Global Net Lease (NYSE: GNL) reported Q1 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $79.24 million versus the consensus estimate of $80.07 million.

First Quarter 2020 Highlights

• Revenue increased 5.0% to $79.2 million from $75.5 million in first quarter 2019
• Net income attributable to common stockholders was $5.0 million or $0.05 per share as compared to $5.8 million or $0.07 per share in first quarter 2019
• Net operating income ("NOI") grew 5.5% to $71.9 million from $68.1 million in first quarter 2019
• Core Funds from Operations ("Core FFO") was $38.9 million or $0.43 per share as compared to $36.5 million or $0.44 per share in first quarter 2019
• Adjusted Funds from Operations ("AFFO") was $39.8 million as compared to $39.5 million in the prior year first quarter
• AFFO per share was $0.44 as compared to $0.48 in first quarter 2019
• Announced a dividend change to be paid beginning in the second quarter to $0.40 per quarter, or $1.60 per share on an annualized basis, expected to strengthen cash flow by $12.0 million per quarter
• Ample Liquidity1 of $367 million after borrowing an additional $205.0 million under the Company's credit facility in March to enhance financial flexibility in response to COVID-19
• Acquired ten industrial and office properties for an aggregate contract purchase price2 of $113.9 million at an 8.5% weighted-average capitalization rate3 and 18.9 years of weighted-average remaining lease term4
• Portfolio 99.6% leased with an 9.0 year weighted average remaining lease term5, up from 8.1 years in prior year quarter
• Portfolio is allocated 48% office, 47% industrial/distribution and 5% retail at the end of the quarter compared to 53% office, 39% industrial/distribution and 8% retail based on annualized straight-line rent as of March 31, 2019
• Collected 98% of April cash rents as of April 30, 2020
• Collected 100% of cash rent due during April in the U.K., 99% in Europe and 96% in the U.S.

James Nelson, Chief Executive Officer of GNL commented, "We continue to execute on our strategy of focusing on industrial, distribution and office properties that are leased to high quality tenants primarily in the United States and Western Europe. GNL recorded a great first quarter and I am very proud of how our excellent team of professionals responded to the outbreak of the COVID-19 pandemic, collecting 98% of the rent due in April. Our team's dedication, combined with our balance of mission critical industrial and distribution assets and high concentration of investment grade tenants will continue to serve us well as we navigate this global economic uncertainty. Our ample liquidity of $367 million will provide further flexibility as we look to eventually capitalize on opportunities that may arise from this crisis."

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