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Global Net Lease (GNL)

Global Net Lease, Inc. focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.

Company profile

Ticker
GNL, GNL-PA, GNL-PB
Exchange
CEO
James Nelson
Employees
Location
Fiscal year end
Former names
American Realty Capital Global Daily Net Asset Value Trust, Inc., American Realty Capital Global Trust, Inc.
SEC CIK
Subsidiaries
ARC ACHNETH001, LLC • ARC ALSFDUK001, LLC • ARC AMWCHKS001, LLC • ARC AMWORUK001, LLC • ARC ATSNTTX001, LLC • ARC BBWYKUK001, LLC • ARC BHSBDIN001, LLC • ARC BKSCOUK001, LLC • ARC CABIRUK001, LLC • ARC CCLTRUK001, LLC ...

GNL stock data

Calendar

4 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 117.14M 117.14M 117.14M 117.14M 117.14M 117.14M
Cash burn (monthly) 3.65M 4.98M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 11.15M 15.24M n/a n/a n/a n/a
Cash remaining 105.98M 101.9M n/a n/a n/a n/a
Runway (months of cash) 29.1 20.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Sep 22 Nelson James Larry Common Stock Payment of exercise Dispose F No No 13.02 1,407 18.32K 72,876
15 Sep 22 Christopher J. Masterson Common Stock Payment of exercise Dispose F No No 13.02 1,096 14.27K 59,873
10 May 22 Nelson James Larry Common Stock Payment of exercise Dispose F No No 12.87 13,745 176.9K 74,283
5 May 22 Nelson James Larry Common Stock Grant Acquire A No No 0 35,100 0 88,028
3 May 22 Christopher J. Masterson Common Stock Payment of exercise Dispose F No No 13.78 1,895 26.11K 60,969
3 May 22 Nelson James Larry Common Stock Payment of exercise Dispose F No No 13.78 1,597 22.01K 52,928
13F holders Current Prev Q Change
Total holders 243 242 +0.4%
Opened positions 27 28 -3.6%
Closed positions 26 33 -21.2%
Increased positions 78 89 -12.4%
Reduced positions 91 76 +19.7%
13F shares Current Prev Q Change
Total value 1.06B 1.21B -12.5%
Total shares 74.08M 73.92M +0.2%
Total puts 108.4K 256.7K -57.8%
Total calls 165.2K 118.4K +39.5%
Total put/call ratio 0.7 2.2 -69.7%
Largest owners Shares Value Change
BLK Blackrock 18M $254.82M +0.9%
Vanguard 16.87M $238.84M -2.3%
STT State Street 6.61M $93.58M -0.5%
IVZ Invesco 2.4M $33.93M -7.0%
Geode Capital Management 2.11M $29.88M -0.6%
Mirae Asset Global Investments 1.74M $24.62M +8.0%
Charles Schwab Investment Management 1.6M $22.72M +2.7%
Dimensional Fund Advisors 1.41M $19.94M -0.8%
NTRS Northern Trust 1.36M $19.24M -3.0%
OPSEU Pension Plan Trust Fund 1.29M $18.14M NEW
Largest transactions Shares Bought/sold Change
OPSEU Pension Plan Trust Fund 1.29M +1.29M NEW
Parametric Portfolio Associates 0 -465.25K EXIT
Vanguard 16.87M -391.75K -2.3%
MS Morgan Stanley 995.77K +375.27K +60.5%
Nuveen Asset Management 557.01K -316.5K -36.2%
Arete Wealth Management 482.93K +239.67K +98.5%
AMP Ameriprise Financial 440.29K -219.19K -33.2%
IVZ Invesco 2.4M -179.76K -7.0%
State of New Jersey Common Pension Fund D 166.55K +166.55K NEW
BLK Blackrock 18M +161.19K +0.9%

Financial report summary

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Risks
  • We may be unable to enter into contracts for and complete property acquisitions on advantageous terms or our property acquisitions may not perform as we expect.
  • Our ability to continue implementing our growth strategy depends on our ability to access capital from external sources, and there can be no assurance we will be able to so on favorable terms or at all.
  • If we are not able to increase the amount of cash we have available to pay dividends, we may have to reduce dividend payments or identify other financing sources to fund the payment of dividends at their current levels.
  • Market and economic challenges experienced by the U.S. and global economies may adversely impact our operating results and financial condition.
  • We are subject to additional risks from our international investments.
  • Investments in properties or other real estate investments outside the U.S. subject us to foreign currency risk.
  • Reliance on major tenants make us more susceptible to adverse events with respect to those tenants.
  • Brexit and other events that create, or give the impression they could create, economic or political instability in Europe could adversely affect us.
  • The inability of a tenant in single-tenant properties to pay rent will materially reduce our revenues.
  • Single-tenant properties may be difficult to sell or re-lease.
  • A sale-leaseback transaction may be recharacterized in a tenant’s bankruptcy proceeding.
  • If a tenant or lease guarantor declares bankruptcy or becomes insolvent, we may be unable to collect balances due under relevant leases.
  • The credit profile of our tenants may create a higher risk of lease defaults and therefore lower revenues.
  • Long-term leases may result in income lower than short term leases.
  • Properties may have vacancies for a significant period of time.
  • We generally obtain only limited warranties when we purchase a property and would therefore have only limited recourse if our due diligence did not identify any issues that lower the value of our property.
  • We may be unable to secure funds for future tenant improvements or capital needs, which could impact the value of the applicable property or our ability to lease the applicable property on favorable terms.
  • We may be unable to sell a property when we desire to do so.
  • We have acquired or financed, and may continue to acquire or finance, properties with lock-out provisions which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.
  • Rising expenses could reduce cash flow.
  • Real estate-related taxes may increase and if these increases are not passed on to tenants, our cash flow will be reduced.
  • Our properties and our tenants may face competition that may affect tenants’ ability to pay rent.
  • We may incur significant costs to comply with governmental laws and regulations, including those related to environmental matters.
  • Damage from catastrophic weather and other natural events and climate change could result in losses to us.
  • If we sell properties by providing financing to purchasers, we will be exposed to defaults by the purchasers.
  • We may incur costs associated with complying with the Americans with Disabilities Act.
  • Actual or threatened terrorist attacks and other acts of violence, civilian unrest, or war may affect the markets in which we operate our business and our profitability.
  • Inflation and continuing increases in the inflation rate may have an adverse effect on our investments and results of operations.
  • We depend on the Advisor and Property Manager to provide us with executive officers, key personnel and all services required for us to conduct our operations and our operating performance may be impacted by any adverse changes in the financial health or reputation of the Advisor.
  • We may terminate the agreements with our Advisor and Property Manager in only limited circumstances, and may have to pay a termination fee in some cases.
  • Our business and operations could suffer if our Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber incidents or a deficiency in cybersecurity.
  • We may in the future acquire or originate commercial real estate debt or invest in commercial real estate-related securities which would expose us to additional risks.
  • We may be unable to service our indebtedness.
  • Changes in the debt markets could have a material adverse impact on our earnings and financial condition.
  • Increasing interest rates could increase the amount of our debt payments and we may be adversely affected by uncertainty surrounding changes in LIBOR.
  • The Advisor faces conflicts of interest relating to the purchase and leasing of properties, and these conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.
  • The Advisor faces conflicts of interest relating to joint ventures, which could result in a disproportionate benefit to the other venture partners at our expense.
  • Our officers and directors face conflicts of interest related to the positions they hold with related parties.
  • The Advisor faces conflicts of interest relating to the structure of the compensation it may receive.
  • We depend on our OP and its subsidiaries for cash flow and are structurally subordinated in right of payment to the obligations of our OP and its subsidiaries.
  • We may issue additional equity securities in the future thereby diluting the holdings of existing stockholders.
  • The limit on the number of shares a person may own may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • The terms of our Series A Preferred Stock and Series B Preferred Stock, and the terms other preferred stock we may issue, may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • We have a classified board, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • The stockholder rights plan adopted by our board of directors may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • Maryland law prohibits certain business combinations, which may make it more difficult for us to be acquired and may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our stockholders.
  • Maryland law limits the ability of a third-party to buy a large stake in us and exercise voting power in electing directors, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
  • Our board of directors may change our investment policies without stockholder approval, which could alter the nature of our stockholders’ investments.
  • Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and potentially state and local tax.
  • Even as a REIT, in certain circumstances, we may incur tax liabilities that would reduce our cash available for distribution
  • To qualify as a REIT, we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce our stockholders’ overall return.
  • Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.
  • Certain of our business activities are potentially subject to the prohibited transaction tax.
  • TRSs are subject to corporate-level taxes and our dealings with TRSs may be subject to a 100% excise tax.
  • If the OP failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.
  • We may choose to make distributions in shares of our Common Stock, in which case our stockholders may be required to pay U.S. federal income taxes in excess of the cash portion of distributions they receive.
  • The taxation of distributions can be complex; however, distributions to stockholders that are treated as dividends for U.S. federal income tax purposes generally will be taxable as ordinary income, which may reduce our stockholders’ after-tax anticipated return from an investment in us.
  • Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.
  • Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.
  • Complying with REIT requirements may force us to forgo or liquidate otherwise attractive investment opportunities.
  • The ability of our board of directors to revoke our REIT qualification without stockholder approval may subject us to U.S. federal income tax and reduce distributions to our stockholders.
  • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the market price of shares of our stock.
  • The share ownership restrictions for REITs and the 9.8% share ownership limit in our charter may inhibit market activity in shares of our stock and restrict our business combination opportunities.
  • Non-U.S. stockholders will be subject to U.S. federal withholding tax and may be subject to U.S. federal income tax on dividends and other distributions received from us and upon the disposition of shares of our stock.
  • Potential characterization of dividends and other distributions or gain on sale may be treated as unrelated business taxable income to tax-exempt investors.
Management Discussion
  • In addition to the comparative period-over-period discussions below, please see the “Overview - Management Update on the Impacts of the COVID-19 Pandemic” section above for additional information on the risks and uncertainties associated with the COVID-19 pandemic and management’s actions taken to mitigate those risks and uncertainties.
  • During the second quarter of 2022, we executed six lease extensions and expansion leases totaling 1.5 million square feet and $48.0 million in net new straight-line rent over the new weighted-average remaining lease term.
  • Net loss attributable to common stockholders was $5.8 million for the three months ended June 30, 2022, as compared to a loss of $2.4 million for the three months ended June 30, 2021. The change in net loss attributable to common stockholders is discussed in detail for each line item of the consolidated statements of operations in the sections that follow.

Content analysis

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Removed: administrator, affirmative, compelling, Conduct, decline, discontinued, establishment, forgiven, monitoring, negotiate, Overnight, president, prevailing, publication, restrictive, retain, stop, submit, tied, transition, transitioned, unavailable, York