Global Net Lease (NYSE: GNL) reported Q4 EPS of $0.10, $0.06 better than the analyst estimate of $0.04. Revenue for the quarter came in at $76.7 million versus the consensus estimate of $79.82 million.

Fourth Quarter 2019 Highlights

• Revenue from tenants increased 7.7% to $76.7 million from $71.2 million in fourth quarter 2018
• Net income attributable to common stockholders was $9.3 million, or $0.10 per diluted share, as compared to a loss of $6.7 million, or ($0.09) per diluted share in fourth quarter 2018
• Core FFO decreased 13.2% to $32.1 million, or $0.35 per diluted share
• Cash NOI increased by 12.0% to $69.9 million as compared to $62.4 million in the fourth quarter 2018
• AFFO was $39.9 million, up 7.5% from $37.1 million in the prior year fourth quarter
• AFFO per diluted share was $0.44, a decrease from $0.50 per diluted share in fourth quarter 2018 due to the absence of full period rent from acquisitions that closed late in the quarter and changes to European tax policies that increased income tax expenses by $2.0 million from prior year
• Acquired 19 properties for a contract purchase price of $252.3 million at a 7.25% weighted average capitalization rate and a weighted average remaining lease term of 12.1 years plus a pipeline of $273.7 million at a 8.42% weighted average capitalization rate and a weighted average remaining lease term of 17.7 years
• Increased portfolio occupancy to 99.6% leased from 99.2% leased in fourth quarter 2018
• Increased Industrial / Distribution concentration to 46% from 39% in fourth quarter 2018
• 68.2% of annualized straight-line rent from tenants rated as investment grade or implied investment grade5, providing portfolio quality and stability
• Annual rent escalators in 93.2% of leases as of December 31, 2019 provide contractually embedded rent growth
• Raised gross equity proceeds of $89.3 million, which includes $86.3 million raised from the underwritten public offering of its 6.875% Series B preferred stock

James Nelson, Chief Executive Officer of GNL, commented, "I am very proud of all that GNL achieved in 2019. We had a very active year for both acquisitions and dispositions and have over $270 million in Industrial and Office acquisitions in our pipeline. Our fourth quarter closed and pipeline acquisitions of $526 million is expected to increase our annualized straight-line rent by $26.9 million, net of closed fourth quarter dispositions, further increasing our contractually embedded rent growth. We believe the consistent execution of our business plan will continue to benefit our shareholders as we continue this work in 2020 and beyond."

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