Global Net Lease (NYSE: GNL) reported Q3 EPS of $0.08, $0.01 better than the analyst estimate of $0.07. Revenue for the quarter came in at $77.9 million versus the consensus estimate of $79.08 million.

Third Quarter 2019 Highlights

• Revenue increased 8.4% to $77.9 million from $71.9 million in third quarter 2018
• Net income attributable to common stockholders was $6.9 million or $0.08 per share as compared to $0.2 million or less than $0.01 per share in third quarter 2018
• Core Funds from Operations ("Core FFO") was $38.6 million or $0.45 per share as compared to $37.8 million or $0.54 per share in third quarter 2018
• Adjusted Funds from Operations ("AFFO") improved to $40.2 million as compared to $39.6 million in the prior year third quarter
• AFFO per share was $0.47 as compared to $0.57 in third quarter 2018
• Acquired nine industrial and office properties for a contract purchase price of $102.0 million at a 7.68% weighted average capitalization rate1
• $697.6 million of closed and pipeline acquisitions in 20192 at a weighted average capitalization rate of 7.76% with 13.6 years of remaining lease term3
• Reduced retail exposure from 9% in the third quarter 2018 to only 5% of portfolio with the sale of 33 properties, 32 of which were Family Dollar stores, for $53.0 million and a gain of $7.0 million
• Portfolio 99.6% leased with an 8.0 year weighted average remaining lease term4
• Net debt to annualized adjusted EBITDA improved to 6.7x from 6.9x in third quarter 20185
• Strengthened balance sheet by extending weighted-average debt maturity to 5.7 years from 3.8 years at the close of the 2018 third quarter while weighted average interest rate remained flat at 3.0%.

James Nelson, Chief Executive Officer of GNL commented, "By continuing to execute on our investment strategy we recorded yet another quarter of year over year increased rental revenue, cash NOI, adjusted EBITDA and AFFO. The third quarter was extremely active for GNL, as we closed on $102 million of industrial and office acquisitions at a going-in cap rate of 6.64% and weighted average cap rate of 7.68%. Our forward looking $373 million pipeline will bring our year to date acquisitions to $697.6 million, including a $182 million portfolio of US and European assets in a sale leaseback transaction with a Fortune 150 tenant that we expect to close in the fourth quarter."

For earnings history and earnings-related data on Global Net Lease (GNL) click here.