Global Net Lease (NYSE: GNL) reported Q2 EPS of $0.15, $0.11 better than the analyst estimate of $0.04. Revenue for the quarter came in at $76.1 million versus the consensus estimate of $76.77 million.

Second Quarter 2019 Highlights

• Revenue increased 7.3% to $76.1 million from $71.0 million in second quarter 2018
• Net income attributable to common stockholders was $12.6 million or $0.15 per share as compared to $5.3 million or $0.08 per share in second quarter 2018
• Core Funds from Operations ("Core FFO") was $38.4 million or $0.45 per share as compared to $41.3 million or $0.61 per share in second quarter 2018
• Adjusted Funds from Operations ("AFFO") improved to $40.1 million as compared to $35.5 million in the prior year second quarter
• AFFO per share was $0.47 as compared to $0.53 in second quarter 2018
• Acquired nine industrial, distribution and office properties for $187.3 million at a 7.67% weighted average capitalization rate3
• Sold 64 properties including 62 Family Dollar stores for a total of $83.3 million, resulting in a gain of $6.9 million and reducing retail exposure to only 6% of portfolio based on annualized straight-line rent
• $371.2 million of closed and pipeline acquisitions in 20196 at a weighted average capitalization rate of 7.91%3 with 13.2 years of remaining lease term4
• Portfolio 99.6% leased with an 8.0 year weighted average remaining lease term10
• Net debt to annualized adjusted EBITDA improved to 7.1x from 7.4x in second quarter 20188
• Weighted-average debt maturity lengthened to 4.6 years from 3.3 years at the close of the 2018 second quarter

James Nelson, Chief Executive Officer of GNL commented, "We are pleased to report another quarter of increases in rental revenue, adjusted EBITDA, and AFFO. We had a very active quarter including $187 million of primarily industrial, distribution and office acquisitions which, combined with our retail disposition, increased our portfolio allocation to industrial and distribution properties while decreased our retail exposure. We also refinanced much of our European debt at more advantageous rates, extending the weighted-average maturity of our debt from 3.3 years to 4.6 years in the last 12 months. Subsequent to quarter end, we successfully completed an expansion of our primary credit facility to over $1.2 billion at lower interest rates.\="

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