Global Net Lease (NYSE: GNL) reported Q1 EPS of $0.07, $0.01 better than the analyst estimate of $0.06. Revenue for the quarter came in at $75.5 million versus the consensus estimate of $75.08 million.

• Revenue increased 10.8% to $75.5 million from $68.1 million in first quarter 2018
• Net income attributable to common stockholders was $5.8 million or $0.07 per share as compared to $2.4 million or $0.03 per share in first quarter 2018
• Core Funds from Operations ("Core FFO") increased 10.2% on a year-over-year basis to $36.5 million or $0.44 per share
• Adjusted Funds from Operations ("AFFO") improved 12.6% to $39.5 million as compared to $35.1 million in the prior year first quarter
• Adjusted Funds from Operations per share was $0.48 as compared to $0.52 in first quarter 2018
• Raised gross equity proceeds of $154.5 million which will all be used to fund current acquisitions pipeline
• $185.3 million of closed and pipeline acquisitions6 for a going-in capitalization rate of 7.52% and a weighted average capitalization rate of 8.17%, funded in part from equity raised in first quarter 2019
• Portfolio 99.5% leased with an 8.1 year weighted average remaining lease term4
• Significantly increased debt maturity to 4.2 years compared to 3.6 years at the end of the first quarter 2018

James Nelson, Chief Executive Officer of GNL commented, "We are pleased with our programmatic ability to execute on all fronts this quarter. We successfully raised gross equity proceeds of $154.5 million in the quarter and continue to grow our $185 million pipeline, which includes year-to-date completed acquisitions and pending acquisitions6. Although AFFO decreased to $0.48 per share year-over-year from $0.52 per share, the real estate acquisitions we have closed so far in the second quarter of 2019 and those in our current acquisition pipeline will be primarily funded from the equity proceeds we raised and will resolve the natural timing difference we saw this quarter. We remain proactive and disciplined in our acquisition strategy and continue to leverage direct relationships with landlords and developers to identity off-market transactions, allowing us to achieve what we believe are better-than-market capitalization rates. We have also completed refinancings of European properties at attractive rates, providing meaningful contributions to our bottom line. We will continue our efforts to deliver steady growth and enhance long-term value for our shareholders."

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