 
Accounts payable and accrued expenses   22,698    19,357 
Deferred rent and other liabilities   12,890    12,252 
Current taxes payable   3,166    - 
Dividends payable   249    10,709 
Total liabilities   1,325,042    1,012,128 
           
Common stock   1,692    1,782 
Additional paid in capital   1,479,879    1,575,592 
Accumulated other comprehensive (loss) income   (4,277)   (5,589)
Accumulated earnings (deficit)   (255,460)   (155,116)
Total shareholders' equity   1,221,834    1,416,669 
Non-controlling interests   15,362    - 
Total equity   1,237,196    1,416,669 
Total liabilities and equity  $2,562,238   $2,428,797 

 

  8

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Consolidated Statements of Income
Amounts in thousands, except per share data and ratios

 

   Three Months Ended   YTD 
   Sep 30, 2015   Jun 30, 2015   Mar 31, 2015   Sep 30, 2015 
                 
Revenues                    
Rental income  $47,836   $47,234   $47,432   $142,502 
Operating expense reimbursement   2,416    1,834    2,537    6,787 
Total revenues   50,252    49,068    49,969    149,289 
                     
Expenses:                    
Property operating   3,355    3,377    4,059    10,791 
Operating fees to affiliates   4,902    4,065    1,244    10,211 
Acquisition and transaction related   4,680    212    1,085    5,977 
Listing Fees   -    18,503    -    18,503 
Vesting of class B units   -    14,480    -    14,480 
Change in fair value of listing note   (1,050)   4,430    -    3,380 
General and administrative   2,014    1,885    1,739    5,638 
Equity based compension   1,917    510    8    2,435 
Depreciation and amortization   22,949    22,089   21,114    66,152 
Total expenses   38,767    69,551    29,249    137,567 
Operating income (loss)   11,485    (20,483)   20,720    11,722 
Other income (expense):                    
Interest expense   (9,041)   (7,947)   (7,811)   (24,799)
Income from investments   8    -    7    15 
Losses on foreign currency   -    -    -    - 
Realized losses on investment securities   (66)   -    -    (66)
Gains (losses) on derivative instruments   2,310    (3,736)   4,211    2,785 
Gains (losses) hedging instrument deemed ineffective   1,505    (508)   1,448    2,445 
Unrealized gains (losses) on non-functional foreign currency advances not designated as net investment hedges   -    (11,842)   8,907    (2,935)
Other (expense) income   (10)   12    13    15 
Total other (expense) income, net   (5,294)   (24,021)   6,775    (22,540)
Net income (loss) before income taxes   6,191    (44,504)   27,495    (10,818)
Income taxes (expense) benefit   (703)   (1,303)   (1,640)   (3,646)
Net income (loss)   5,488    (45,807)   25,855    (14,464)
Non-controlling interest   (56)   143    -    87 
Net income (loss) attributable to stockholders  $5,432   $(45,664)  $25,855   $(14,377)
                     
Basic and Diluted Earnings Per Share:                    
Basic and diluted net income (loss) per share attributable to stockholders $0.03   $(0.25)  $0.14   $(0.08)
Basic and diluted weighted average shares outstanding (thousands)   168,948    180,380    179,156    176,124 

 

  9

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Measures
Amounts in thousands, except per share data and ratios

 

   Three Months Ended   YTD 
   Sep 30, 2015   Jun 30, 2015   Mar 31, 2015   Sep 30, 2015 
                 
EBITDA:                    
Net income (loss)  $5,488   $(45,807)  $25,855   $(14,464)
Listing Fees   -    18,503    -    18,503 
Vesting of class B units   -    14,480    -    14,480 
Change in fair value of listing note   (1,050)   4,430    -    3,380 
Equity based compension   1,917    510    8    2,435 
Acquisition and transaction related   4,680    212    1,085    5,977 
Depreciation and amortization   22,949    22,089    21,114    66,152 
Interest expense   9,041    7,947    7,811    24,799 
Income tax expense   703    1,303    1,640    3,646 
EBITDA  $43,728   $23,667   $57,513   $124,908 
                     
Adjusted EBITDA:                    
Income from investments  $(8)  $-   $(7)  $(15)
Gain (loss) on foreign currency   -    -    -    - 
Realized gain (loss) on investment securities   66    -    -    66 
Gain (loss) on derivative instruments   (2,310)   3,736    (4,211)   (2,785)
Gains (losses) hedging instrument deemed ineffective   (1,505)   508    (1,448)   (2,445)
Unrealized gains (losses) on non-functional foreign currency advances not designated as net investment hedges   -    11,842    (8,907)   2,935 
Other (expense) income   10    (12)   (13)   (15)
Adjusted EBITDA  $39,981   $39,741   $42,927   $122,649 
                     
Net Operating Income (NOI):                    
Operating fees to affiliates  $4,902   $4,065   $1,244   $10,211 
General and administrative   2,014    1,885    1,739    5,638 
NOI  $46,897   $45,691   $45,910   $138,498 
                     
Cash Net Operating Income (Cash NOI):                    
Amortization of above/below market lease assets and liabilities   94    102    109    305 
Straight-line rent   (3,697)   (3,437)   (4,439)   (11,573)
Cash NOI   43,294    42,356    41,580    127,230 

 

  10

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Non-GAAP Measures
Amounts in thousands, except per share data and ratios

 

   Three Months Ended   YTD 
   Sep 30, 2015   Jun 30, 2015   Mar 31, 2015   Sep 30, 2015 
                 
Funds from operations (FFO):                    
Net income (loss) attributable to stockholders in accordance with GAAP  $5,432   $(45,664)  $25,855   $(14,377)
Depreciation and amortization   22,949    22,089    21,114    66,152 
FFO (as defined by NAREIT)  $28,381   $(23,575)  $46,969   $51,775 
Acquisition fees and expenses   4,680    212    1,085    5,977 
Listing Fees   -    18,503    -    18,503 
Vesting of class B units   -    14,480    -    14,480 
Change in fair value of listing note   (1,050)   4,430    -    3,380 
Core FFO  $32,011   $14,050   $48,054   $94,115 
Non-cash equity based compensation   1,917    510    8    2,435 
Non-cash portion of interest expense   2,306    1,994    1,944    6,244 
Realized gain (loss) on investment securities   66    -    -    66 
Nonrecurring general and administrative expenses[1]    188    -    -    188 
Distributions on Class B units   (94)   309    124    339 
Amortization of above-market lease assets and liabilities, net   94    101    109    304 
Straight-line rent   (3,697)   (3,437)   (4,439)   (11,573)
Gains (losses) on derivative instruments[2]   -    -    -    - 
(Gains) losses on hedging instruments deemed ineffective   (1,505)   508    (1,448)   (2,445)
Unrealized gains (losses) on non-functional foreign currency advances not designated as net investment hedges   -    11,842    (8,907)   2,935 
Accretion of discount/amortization of premiums   (123)   (202)   (42)   (367)
Adjusted funds from operations (AFFO)  $31,163   $25,675   $35,403   $92,241 
                     
Fully diluted shares outstanding[3] (thousands)   170,934    182,190    179,156      
                     
FFO per diluted share  $0.17   $(0.13)  $0.26      
                     
Core FFO per diluted share   0.19    0.08    0.27      
                     
AFFO per diluted share   0.18    0.14    0.20      
                     
Dividends declared  $30,308   $24,294   $31,364      

 

 

Footnotes: 

 

[1] Represents our estimate of non-recurring internal audit service fees.     
 
[2] During the third quarter 2015, we no longer adjust AFFO for (gains) losses on derivative instruments. As a result of this change, we revised the prior period amounts in our reconciliation of AFFO. AFFO for three months ended June 30, 2015 and March 31, 2015 were previously reported as $29,411 and $31,192, respectively, when including the (gains) losses on derivative instruments of $3,736 and $(4,211) for each of these respective periods.
 
[3] Fully diluted shares outstanding represents common shares outstanding and all participating common share equivalents (OP units and unvested restricted stock units) as of each respective reporting period.

 

  11

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Debt Overview
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

Year of Maturity  Number of Properties   Weighted-Average Debt Maturity (Years)   Weighted-Average Interest Rate[2]   Total Outstanding Balance   Percent 
Non-Recourse Debt                         
Remaining  2015   -    -    -   $-      
2016   -    -    -    -      
2017   19    1.7    6.24%   23,322      
2018   8    2.9    2.83%   84,264      
2019   10    3.8    2.63%   195,306      
2020   34    4.9    3.03%   188,479      
2021   1    5.8    5.32%   18,056      
Total Non-Recourse Debt   72    4.0    3.07%  $509,427    41%
                          
Recourse Debt                         
Senior Unsecured Credit Facility[1]        2.8    2.10%  $735,357      
Total Recourse Debt        2.8    2.10%  $735,357    59%
                          
Total Debt        3.3    2.50%  $1,244,784    100%
                          
Total Debt by Currency                 Percent      
USD                  21%     
EUR                  41%     
GBP                  38%     
Total                  100%     

 

 

Footnotes:

 

[1] Credit facility has an initial maturity date of July 25, 2016 with two one-year extensions, subject to certain conditions.  Weighted average debt maturity assumes that the extensions are exercised.
 
[2] As of September 30, 2015, the Company’s total combined debt had a weighted average interest rate cost of 2.5%, of which 67.8% was fixed rate or swapped to a fixed rate and 32.2% at floating rate.

 

  12

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Investment Activity
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

2015 Acquisitions

 

Property  Property Location(s)  Purchase
Price [1]		   Closing Date  Property
Type(s)		  Gross Square Footage 
1Q15                 
C&J Energy  3990 Rogerdale, Houston, TX  $34,320   Mar 05, 2015  Office   125 
FedEx Ground Package System, Inc.  603 West b1550 South, Salina, UT   4,335   Mar 12, 2015  Distribution   12 
1Q15 Total     $38,655          137 
                    
2Q15                   
FedEx Ground Package System, Inc.  3815 Airport Road, Pierre, SD   4,500   Apr 09, 2015  Distribution   26 
Fresenius  520 Physicians Lane, Sumter, SC   4,029   May 01, 2015  Office   10 
2Q15 Total     $8,529          36 
                    
3Q15                   
Fresenius  3801 Woodlake Dr, Hephzibah, GA   2,778   Jul 15, 2015  Office   6 
Crowne Group  24358 Groesbeck Highway, Warren, MI   4,361   Aug 03, 2015  Industrial   92 
Crowne Group  576 Beck Street, Jonesville, MI   4,104   Aug 03, 2015  Industrial   89 
Crowne Group  18401 Malyn Blvd, Fraser, MI   5,223   Aug 03, 2015  Industrial   115 
Crowne Group  3108 Highway 76 East, Marion, SC   10,263   Aug 31, 2015  Industrial   225 
Crowne Group  4004 North US 421, Madison, IN   10,587   Aug 31, 2015  Industrial   232 
Crowne Group  101 East Industrial Blvd, Logansport, IN   8,462   Aug 31, 2015  Industrial   186 
JIT Steel  610 Manufacturers Way, Chattanooga, TN   3,976   Sep 08, 2015  Industrial   76 
JIT Steel  530 Manufacturers Way, Chattanooga, TN   2,635   Sep 08, 2015  Industrial   51 
Mapes & Sprowl  1100 East Devon Avenue, Elk Grove Village, IL6,194   Sep 08, 2015  Industrial   61 
Beacon Health  3355 Douglas Rd, South Bend, IN   10,890   Sep 16, 2015  Office   50 
National Oilwell  4612 County Road 430, Pleasanton, TX   4,000   Sep 17, 2015  Industrial   16 
Office Depot  Columbusweg 33, Venlo, The Netherlands   24,019   Sep 22, 2015  Office   206 
Finnair  Helsinki Airport, Helsinki, Finland   88,490   Sep 23, 2015  Industrial   656 
Hannibal  6501 Bimgle Rd, Houston, TX   14,389   Sep 24, 2015  Industrial   109 
FedEx  1730 Energy Drive, Mankato, MN   7,452   Sep 25, 2015  Industrial   91 
3Q15 Total     $207,823          2,261 
Year-to-Date Total Acqusitions     $255,007          2,434 

 

Footnotes:

 

[1] Purchase price, excluding acquisition related costs, based on the exchange rate at the date of purchase, where applicable.

 

  13

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Top Ten Tenants
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

Tenant / Lease Guarantor  Property Type  Tenant Industry  GAAP NOI[1]   Percent 
RWE AG  Office  Utilities  $10,717    5%
FedEx Ground Package System, Inc.  Distribution  Freight   9,620    5%
Family Dollar  Retail  Discount Retail   8,825    4%
Finnair  Industrial  Aerospace   8,810    4%
Government Services Administration (GSA)  Office  Government   8,684    4%
Quest Diagnostics, Inc.  Office  Healthcare   6,308    3%
Crown Crest  Distribution  Retail   6,034    3%
Tokmanni  Office  Discount Retail   5,791    3%
Fujitsu Office Properties  Office  Technology   4,896    2%
Trinity Health  Office  Healthcare   4,927    2%
Subtotal        $74,612    35%
                 
Remaining portfolio         127,673    65%
                 
Total Portfolio        $202,285    100%

 

 

Footnotes:

 

[1] GAAP NOI is on an annualized basis and is based on foreign currency exchange rates as of September 30, 2015.

 

  14

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Diversification by Property Type
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

   Total Portfolio     Unencumbered Portfolio 
Property Type  GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft. Percent     GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft. Percent 
Office  $107,588    53%   7,075    38%    $55,553    48%   3,812    31%
Industrial   39,183    20%   5,004    27%     26,819    23%   3,762    31%
Retail   30,655    15%   2,920    16%     15,887    14%   1,796    16%
Distribution   22,520    11%   3,683    19%     15,476    13%   2,702    22%
Other   2,339    1%   58    0%     2,339    2%   57    0%
Total  $202,285    100%   18,740    100%    $116,074    100%   12,129    100%

 

 

Footnotes:

 

[1] GAAP NOI is on an annualized basis and is based on foreign currency exchange rates as of September 30, 2015.

 

  15

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Diversification by Tenant Industry
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

   Total Portfolio     Unencumbered Portfolio 
Industry Type  GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft. Percent     GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft.
Percent		 
Discount Retail  $18,422    9%   2,032    11%    $12,630    11%   1,231    10%
Technology   16,632    8%   892    5%     5,517    5%   253    2%
Financial Services   16,410    8%   1,014    5%     5,136    4%   559    5%
Aerospace   14,587    7%   1,258    7%     5,777    5%   602    5%
Energy   14,097    7%   1,043    6%     14,097    12%   1,043    9%
Utilities   12,655    6%   673    4%     -    -    -    - 
Healthcare   12,566    6%   664    4%     6,258    5%   440    4%
Freight   11,087    6%   1,164    6%     11,087    10%   1,164    10%
Retail   10,349    5%   1,442    8%     -    -    -    - 
Pharmaceuticals   9,789    5%   390    2%     9,789    8%   390    3%
Telecommunications   8,928    4%   648    3%     6,707    6%   535    4%
Government   8,684    4%   333    2%     8,684    7%   333    3%
Auto Manufacturer   3,827    2%   939    5%     3,827    3%   939    8%
Specialty Retail   3,473    2%   280    1%     -    -    -    - 
Automotive Parts Supplier   3,444    2%   411    2%     1,311    1%   91    1%
Restaurant - Quick Service   3,424    2%   74    0%     -    -    -    - 
Home Decor   3,256    2%   565    3%     3,256    3%   565    4%
Metal Processing   2,862    1%   448    2%     2,862    3%   448    4%
Auto Manufacturing   2,729    1%   1,001    5%     2,729    2%   1,001    8%
Home Maintenance   2,513    1%   231    1%     -    -    -    - 
Foot Apparel   2,141    1%   589    3%     2,141    2%   589    5%
Metal Fabrication   2,120    1%   297    2%     2,120    2%   297    2%
Consumer Goods   2,060    1%   272    1%     1,049    1%   96    1%
Other   16,230    9%   2,080    12%     11,097    10%   1,553    12%
Total  $202,285    100%   18,740    100%    $116,074    100%   12,129    100%

 

 

Footnotes:

 

[1] GAAP NOI is on an annualized basis and is based on foreign currency exchange rates as of September 30, 2015.

 

  16

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Diversification by Geography
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

   Total Portfolio     Unencumbered Portfolio 
Region  GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft. Percent     GAAP NOI[1]   GAAP NOI Percent   Square Footage   Sq. ft. Percent 
United States  $120,801    59.6%   12,151    64.7%    $108,869    93.8%   11,575    95.4%
Texas   23,238    11.5%   2,010    10.7%     23,238    20.0%   2,010    16.6%
Michigan   16,238    8.0%   2,296    12.3%     16,238    14.0%   2,296    18.9%
California   12,890    6.4%   675    3.6%     4,170    3.6%   165    1.4%
New Jersey   8,505    4.2%   349    1.9%     8,505    7.3%   349    2.9%
Tennessee   5,875    2.9%   789    4.2%     5,875    5.1%   789    6.5%
Indiana   4,563    2.3%   1,114    5.9%     4,563    3.9%   1,114    9.2%
Ohio   4,203    2.1%   508    2.7%     4,203    3.6%   508    4.2%
Pennsylvania   3,753    1.9%   376    2.0%     3,753    3.2%   376    3.1%
Kentucky   3,687    1.8%   517    2.8%     3,687    3.2%   517    4.3%
South Carolina   3,587    1.8%   424    2.3%     3,587    3.1%   424    3.5%
Florida   3,421    1.7%   244    1.3%     3,421    2.9%   244    2.0%
Puerto Rico   3,212    1.6%   65    0.3%     -    -    -    - 
Illinois   2,629    1.3%   571    3.0%     2,629    2.3%   571    4.7%
Missouri   2,582    1.3%   139    0.7%     2,582    2.2%   139    1.1%
New York   2,398    1.2%   221    1.2%     2,398    2.1%   221    1.8%
Minnesota   1,854    0.9%   150    0.8%     1,854    1.6%   150    1.2%
Massachusetts   1,772    0.9%   127    0.7%     1,772    1.5%   127    1.1%
Oklahoma   1,617    0.8%   159    0.8%     1,617    1.4%   159    1.3%
Maine   1,511    0.7%   50    0.3%     1,511    1.3%   50    0.4%
North Carolina   1,467    0.7%   243    1.3%     1,467    1.3%   243    2.0%
Kansas   1,275    0.6%   179    1.0%     1,275    1.1%   179    1.5%
Louisiana   1,260    0.6%   137    0.7%     1,260    1.1%   137    1.1%
South Dakota   1,126    0.6%   54    0.3%     1,126    1.0%   54    0.4%
Arizona   982    0.5%   159    0.8%     982    0.8%   159    1.3%
North Dakota   884    0.4%   47    0.3%     884    0.8%   47    0.4%
Colorado   866    0.4%   27    0.1%     866    0.7%   27    0.2%
Mississippi   800    0.4%   81    0.4%     800    0.7%   81    0.7%
Alabama   791    0.4%   74    0.4%     791    0.7%   74    0.6%
Maryland   785    0.4%   120    0.6%     785    0.7%   120    1.0%
Georgia   670    0.3%   48    0.3%     670    0.6%   48    0.4%
Nebraska   564    0.3%   58    0.3%     564    0.5%   58    0.5%
New Mexico   470    0.2%   46    0.2%     470    0.4%   46    0.4%
Utah   395    0.2%   20    0.1%     395    0.3%   20    0.2%
Iowa   296    0.1%   32    0.2%     296    0.3%   32    0.3%
Delaware   269    0.1%   10    0.1%     269    0.2%   10    0.1%
Idaho   201    0.1%   16    0.1%     201    0.1%   16    0.1%
Arkansas   89    0.0%   8    0.0%     89    0.1%   8    0.0%
Virginia   76    0.0%   8    0.0%     76    0.1%   7    0.0%
International:   -    -    -    -      -    -    -    - 
United Kingdom   40,496    20.1%   2,708    14.5%     -    -    -    - 
Germany   19,182    9.5%   1,870    10.0%     -    -    -    - 
Finland   14,601    7.2%   1,457    7.8%     -    -    -    - 
The Netherlands   7,205    3.6%   554    3.0%     7,205    6.2%   554    4.6%
Total  $202,285    100%   18,740    100%    $116,074    100%   12,129    100%

 

 

Footnotes:

 

[1] GAAP NOI is on an annualized basis and is based on foreign currency exchange rates as of September 30, 2015.

 

  17

 

 

Global Net Lease, Inc.
Supplemental Information
Quarter ended September 30, 2015 (unaudited)

 

 

Lease Expirations
As of September 30, 2015
Amounts in thousands, except per share data, ratios and percentages

 

Year of Expiration  Number of Leases Expiring   GAAP NOI[1]   GAAP NOI Percent   Leased Rentable Square Feet   Percent of Rentable Square Feet Expiring 
Remaining  2015   -   $-    -    -    - 
2016   -    -    -    -    - 
2017   -    -    -    -    - 
2018   -    -    -    -    - 
2019   -    -    -    -    - 
2020   2    3,482    1.7%   386    2.1%
2021   2    5,003    2.5%   323    1.7%
2022   16    20,672    10.2%   1,553    8.3%
2023   25    18,027    8.9%   1,891    10.1%
2024   39    46,059    22.8%   3,868    20.6%
2025   35    20,892    10.3%   1,758    9.4%
2026   17    27,188    13.4%   2,035    10.9%
2027   10    2,413    1.2%   163    0.9%
2028   47    8,896    4.4%   1,058    5.6%
2029   118    25,803    12.8%   2,732    14.6%
2030   9    4,361    2.2%   312    1.7%
Thereafter (>2030)   9    19,489    9.6%   2,661    14.1%
Total   329   $202,285    100%   18,740    100%

 

 

Annualized GAAP NOI by Year of Lease Expiration as a Percentage of Total GAAP NOI

 

 

 

 

Footnotes:

 

[1] GAAP NOI is on an annualized basis and is based on foreign currency exchange rates as of September 30, 2015.

 

  18

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