2020 Q1 Form 10-Q Financial Statement

#000152611320000015 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $79.24M $75.47M
YoY Change 5.0% 10.84%
Cost Of Revenue $16.17M $8.043M
YoY Change 101.04% 17.74%
Gross Profit $63.07M $67.43M
YoY Change -6.46% 10.07%
Gross Profit Margin 79.59% 89.34%
Selling, General & Admin $5.450M $5.320M
YoY Change 2.44% 336.07%
% of Gross Profit 8.64% 7.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.26M $16.73M
YoY Change 15.12% 5.57%
% of Gross Profit 30.54% 24.82%
Operating Expenses $55.43M $52.28M
YoY Change 6.03% 13.01%
Operating Profit $23.81M $24.08M
YoY Change -1.12% 10.33%
Interest Expense $16.44M $15.16M
YoY Change 8.43% 16.86%
% of Operating Profit 69.05% 62.97%
Other Income/Expense, Net -$13.25M -$14.84M
YoY Change -10.73% -6.9%
Pretax Income $10.56M $9.236M
YoY Change 14.34% 57.02%
Income Tax $959.0K $960.0K
% Of Pretax Income 9.08% 10.39%
Net Earnings $9.601M $8.276M
YoY Change 16.01% 71.99%
Net Earnings / Revenue 12.12% 10.97%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.05 $100.0K
COMMON SHARES
Basic Shares Outstanding 89.46M shares 81.47M shares
Diluted Shares Outstanding 89.50M shares 82.80M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.4M $95.30M
YoY Change 260.34% -10.68%
Cash & Equivalents $343.4M $95.27M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $395.7M $144.4M
YoY Change 174.03% -4.87%
LONG-TERM ASSETS
Property, Plant & Equipment $3.334B $2.947B
YoY Change 13.14% 1.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.00M $123.0M
YoY Change -84.55% 1094.17%
Total Long-Term Assets $3.420B $3.179B
YoY Change 7.56% 6.64%
TOTAL ASSETS
Total Short-Term Assets $395.7M $144.4M
Total Long-Term Assets $3.420B $3.179B
Total Assets $3.815B $3.324B
YoY Change 14.79% 6.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.80M $43.50M
YoY Change -47.59% 59.34%
Accrued Expenses $23.40M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.30M $46.70M
YoY Change 9.85% 48.73%
LONG-TERM LIABILITIES
Long-Term Debt $2.039B $1.665B
YoY Change 22.47% 2.92%
Other Long-Term Liabilities $60.90M $59.60M
YoY Change 2.18% -18.58%
Total Long-Term Liabilities $2.100B $1.725B
YoY Change 21.77% 1.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.30M $46.70M
Total Long-Term Liabilities $2.100B $1.725B
Total Liabilities $2.165B $1.786B
YoY Change 21.23% 2.74%
SHAREHOLDERS EQUITY
Retained Earnings -$776.0M -$654.0M
YoY Change 18.66% 30.26%
Common Stock $2.225M $2.169M
YoY Change 2.58% 8.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.635B $1.532B
YoY Change
Total Liabilities & Shareholders Equity $3.815B $3.324B
YoY Change 14.79% 6.08%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $9.601M $8.276M
YoY Change 16.01% 71.99%
Depreciation, Depletion And Amortization $19.26M $16.73M
YoY Change 15.12% 5.57%
Cash From Operating Activities $41.90M $24.75M
YoY Change 69.27% -39.15%
INVESTING ACTIVITIES
Capital Expenditures -$114.5M -$34.70M
YoY Change 229.97% -50.78%
Acquisitions
YoY Change
Other Investing Activities -$1.400M $8.100M
YoY Change -117.28% -1450.0%
Cash From Investing Activities -$115.9M -$26.64M
YoY Change 335.2% -62.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $150.2M
YoY Change -1155469.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $153.5M $2.387M
YoY Change 6332.3% -92.67%
NET CHANGE
Cash From Operating Activities $41.90M $24.75M
Cash From Investing Activities -$115.9M -$26.64M
Cash From Financing Activities $153.5M $2.387M
Net Change In Cash $79.49M $496.0K
YoY Change 15925.6% -77.79%
FREE CASH FLOW
Cash From Operating Activities $41.90M $24.75M
Capital Expenditures -$114.5M -$34.70M
Free Cash Flow $156.4M $59.45M
YoY Change 163.07% -46.53%

Facts In Submission

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
2109000 USD
CY2019Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
134000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
8276000 USD
CY2019Q1 us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-1323000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-4941000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1537562000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
9601000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
8276000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
19263000 USD
CY2019Q1 us-gaap Depreciation
Depreciation
16733000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14270000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14570000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1810000 USD
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1742000 USD
CY2020Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
10000 USD
CY2019Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
102000 USD
CY2020Q1 gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
815000 USD
CY2019Q1 gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
1011000 USD
CY2020Q1 gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
840000 USD
CY2019Q1 gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
1112000 USD
CY2020Q1 gnl Amortizationof Above Market Ground Lease Assets
AmortizationofAboveMarketGroundLeaseAssets
207000 USD
CY2019Q1 gnl Amortizationof Above Market Ground Lease Assets
AmortizationofAboveMarketGroundLeaseAssets
236000 USD
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
59000 USD
CY2020Q1 us-gaap Straight Line Rent
StraightLineRent
1487000 USD
CY2019Q1 us-gaap Straight Line Rent
StraightLineRent
1626000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2109000 USD
CY2020Q1 gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
2082000 USD
CY2019Q1 gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
-452000 USD
CY2020Q1 gnl Gain Losson Hedge Ineffectiveness
GainLossonHedgeIneffectiveness
0 USD
CY2019Q1 gnl Gain Losson Hedge Ineffectiveness
GainLossonHedgeIneffectiveness
-76000 USD
CY2020Q1 gnl Payments For Derivative Instrument Operating Activities
PaymentsForDerivativeInstrumentOperatingActivities
0 USD
CY2019Q1 gnl Payments For Derivative Instrument Operating Activities
PaymentsForDerivativeInstrumentOperatingActivities
719000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
892000 USD
CY2020Q1 gnl Lease Incentive Payment
LeaseIncentivePayment
4676000 USD
CY2019Q1 gnl Lease Incentive Payment
LeaseIncentivePayment
0 USD
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4873000 USD
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6230000 USD
CY2020Q1 gnl Decreasein Deferred Income Taxes
DecreaseinDeferredIncomeTaxes
22000 USD
CY2019Q1 gnl Decreasein Deferred Income Taxes
DecreaseinDeferredIncomeTaxes
12000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-909000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-12396000 USD
CY2020Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
212000 USD
CY2019Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
4593000 USD
CY2020Q1 gnl Increasein Deferred Income Taxes
IncreaseinDeferredIncomeTaxes
686000 USD
CY2019Q1 gnl Increasein Deferred Income Taxes
IncreaseinDeferredIncomeTaxes
267000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1046000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-2180000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
41895000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24751000 USD
CY2020Q1 us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
113117000 USD
CY2019Q1 us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
23454000 USD
CY2020Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
1434000 USD
CY2019Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
1200000 USD
CY2020Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1396000 USD
CY2019Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
11265000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2019Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
9277000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-115947000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26642000 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
205000000 USD
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
26000000 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
130000000 USD
CY2020Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
0 USD
CY2019Q1 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
84228000 USD
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
82636000 USD
CY2020Q1 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0 USD
CY2019Q1 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
300000 USD
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
106000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
150198000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
76000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1613000 USD
CY2020Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
857000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
47638000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
43270000 USD
CY2020Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
135000 USD
CY2019Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
134000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
153539000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2387000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
79487000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
496000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5972000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5554000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
274287000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103693000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
347802000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98635000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
343447000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95267000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4355000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3368000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
347802000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98635000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
14700000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
15535000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
2667000 USD
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
3140000 USD
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
288 property
CY2020Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
34200000 sqft
CY2020Q1 gnl Real Estate Property Occupancy Rate
RealEstatePropertyOccupancyRate
0.996
CY2020Q1 gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P9Y
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, real estate taxes, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to a multi-year outperformance agreement entered into with the Advisor in 2018 (the “2018 OPP”) and fair value measurements, as applicable.</span></div>
CY2020Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of </span><span style="font-family:inherit;font-size:10pt;">March 31, 2020</span><span style="font-family:inherit;font-size:10pt;">, these leases had an average remaining lease term of </span><span style="font-family:inherit;font-size:10pt;"><span>9.0 years</span></span><span style="font-family:inherit;font-size:10pt;">. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. </span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For new leases after acquisition, the commencement date is considered to be the date the lease is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. In addition to base rent, the Company’s lease agreements generally require tenants to pay or reimburse the Company for all property operating expenses, which primarily reflect insurance costs and real estate taxes incurred by the Company and subsequently reimbursed by the tenant. However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis. </span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;text-indent:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company continually reviews receivables related to rent and unbilled rent receivables and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under lease accounting rules, the Company is required to assess, based on credit risk only, if it is probable that it will collect virtually all of the lease payments at the lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and common area maintenance), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and a full reserve </span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">would be recorded on previously accrued amounts in cases where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in revenue from tenants on the accompanying consolidated statements of operations in the period the related costs are incurred, as applicable. </span></div>
CY2020Q1 gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P9Y
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
223138000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
298729000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
290089000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
268239000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
232791000 USD
CY2020Q1 gnl Lessor Operating Lease Paymentstobe Received Six Years
LessorOperatingLeasePaymentstobeReceivedSixYears
192892000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
888892000 USD
CY2020Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
2394770000 USD
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.71
CY2020Q1 gnl Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
0 property
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q1 gnl Business Acquisition Purchase Price Allocation Land Acquired In Period
BusinessAcquisitionPurchasePriceAllocationLandAcquiredInPeriod
21153000 USD
CY2019Q1 gnl Business Acquisition Purchase Price Allocation Land Acquired In Period
BusinessAcquisitionPurchasePriceAllocationLandAcquiredInPeriod
2442000 USD
CY2020Q1 gnl Business Acquisition Purchase Price Allocation Buildings Fixtures And Improvements Acquired In Period
BusinessAcquisitionPurchasePriceAllocationBuildingsFixturesAndImprovementsAcquiredInPeriod
84767000 USD
CY2019Q1 gnl Business Acquisition Purchase Price Allocation Buildings Fixtures And Improvements Acquired In Period
BusinessAcquisitionPurchasePriceAllocationBuildingsFixturesAndImprovementsAcquiredInPeriod
17349000 USD
CY2020Q1 gnl Business Acquisition Purchase Price Allocation Tangible Assets Acquired In Period
BusinessAcquisitionPurchasePriceAllocationTangibleAssetsAcquiredInPeriod
105920000 USD
CY2019Q1 gnl Business Acquisition Purchase Price Allocation Tangible Assets Acquired In Period
BusinessAcquisitionPurchasePriceAllocationTangibleAssetsAcquiredInPeriod
19791000 USD
CY2020Q1 gnl Business Acquisition Cost Of Acquired Entity Cash Paid In Period
BusinessAcquisitionCostOfAcquiredEntityCashPaidInPeriod
113117000 USD
CY2019Q1 gnl Business Acquisition Cost Of Acquired Entity Cash Paid In Period
BusinessAcquisitionCostOfAcquiredEntityCashPaidInPeriod
23454000 USD
CY2020Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
10 property
CY2019Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 property
CY2020Q1 gnl Numberof Real Estate Properties Heldfor Sale
NumberofRealEstatePropertiesHeldforSale
0 property
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2020Q1 gnl Real Estateand Accumulated Depreciation Unencumbered Assets
RealEstateandAccumulatedDepreciationUnencumberedAssets
1600000000 USD
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2019Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.27
CY2019Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.14
CY2019Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
914400000 USD
CY2019Q2 gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
0.95
CY2019Q2 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Ffo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfFFO
1
CY2019Q2 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Ffo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfFFO
1
CY2019Q2 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Affo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfAFFO
1.05
CY2019Q1 gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
0.95
CY2019Q1 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Ffo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfFFO
1
CY2019Q1 us-gaap Loss On Discontinuation Of Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring
LossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurring
26600 USD
CY2020Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-400000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
16440000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
15162000 USD
CY2020Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
5373000 USD
CY2020Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
14035000 USD
CY2020Q1 gnl Derivative Asset Liability Amount Offset
DerivativeAssetLiabilityAmountOffset
0 USD
CY2020Q1 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-8662000 USD
CY2020Q1 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 USD
CY2020Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2020Q1 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
-8662000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
4151000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
7507000 USD
CY2019Q4 gnl Derivative Asset Liability Amount Offset
DerivativeAssetLiabilityAmountOffset
0 USD
CY2019Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-3356000 USD
CY2019Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2019Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2019Q4 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
-3356000 USD
CY2020Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
14500000 USD
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
89458752 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2019Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
2.13
CY2019Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.5325
CY2020Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2020Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2020Q1 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
8 property
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
48900000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23400000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y3M18D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0433
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 USD
CY2019Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1359000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1359000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1359000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1359000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1364000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
39451000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
46251000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
22888000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23363000 USD
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2020Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2018Q4 us-gaap Litigation Reserve
LitigationReserve
7400000 USD
CY2017Q4 gnl Number Of Real Estate Properties No Longer Subject To Oversight Fee
NumberOfRealEstatePropertiesNoLongerSubjectToOversightFee
39 property
CY2020Q1 gnl Related Party Transaction Periodto Reinvest Proceeds
RelatedPartyTransactionPeriodtoReinvestProceeds
P180Y
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5038000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5791000 USD
CY2020Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-135000 USD
CY2019Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-160000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4903000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5631000 USD
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.07
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89458753 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81474615 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89499294 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82798432 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2554930 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1277465 shares
CY2020Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2020Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40

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