2023 Q4 Form 10-Q Financial Statement

#000152611323000026 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $206.7M $118.2M
YoY Change 120.04% 27.61%
Cost Of Revenue $36.46M $22.30M
YoY Change 84.77% 24.91%
Gross Profit $170.3M $95.90M
YoY Change 129.42% 28.3%
Gross Profit Margin 82.36% 81.16%
Selling, General & Admin $17.93M $17.40M
YoY Change 99.99% 141.94%
% of Gross Profit 10.53% 18.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $98.71M $49.30M
YoY Change 166.89% 30.45%
% of Gross Profit 57.97% 51.41%
Operating Expenses $116.6M $66.60M
YoY Change 153.84% 48.06%
Operating Profit $53.63M -$95.56M
YoY Change 89.73% -429.43%
Interest Expense -$88.05M $41.16M
YoY Change 169.91% 70.04%
% of Operating Profit -164.18%
Other Income/Expense, Net $435.0K -$37.83M
YoY Change 242.52% 240.24%
Pretax Income -$43.12M -$133.4M
YoY Change 319.85% -845.57%
Income Tax $5.459M $2.801M
% Of Pretax Income
Net Earnings -$59.75M -$136.2M
YoY Change 232.39% -1017.81%
Net Earnings / Revenue -28.9% -115.25%
Basic Earnings Per Share -$1.11
Diluted Earnings Per Share -$0.26 -$1.11
COMMON SHARES
Basic Shares Outstanding 230.3M shares 104.4M shares
Diluted Shares Outstanding 130.8M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.6M $133.4M
YoY Change 17.64% 4.21%
Cash & Equivalents $121.6M $133.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $205.8M $209.7M
YoY Change 16.39% 6.52%
LONG-TERM ASSETS
Property, Plant & Equipment $7.649B $7.709B
YoY Change 109.89% 115.34%
Goodwill $46.98M $51.02M
YoY Change 119.9% 150.64%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.24M $65.70M
YoY Change 265.73% -1.62%
Total Long-Term Assets $7.893B $7.975B
YoY Change 108.54% 111.61%
TOTAL ASSETS
Total Short-Term Assets $205.8M $209.7M
Total Long-Term Assets $7.893B $7.975B
Total Assets $8.099B $8.185B
YoY Change 104.43% 106.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.01M $118.0M
YoY Change 332.58% 328.19%
Accrued Expenses $48.37M $47.90M
YoY Change 121.1% 136.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $158.6M $176.9M
YoY Change 210.06% 232.21%
LONG-TERM LIABILITIES
Long-Term Debt $5.148B $5.063B
YoY Change 114.85% 114.89%
Other Long-Term Liabilities $147.2M $145.7M
YoY Change 175.94% 123.26%
Total Long-Term Liabilities $5.295B $5.209B
YoY Change 116.18% 115.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.6M $176.9M
Total Long-Term Liabilities $5.295B $5.209B
Total Liabilities $5.460B $5.391B
YoY Change 117.7% 117.31%
SHAREHOLDERS EQUITY
Retained Earnings -$1.702B -$1.561B
YoY Change 36.41% 31.35%
Common Stock $3.639M $3.638M
YoY Change 53.48% 53.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.638B $2.792B
YoY Change
Total Liabilities & Shareholders Equity $8.099B $8.185B
YoY Change 104.43% 106.39%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$59.75M -$136.2M
YoY Change 232.39% -1017.81%
Depreciation, Depletion And Amortization $98.71M $49.30M
YoY Change 166.89% 30.45%
Cash From Operating Activities $55.79M $3.600M
YoY Change 151.16% -93.3%
INVESTING ACTIVITIES
Capital Expenditures $70.47M $18.40M
YoY Change 553.26% -228.0%
Acquisitions
YoY Change
Other Investing Activities $72.35M -$442.9M
YoY Change 74.46% -17134.62%
Cash From Investing Activities $1.881M -$461.3M
YoY Change -93.87% 3817.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -68.03M 532.8M
YoY Change -25.08% -2865.06%
NET CHANGE
Cash From Operating Activities 55.79M 3.600M
Cash From Investing Activities 1.881M -461.3M
Cash From Financing Activities -68.03M 532.8M
Net Change In Cash -10.36M 75.10M
YoY Change -72.68% 231.29%
FREE CASH FLOW
Cash From Operating Activities $55.79M $3.600M
Capital Expenditures $70.47M $18.40M
Free Cash Flow -$14.67M -$14.80M
YoY Change -228.42% -121.74%

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
16239000 usd
gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
AdditionalPaidInCapitalCommonSharesWithheldUponRestrictedSharesVesting
1092000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3163000 usd
us-gaap Profit Loss
ProfitLoss
-163332000 usd
us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
6072000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-7821000 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2793226000 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1355169000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
2000 usd
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
10444000 usd
CY2023Q3 gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
AdditionalPaidInCapitalCommonSharesWithheldUponRestrictedSharesVesting
771000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1626635000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.20
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
9217000 usd
gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
AdditionalPaidInCapitalCommonSharesWithheldUponRestrictedSharesVesting
687000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
300000 usd
us-gaap Profit Loss
ProfitLoss
24663000 usd
us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-68738000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
28293000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1484574000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1527918000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition
3131000 usd
CY2022Q3 gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
AdditionalPaidInCapitalCommonSharesWithheldUponRestrictedSharesVesting
257000 usd
CY2022Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
100000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
14838000 usd
CY2022Q3 us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
-30706000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
15321000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1484574000 usd
us-gaap Profit Loss
ProfitLoss
-163332000 usd
us-gaap Profit Loss
ProfitLoss
24663000 usd
us-gaap Depreciation
Depreciation
76497000 usd
us-gaap Depreciation
Depreciation
72707000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
47061000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
44332000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
6214000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
7254000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
3838000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
714000 usd
gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
2906000 usd
gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
2733000 usd
gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
5946000 usd
gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
3048000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
656000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
639000 usd
gnl Amortization Lease Incentives
AmortizationLeaseIncentives
1327000 usd
gnl Amortization Lease Incentives
AmortizationLeaseIncentives
938000 usd
us-gaap Straight Line Rent
StraightLineRent
3676000 usd
us-gaap Straight Line Rent
StraightLineRent
7509000 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-9003000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
16239000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
9217000 usd
gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
-2345000 usd
gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
21263000 usd
gnl Gain Losson Hedge Ineffectiveness
GainLossonHedgeIneffectiveness
0 usd
gnl Gain Losson Hedge Ineffectiveness
GainLossonHedgeIneffectiveness
2439000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-404000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-383000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-684000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
205000 usd
gnl Lease Incentive And Commission Payment
LeaseIncentiveAndCommissionPayment
2777000 usd
gnl Lease Incentive And Commission Payment
LeaseIncentiveAndCommissionPayment
5122000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
65706000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
17057000 usd
gnl Settlement Costs To Be Paid With Common Stock
SettlementCostsToBePaidWithCommonStock
-21894000 usd
gnl Settlement Costs To Be Paid With Common Stock
SettlementCostsToBePaidWithCommonStock
0 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4085000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7571000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
990000 usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
175000 usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
7746000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
190000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
87951000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
159606000 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
81362000 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
33894000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
450776000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
29568000 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
19155000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
7926000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
5830000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-553780000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-47219000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
949945000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
145078000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
261112000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
58185000 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
169000 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1091000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
687000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6750000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
10116000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
125280000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
125180000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
3163000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
300000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
537038000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-58936000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
71209000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
53451000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2783000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-12114000 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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178437000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134648000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
133439000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
128014000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
44998000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6634000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
178437000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
134648000 usd
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
1617015000 usd
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 usd
us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
0 usd
us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
268511000 usd
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
235000 usd
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 usd
CY2023Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1304 property
CY2023Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
66800000 sqft
CY2023Q3 gnl Real Estate Property Occupancy Rate
RealEstatePropertyOccupancyRate
0.963
gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P6Y10M24D
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
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, derivative financial instruments, hedging activities, equity-based compensation expenses related to the 2021 OPP income taxes and fair value measurements, as applicable.</span></div>
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 September 30, 2023, the Company’s leases had a weighted-average remaining lease term of 6.9 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 the Company’s Industrial &amp; Distribution, Single-Tenant Retail and Office segments, in addition to base rent, the Company’s lease agreements generally require tenants to pay for their property operating expenses or reimburse the Company for property operating expenses that the Company incurs (primarily insurance costs and real estate taxes). However, some limited property operating expenses that are not the responsibility of the tenant are absorbed by the Company. In the Company’s Multi-Tenant Retail segment, the Company owns, manages and leases multi-tenant properties where the Company generally pays for the property operating expenses for those properties and most of the Company’s tenants are required to pay their pro rata share of property operating expenses. 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>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 not permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (rent and contractually reimbursable property operating expenses), 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.
gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P6Y10M24D
gnl Number Of Parcels Of Land Leased
NumberOfParcelsOfLandLeased
2 parcelofland
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6500000 usd
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
34188 usd
us-gaap Sublease Income
SubleaseIncome
34188 usd
gnl Number Of Parcels Of Land Leased
NumberOfParcelsOfLandLeased
2 parcelofland
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
gnl Acquisitions Land
AcquisitionsLand
959724000 usd
gnl Asset Acquisitions Land
AssetAcquisitionsLand
4176000 usd
gnl Acquisitions Buildings Fixtures And Improvements
AcquisitionsBuildingsFixturesAndImprovements
2556897000 usd
gnl Asset Acquisitions Buildings Fixtures And Improvements
AssetAcquisitionsBuildingsFixturesAndImprovements
25938000 usd
gnl Acquisitions Total Tangible Assets
AcquisitionsTotalTangibleAssets
3516621000 usd
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
30114000 usd
gnl Acquisitions Finite Lived Intangible Assets Acquired
AcquisitionsFiniteLivedIntangibleAssetsAcquired
695285000 usd
gnl Finite Lived Intangible Assets And Liabilities Acquired
FiniteLivedIntangibleAssetsAndLiabilitiesAcquired
3780000 usd
gnl Acquisitions Cash
AcquisitionsCash
65223000 usd
gnl Acquisitions Right Of Use Asset
AcquisitionsRightOfUseAsset
27833000 usd
gnl Acquisitions Prepaid Expenses And Other Assets
AcquisitionsPrepaidExpensesAndOtherAssets
60862000 usd
gnl Acquisitions Goodwill
AcquisitionsGoodwill
29817000 usd
gnl Acquisitions Total Assets Acquired
AcquisitionsTotalAssetsAcquired
4395641000 usd
gnl Asset Acquisitions Assets
AssetAcquisitionsAssets
33894000 usd
gnl Acquisitions Mortgage Notes Payable Net
AcquisitionsMortgageNotesPayableNet
1587455000 usd
gnl Acquisitions Senior Notes Net
AcquisitionsSeniorNotesNet
386250000 usd
gnl Acquisitions Acquired Intangible Lease Liabilities
AcquisitionsAcquiredIntangibleLeaseLiabilities
76682000 usd
gnl Acquisitions Accounts Payable And Accrued Expenses
AcquisitionsAccountsPayableAndAccruedExpenses
86031000 usd
gnl Acquisitions Operating Lease Liabilities
AcquisitionsOperatingLeaseLiabilities
26407000 usd
gnl Acquisitions Prepaid Rent
AcquisitionsPrepaidRent
18439000 usd
gnl Acquisitions Total Liabilities Assumed
AcquisitionsTotalLiabilitiesAssumed
2181264000 usd
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
1617015000 usd
gnl Acquisitions Equity Issued In Acquisitions
AcquisitionsEquityIssuedInAcquisitions
1617015000 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
516000000 usd
gnl Acquisitions Cash Paid For Acquired
AcquisitionsCashPaidForAcquired
597362000 usd
gnl Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
33894000 usd
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
989 property
gnl Number Of Businesses And Assets Acquired
NumberOfBusinessesAndAssetsAcquired
997 property
gnl Number Of Assets Acquired
NumberOfAssetsAcquired
3 property
CY2023Q3 gnl Number Of Properties Impairment Charges
NumberOfPropertiesImpairmentCharges
4 property
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
-700000 usd
CY2023Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
-700000 usd
CY2023Q3 gnl Number Of Properties Impairment Charges
NumberOfPropertiesImpairmentCharges
4 property
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
65700000 usd
CY2023Q3 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
65700000 usd
CY2022 gnl Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0 property
gnl Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0 property
CY2023Q3 gnl Real Estate Investment Property Held For Sale At Cost
RealEstateInvestmentPropertyHeldForSaleAtCost
1300000 usd
CY2023Q3 gnl Accumulated Depreciation Depletion And Amortization Real Estate Investment Held For Sale
AccumulatedDepreciationDepletionAndAmortizationRealEstateInvestmentHeldForSale
1000 usd
CY2023Q3 gnl Real Estate Investment Property Held For Sale Net
RealEstateInvestmentPropertyHeldForSaleNet
1299000 usd
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.22
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.06
CY2023Q3 gnl Real Estateand Accumulated Depreciation Unencumbered Assets
RealEstateandAccumulatedDepreciationUnencumberedAssets
4900000000 usd
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.22
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.06
CY2023Q3 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.74
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.21
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.07
CY2022Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.74
gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
1
gnl Debt Instrument Maximum Distribution Under Exemption Percentage Of Affo
DebtInstrumentMaximumDistributionUnderExemptionPercentageOfAFFO
1.05
CY2020Q2 gnl Debt Instrument Maximum Distribution Percentageof Ffo
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CY2023Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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