2023 Q2 Form 10-Q Financial Statement

#000152611323000014 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $95.84M $94.33M $93.95M
YoY Change 0.7% -2.88% -11.8%
Cost Of Revenue $19.14M $18.25M $19.73M
YoY Change 7.07% 4.05% -6.1%
Gross Profit $76.70M $76.09M $74.22M
YoY Change -0.77% -4.41% -13.2%
Gross Profit Margin 80.03% 80.66% 79.0%
Selling, General & Admin $13.55M $8.585M $8.963M
YoY Change 92.71% 29.66% 16.13%
% of Gross Profit 17.67% 11.28% 12.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.30M $23.82M $36.99M
YoY Change -5.24% -3.08% -11.99%
% of Gross Profit 48.63% 31.3% 49.84%
Operating Expenses $50.85M $45.61M $45.95M
YoY Change 9.61% -1.93% -7.63%
Operating Profit $25.85M $30.37M $28.27M
YoY Change 74.62% -7.54% -20.96%
Interest Expense -$28.48M $26.97M -$32.62M
YoY Change -221.47% 11.78% 40.86%
% of Operating Profit -110.19% 88.78% -115.41%
Other Income/Expense, Net $1.650M -$28.56M $127.0K
YoY Change -112.69% 48.62% -29.44%
Pretax Income -$22.75M $1.817M -$10.27M
YoY Change -1364.59% -86.67% -400.64%
Income Tax $3.508M $2.707M $2.370M
% Of Pretax Income 148.98%
Net Earnings -$31.60M -$890.0K -$17.98M
YoY Change 4312.71% -108.44% 542.92%
Net Earnings / Revenue -32.97% -0.94% -19.13%
Basic Earnings Per Share -$0.30 -$0.06
Diluted Earnings Per Share -$0.30 -$0.06 -$0.17
COMMON SHARES
Basic Shares Outstanding 103.8M shares 103.8M shares 103.8M shares
Diluted Shares Outstanding 104.1M shares 103.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.9M $119.2M $103.3M
YoY Change -9.26% -3.51% 15.24%
Cash & Equivalents $100.9M $119.2M $103.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $178.8M $194.9M $176.8M
YoY Change -0.39% 1.71% 7.9%
LONG-TERM ASSETS
Property, Plant & Equipment $3.705B $3.722B $3.644B
YoY Change -1.04% -3.56% -7.35%
Goodwill $21.56M $21.55M $21.36M
YoY Change 2.28% -1.18% -3.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.95M $15.97M $17.57M
YoY Change -25.51% 17.64% 74.67%
Total Long-Term Assets $3.823B $3.847B $3.785B
YoY Change -1.09% -2.89% -5.82%
TOTAL ASSETS
Total Short-Term Assets $178.8M $194.9M $176.8M
Total Long-Term Assets $3.823B $3.847B $3.785B
Total Assets $4.002B $4.041B $3.962B
YoY Change -1.05% -2.68% -5.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.27M $30.88M $22.89M
YoY Change 30.41% 5.7% -11.58%
Accrued Expenses $22.33M $22.03M $21.88M
YoY Change 2.77% -5.24% -3.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.08M $58.56M $51.14M
YoY Change 12.46% -0.38% -6.92%
LONG-TERM LIABILITIES
Long-Term Debt $2.527B $2.502B $2.396B
YoY Change 5.43% 3.17% -1.26%
Other Long-Term Liabilities $53.73M $62.73M $53.33M
YoY Change -9.87% -4.04% -19.63%
Total Long-Term Liabilities $2.581B $2.565B $2.450B
YoY Change 5.06% 2.98% -1.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.08M $58.56M $51.14M
Total Long-Term Liabilities $2.581B $2.565B $2.450B
Total Liabilities $2.666B $2.630B $2.508B
YoY Change 5.94% 2.83% -1.89%
SHAREHOLDERS EQUITY
Retained Earnings -$1.369B -$1.296B -$1.248B
YoY Change 18.38% 16.86% 16.35%
Common Stock $2.374M $2.371M $2.371M
YoY Change 0.13% 0.08% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.336B $1.394B $1.439B
YoY Change
Total Liabilities & Shareholders Equity $4.002B $4.041B $3.962B
YoY Change -1.05% -2.68% -5.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$31.60M -$890.0K -$17.98M
YoY Change 4312.71% -108.44% 542.92%
Depreciation, Depletion And Amortization $37.30M $23.82M $36.99M
YoY Change -5.24% -3.08% -11.99%
Cash From Operating Activities $21.34M $63.02M $22.21M
YoY Change -51.57% 1.93% -35.48%
INVESTING ACTIVITIES
Capital Expenditures $3.717M $88.80M $10.79M
YoY Change -110.08% -5083.28% -106.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 $41.47M
YoY Change -100.0% -16.32%
Cash From Investing Activities -$3.717M -$88.80M $30.68M
YoY Change -88.96% 4883.28% -124.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.32M $39.54M -90.81M
YoY Change 116.47% -269.32% -964.33%
NET CHANGE
Cash From Operating Activities 21.34M $63.02M 22.21M
Cash From Investing Activities -3.717M -$88.80M 30.68M
Cash From Financing Activities -35.32M $39.54M -90.81M
Net Change In Cash -17.69M $13.75M -37.91M
YoY Change 199.7% -62.51% -53.69%
FREE CASH FLOW
Cash From Operating Activities $21.34M $63.02M $22.21M
Capital Expenditures $3.717M $88.80M $10.79M
Free Cash Flow $17.63M -$25.79M $11.43M
YoY Change -78.23% -140.54% -94.58%

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1665000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10304000 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5099000 usd
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5058000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3434000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5246000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1453919000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
2925000 usd
CY2023Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
100000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-890000 usd
CY2023Q1 us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
6520000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-3965000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1411612000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1626635000 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
2727000 usd
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
100000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
10541000 usd
CY2022Q1 us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-10285000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
10048000 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1595338000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-890000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
10541000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
23818000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
24574000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13211000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15315000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2085000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2596000 usd
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
227000 usd
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
251000 usd
CY2023Q1 gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
817000 usd
CY2022Q1 gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
965000 usd
CY2023Q1 gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
1556000 usd
CY2022Q1 gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
1071000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
216000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
224000 usd
CY2023Q1 gnl Amortization Lease Incentives
AmortizationLeaseIncentives
424000 usd
CY2022Q1 gnl Amortization Lease Incentives
AmortizationLeaseIncentives
272000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
CY2023Q1 us-gaap Straight Line Rent
StraightLineRent
1888000 usd
CY2022Q1 us-gaap Straight Line Rent
StraightLineRent
2853000 usd
CY2023Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0 usd
CY2022Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-9003000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2925000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2727000 usd
CY2023Q1 gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
-2647000 usd
CY2022Q1 gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
4210000 usd
CY2023Q1 gnl Lease Incentive And Commission Payment
LeaseIncentiveAndCommissionPayment
1611000 usd
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.07
CY2022Q1 gnl Lease Incentive And Commission Payment
LeaseIncentiveAndCommissionPayment
2315000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
230000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-8814000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
475000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2905000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2361000 usd
CY2023Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
9393000 usd
CY2022Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
3472000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
63015000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
61819000 usd
CY2023Q1 us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
81362000 usd
CY2022Q1 us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
0 usd
CY2023Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
7440000 usd
CY2022Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
1782000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-88802000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1782000 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
91040000 usd
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
35000000 usd
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
4623000 usd
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
14065000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
41658000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
41566000 usd
CY2023Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
100000 usd
CY2022Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
100000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39539000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23351000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
13752000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
36686000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2396000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1923000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
104445000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93311000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120593000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
128074000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
119161000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
123502000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1432000 usd
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4572000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120593000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
128074000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4349000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
969000 usd
CY2023Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
317 property
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
39600000 sqft
CY2023Q1 gnl Real Estate Property Occupancy Rate
RealEstatePropertyOccupancyRate
0.980
CY2023Q1 gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P7Y9M18D
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, income taxes, derivative financial instruments, hedging activities, equity-based compensation expenses related to the multi-year outperformance agreements entered into with the Advisor in 2018 (the “2018 OPP”) and in 2021 (the “2021 OPP”) and fair value measurements, as applicable.</span></div>
CY2023Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 non-cancelable term of the lease. As of March 31, 2023, these leases had a weighted-average remaining lease term of 7.8 years. 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="margin-bottom:3pt;margin-top:3pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For new leases after acquisition of a property, the commencement date is considered to be the date the lease is executed and the tenant has access to the space. 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 for all leases in place at the time of acquisition. 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 ASC 842, the Company has reflected them on a net basis. </span></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 credit worthiness and 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 the straight-line rent receivable would be written off 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>On September 3, 2021, the Company entered into a lease termination agreement with one of its tenants, which required the tenant to pay the Company a termination fee of approximately £6.7 million (approximately $9.0 million based on the exchange rate as of the end of the lease term on January 4, 2022). This payment was received in January 2022, however it was recorded in revenue from tenants evenly over the period from September 3, 2021 through the end of the lease term, and as a result, the Company recorded approximately £0.2 million (approximately $0.3 million) in revenue from tenants during the three months ended March 31, 2022.
CY2023Q1 gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P7Y9M18D
CY2023Q1 gnl Business Acquisition Cost Of Acquired Entity Cash Paid In Period
BusinessAcquisitionCostOfAcquiredEntityCashPaidInPeriod
81362000 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
0 property
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Land Acquired In Period
BusinessAcquisitionPurchasePriceAllocationLandAcquiredInPeriod
4757000 usd
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Buildings Fixtures And Improvements Acquired In Period
BusinessAcquisitionPurchasePriceAllocationBuildingsFixturesAndImprovementsAcquiredInPeriod
30087000 usd
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Tangible Assets Acquired In Period
BusinessAcquisitionPurchasePriceAllocationTangibleAssetsAcquiredInPeriod
34844000 usd
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Intangible Assets Acquired In Period
BusinessAcquisitionPurchasePriceAllocationIntangibleAssetsAcquiredInPeriod
45092000 usd
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Right Of Use Assets Acquired In Period
BusinessAcquisitionPurchasePriceAllocationRightOfUseAssetsAcquiredInPeriod
1426000 usd
CY2023Q1 gnl Business Acquisition Purchase Price Allocation Mortgage Note Payable
BusinessAcquisitionPurchasePriceAllocationMortgageNotePayable
0 usd
CY2023Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
8 property
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022 gnl Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0 property
CY2023Q1 gnl Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0 property
CY2023Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2023Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.09
CY2023Q1 gnl Real Estateand Accumulated Depreciation Unencumbered Assets
RealEstateandAccumulatedDepreciationUnencumberedAssets
2200000000 usd
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.74
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
1
CY2023Q1 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Affo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfAFFO
1.05
CY2020Q2 gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
1
CY2020Q2 gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Ffo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfFFO
1.05
CY2023Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-12400000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
26965000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
24123000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
30798000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1033000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 usd
CY2023Q1 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
29765000 usd
CY2023Q1 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 usd
CY2023Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 usd
CY2023Q1 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
29765000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
37279000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
328000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 usd
CY2022Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
36951000 usd
CY2022Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 usd
CY2022Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 usd
CY2022Q4 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
36951000 usd
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
104157910 shares
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
104157910 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
104141899 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
104141899 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
30000000 shares
CY2022 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2023Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2022 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2023Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2023Q1 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
11 property
CY2023Q1 gnl Number Of Additional Properties Subject To Ground Leases
NumberOfAdditionalPropertiesSubjectToGroundLeases
2 property
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
51000000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
49200000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
22000000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21900000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P29Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1345000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1349000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1354000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1355000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1355000 usd
CY2023Q1 gnl Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
34972000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
41730000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19701000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
22029000 usd
CY2023Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.24
CY2023Q1 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.09
CY2017Q4 gnl Number Of Real Estate Properties No Longer Subject To Oversight Fee
NumberOfRealEstatePropertiesNoLongerSubjectToOversightFee
39 property
CY2019Q1 gnl Primary Property And Management Leasing Agreement Term
PrimaryPropertyAndManagementLeasingAgreementTerm
P1Y
CY2019Q1 gnl Propertyand Management Leasing Agreement Termination Notification Term
PropertyandManagementLeasingAgreementTerminationNotificationTerm
P12M
CY2019Q1 gnl Property Manager Termination Notice
PropertyManagerTerminationNotice
P60D
CY2023Q1 gnl Related Party Transaction Gain Of Sale Of Investment Exceeding Loss Percentage
RelatedPartyTransactionGainOfSaleOfInvestmentExceedingLossPercentage
0.15
CY2023Q1 gnl Related Party Transaction Periodto Reinvest Proceeds
RelatedPartyTransactionPeriodtoReinvestProceeds
P180D
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103782949 shares
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5989000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5483000 usd
CY2023Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-239000 usd
CY2022Q1 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
-222000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6228000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5261000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103782949 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103596182 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103596182 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2906851 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2848988 shares

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gnl-20230331_pre.xml Edgar Link unprocessable
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