$GNL
Global Net Lease, Inc.

2024 Q3 Form 10-Q Financial Statement

#000152611324000021 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $196.6M $203.3M
YoY Change 66.34% 112.1%
Cost Of Revenue $33.52M $35.53M
YoY Change 50.29% 85.62%
Gross Profit $163.0M $167.8M
YoY Change 70.02% 118.71%
Gross Profit Margin 82.95% 82.52%
Selling, General & Admin $14.91M $17.54M
YoY Change -14.33% 29.39%
% of Gross Profit 9.14% 10.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $85.43M $89.49M
YoY Change 73.29% 139.95%
% of Gross Profit 52.4% 53.35%
Operating Expenses $100.3M $107.0M
YoY Change 50.66% 110.48%
Operating Profit $17.95M $65.85M
YoY Change -118.78% 154.74%
Interest Expense -$81.87M -$88.99M
YoY Change -298.91% 212.4%
% of Operating Profit -456.16% -135.13%
Other Income/Expense, Net -$82.24M -$101.8M
YoY Change 117.42% -6267.64%
Pretax Income -$64.29M -$35.91M
YoY Change -51.8% 57.86%
Income Tax $1.345M -$250.0K
% Of Pretax Income
Net Earnings -$65.64M -$35.66M
YoY Change -51.8% 12.88%
Net Earnings / Revenue -33.39% -17.54%
Basic Earnings Per Share -$0.33 -$0.20
Diluted Earnings Per Share -$0.33 -$0.20
COMMON SHARES
Basic Shares Outstanding 230.5M shares 230.4M shares
Diluted Shares Outstanding 230.5M shares 230.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.2M $122.2M
YoY Change -4.61% 21.07%
Cash & Equivalents $127.2M $122.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $226.2M $214.6M
YoY Change 7.85% 20.04%
LONG-TERM ASSETS
Property, Plant & Equipment $6.847B $7.155B
YoY Change -11.18% 93.1%
Goodwill $52.26M $50.02M
YoY Change 2.42% 132.05%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.95M $71.96M
YoY Change 20.16% 300.86%
Total Long-Term Assets $7.110B $7.398B
YoY Change -10.85% 93.51%
TOTAL ASSETS
Total Short-Term Assets $226.2M $214.6M
Total Long-Term Assets $7.110B $7.398B
Total Assets $7.336B $7.613B
YoY Change -10.37% 90.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.65M $85.75M
YoY Change -23.18% 174.28%
Accrued Expenses $50.13M $49.58M
YoY Change 4.65% 122.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $152.6M $146.9M
YoY Change -13.73% 148.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.758B $4.900B
YoY Change -6.02% 93.88%
Other Long-Term Liabilities $143.6M $136.7M
YoY Change -1.44% 154.37%
Total Long-Term Liabilities $4.902B $5.037B
YoY Change -5.89% 95.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $152.6M $146.9M
Total Long-Term Liabilities $4.902B $5.037B
Total Liabilities $5.061B $5.189B
YoY Change -6.14% 94.65%
SHAREHOLDERS EQUITY
Retained Earnings -$2.069B -$1.929B
YoY Change 32.59% 40.95%
Common Stock $3.638M $3.638M
YoY Change 0.0% 53.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.273B $2.421B
YoY Change
Total Liabilities & Shareholders Equity $7.336B $7.613B
YoY Change -10.37% 90.23%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$65.64M -$35.66M
YoY Change -51.8% 12.88%
Depreciation, Depletion And Amortization $85.43M $89.49M
YoY Change 73.29% 139.95%
Cash From Operating Activities $62.13M $70.36M
YoY Change 1625.72% 229.66%
INVESTING ACTIVITIES
Capital Expenditures $14.30M $10.50M
YoY Change -22.26% 182.57%
Acquisitions
YoY Change
Other Investing Activities $248.5M $256.5M
YoY Change -156.11%
Cash From Investing Activities $234.2M $246.0M
YoY Change -150.77% -6717.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.3M -342.2M
YoY Change -152.61% 868.76%
NET CHANGE
Cash From Operating Activities 62.13M 70.36M
Cash From Investing Activities 234.2M 246.0M
Cash From Financing Activities -280.3M -342.2M
Net Change In Cash 16.06M -25.84M
YoY Change -78.62% 46.02%
FREE CASH FLOW
Cash From Operating Activities $62.13M $70.36M
Capital Expenditures $14.30M $10.50M
Free Cash Flow $47.82M $59.86M
YoY Change -423.12% 239.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230350148 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List
FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2024#PrepaidExpenseAndOtherAssets
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CY2024Q2 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-2430000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230380574 shares
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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gnl Settlement Costs To Be Paid With Common Stock Value
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
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gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Profit Loss
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us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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-6886000 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 gnl Settlement Costs To Be Paid With Common Stock Value
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CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q2 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
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CY2023Q2 gnl Additional Paid In Capital Common Shares Withheld Upon Restricted Shares Vesting
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CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2023Q2 us-gaap Profit Loss
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CY2023Q2 us-gaap Cumulative Translation Adjustment Net Of Tax Period Increase Decrease
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CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
464000 usd
gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
5979000 usd
gnl Amortizationof Below Market Lease Liabilities
AmortizationofBelowMarketLeaseLiabilities
1638000 usd
gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
9482000 usd
gnl Amortizationof Above Market Lease Assets
AmortizationofAboveMarketLeaseAssets
3452000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
623000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
438000 usd
gnl Amortization Lease Incentives
AmortizationLeaseIncentives
468000 usd
gnl Amortization Lease Incentives
AmortizationLeaseIncentives
861000 usd
us-gaap Straight Line Rent
StraightLineRent
9911000 usd
us-gaap Straight Line Rent
StraightLineRent
3674000 usd
us-gaap Share Based Compensation
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4313000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
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gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
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gnl Unrealized Gain Losson Foreign Currency Transaction Derivativesand Other
UnrealizedGainLossonForeignCurrencyTransactionDerivativesandOther
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gnl Derivative Net Hedge Ineffectiveness And Undesignated Hedge Gain Loss
DerivativeNetHedgeIneffectivenessAndUndesignatedHedgeGainLoss
1332000 usd
gnl Derivative Net Hedge Ineffectiveness And Undesignated Hedge Gain Loss
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 usd
gnl Lease Incentive And Commission Payment
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473000 usd
gnl Lease Incentive And Commission Payment
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2374000 usd
us-gaap Asset Impairment Charges
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31729000 usd
us-gaap Asset Impairment Charges
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gnl Settlement Costs To Be Paid With Common Stock
SettlementCostsToBePaidWithCommonStock
0 usd
gnl Settlement Costs To Be Paid With Common Stock
SettlementCostsToBePaidWithCommonStock
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-491000 usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
388000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
162545000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84358000 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
0 usd
us-gaap Payments To Acquire Other Real Estate
PaymentsToAcquireOtherRealEstate
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us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
18479000 usd
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
299607000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
411262000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
406726000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
317512000 usd
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
0 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
583857000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
257529000 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
13058000 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
169000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
424000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
321000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
7605000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
145216000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
83322000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
73000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
200000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-450057000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4219000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6384000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3942000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16478000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4683000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162399000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
104445000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
172493000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105186000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
122181000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100918000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
50312000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
90000 usd
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
235000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
315000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1242 property
CY2024Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
64300000 sqft
CY2024Q2 gnl Real Estate Property Occupancy Rate
RealEstatePropertyOccupancyRate
0.940
gnl Lessor Average Remaining Lease Term
LessorAverageRemainingLeaseTerm
P6Y6M
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, 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 June 30, 2024, the Company’s leases had a weighted-average remaining lease term of 6.5 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
P6Y6M
gnl Number Of Parcels Of Land Leased
NumberOfParcelsOfLandLeased
2 parcelofland
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
6600000 usd
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
200000 usd
us-gaap Sublease Income
SubleaseIncome
300000 usd
gnl Number Of Parcels Of Land Leased
NumberOfParcelsOfLandLeased
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CY2024Q2 gnl Number Of Parcels Of Land Leased
NumberOfParcelsOfLandLeased
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GoodwillImpairmentLoss
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
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us-gaap Number Of Reportable Segments
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4 segment
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CommonStockParOrStatedValuePerShare
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27400000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
31700000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2024Q2 us-gaap Asset Impairment Charges
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27400000 usd
CY2024Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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4300000 usd
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34100000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
40000000 usd
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NumberofRealEstatePropertiesHeldforSale
3 property
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NumberofRealEstatePropertiesHeldforSale
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RealEstateInvestmentPropertyHeldForSaleAtCost
4254000 usd
CY2023Q4 gnl Real Estate Investment Property Held For Sale At Cost
RealEstateInvestmentPropertyHeldForSaleAtCost
3209000 usd
CY2024Q2 gnl Accumulated Depreciation Depletion And Amortization Real Estate Investment Held For Sale
AccumulatedDepreciationDepletionAndAmortizationRealEstateInvestmentHeldForSale
0 usd
CY2023Q4 gnl Accumulated Depreciation Depletion And Amortization Real Estate Investment Held For Sale
AccumulatedDepreciationDepletionAndAmortizationRealEstateInvestmentHeldForSale
21000 usd
CY2024Q2 gnl Real Estate Investment Property Held For Sale Net
RealEstateInvestmentPropertyHeldForSaleNet
4254000 usd
CY2023Q4 gnl Real Estate Investment Property Held For Sale Net
RealEstateInvestmentPropertyHeldForSaleNet
3188000 usd
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.26
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.07
CY2024Q2 gnl Real Estateand Accumulated Depreciation Unencumbered Assets
RealEstateandAccumulatedDepreciationUnencumberedAssets
4940000000 usd
CY2024Q2 gnl Debt Instrument Covenant Net Worth
DebtInstrumentCovenantNetWorth
150000000 usd
CY2024Q2 gnl Debt Instrument Covenant Liquid Asset Requirement
DebtInstrumentCovenantLiquidAssetRequirement
10000000 usd
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.26
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.07
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.73
CY2023Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.27
CY2023Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.10
CY2023Q4 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.75
CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
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gnl Debt Instrument Maximum Distribution Percentageof Ffo
DebtInstrumentMaximumDistributionPercentageofFFO
1
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DebtInstrumentMaximumDistributionUnderExemptionPercentageOfAFFO
1.05
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DebtInstrumentMaximumDistributionPercentageofFFO
1
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DebtInstrumentMaximumDistributionUnderExemptionPercentageOfFFO
1.05
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
10300000 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
89815000 usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
27710000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
172568000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
54675000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Net Investment Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax
300000 usd
us-gaap Other Comprehensive Income Loss Net Investment Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax
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CY2023 us-gaap Other Comprehensive Income Loss Net Investment Hedge Gain Loss Before Reclassification And Tax
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CY2024Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
11342000 usd
CY2024Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1557000 usd
CY2024Q2 us-gaap Derivative Asset Fair Value Gross Liability
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0 usd
CY2024Q2 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
9785000 usd
CY2024Q2 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
0 usd
CY2024Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 usd
CY2024Q2 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
9785000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
10615000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
5145000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0 usd
CY2023Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
5470000 usd
CY2023Q4 us-gaap Derivative Collateral Obligation To Return Securities
DerivativeCollateralObligationToReturnSecurities
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CY2023Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
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CY2023Q4 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
DerivativeFairValueAmountOffsetAgainstCollateralNet
5470000 usd
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
230805375 shares
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
230885197 shares
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000 shares
CY2024Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
100000 shares
CY2024Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.10
CY2024Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.275
CY2023Q1 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2023Q2 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2023Q3 gnl Common Stock Dividend Rate Per Share
CommonStockDividendRatePerShare
1.60
CY2023Q2 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2023Q1 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2023Q3 gnl Common Stock Monthly Dividend Rate Per Share
CommonStockMonthlyDividendRatePerShare
0.40
CY2024Q2 us-gaap Number Of Properties Subject To Ground Leases
NumberOfPropertiesSubjectToGroundLeases
17 property
gnl Number Of Additional Properties Subject To Ground Leases
NumberOfAdditionalPropertiesSubjectToGroundLeases
2 property
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
76700000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
77000000.0 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
49600000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
48400000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P25Y2M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
900000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1700000 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
700000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2124000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3800000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3943000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4025000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4051000 usd
CY2024Q2 gnl Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
79777000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
97720000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
48145000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
49575000 usd
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.26
CY2024Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
1.07
CY2019Q2 gnl Number Of Real Estate Properties No Longer Subject To Oversight Fee
NumberOfRealEstatePropertiesNoLongerSubjectToOversightFee
39 property
CY2019Q3 gnl Number Of Real Estate Properties No Longer Subject To Oversight Fee
NumberOfRealEstatePropertiesNoLongerSubjectToOversightFee
39 property
CY2017Q4 gnl Number Of Real Estate Properties No Longer Subject To Oversight Fee
NumberOfRealEstatePropertiesNoLongerSubjectToOversightFee
39 property
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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CY2023Q2 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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230380574 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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104148850 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
230350148 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230350148 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103966910 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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103966910 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
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EarningsPerShareDiluted
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2754163 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4 segment
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us-gaap Costs And Expenses Related Party
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CY2023Q2 us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2024Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1572000 usd
CY2023Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2333000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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CY2024Q2 gnl Settlement Costs
SettlementCosts
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CY2023Q2 gnl Settlement Costs
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gnl Settlement Costs
SettlementCosts
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CY2024Q2 us-gaap General And Administrative Expense
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CY2024Q2 us-gaap Stock Option Plan Expense
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2340000 usd
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2870000 usd
us-gaap Stock Option Plan Expense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
5795000 usd
CY2024Q2 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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181493000 usd
us-gaap Depreciation And Amortization
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CY2024Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
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34102000 usd
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
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us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
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CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2024Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
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2118000 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2024Q2 gnl Derivative Net Hedge Ineffectiveness And Undesignated Hedge Gain Loss
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CY2023Q2 gnl Derivative Net Hedge Ineffectiveness And Undesignated Hedge Gain Loss
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CY2024Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2024Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Real Estate Investment Property Net
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CY2023Q4 us-gaap Real Estate Investment Property Net
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CY2024Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group
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CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
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3188000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2024Q2 us-gaap Derivative Fair Value Of Derivative Asset
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CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2024Q2 us-gaap Incentive To Lessee
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CY2023Q4 us-gaap Incentive To Lessee
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q2 us-gaap Prepaid Expense And Other Assets
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109631000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
121997000 usd
CY2024Q2 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4786000 usd
CY2023Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4808000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
50020000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
46976000 usd
CY2024Q2 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
12610000 usd
CY2023Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
15412000 usd
CY2024Q2 us-gaap Assets
Assets
7612713000 usd
CY2023Q4 us-gaap Assets
Assets
8098977000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001526113-24-000021.txt Edgar Link pending
0001526113-24-000021-xbrl.zip Edgar Link pending
ex311-gnlceo302certifcatio.htm Edgar Link pending
ex312-gnlcfo302certificati.htm Edgar Link pending
ex32-gnlceoandcfo906certif.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gnl-20240630.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
gnl-20240630_cal.xml Edgar Link unprocessable