Global Net Lease (NYSE: GNL) reported Q2 EPS of $0.01, $0.01 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $81.1 million versus the consensus estimate of $80.02 million.

Second Quarter 2020 and Subsequent Events Highlights

• Revenue increased 6.6% to $81.1 million from $76.1 million in second quarter 2019
• Net income attributable to common stockholders was $1.0 million as compared to $12.6 million in second quarter 2019 due to a $7 million decrease in gains from real estate dispositions in 2019
• Net operating income ("NOI") grew 6.1% to $73.3 million from $69.1 million in second quarter 2019
• Core Funds from Operations ("Core FFO") was $35.4 million as compared to $38.4 million in second quarter 2019
• Adjusted Funds from Operations ("AFFO") was $39.8 million as compared to $40.1 million in the prior year quarter
• AFFO per share was $0.44 as compared to $0.47 in second quarter 2019 due to increased interest expense and share count
• Distributed $35.8 million in common dividends to shareholders
• Ample Liquidity with cash and cash equivalents of $331 million1
• Collected 98% of second quarter cash rents as of July 31, 20202
• Acquired eight industrial and office properties for $31 million3 at an 8.45% weighted-average capitalization rate4 with 18.1 years of weighted-average remaining lease term5
• Total acquisitions for the six months ended June 30, 2020 approach $145 million
• Portfolio 99.6% leased with 8.9 years of weighted average remaining lease term6, up from 8.0 years in prior year quarter
• Increased industrial/distribution exposure by 6% year over year based on annualized straight-line rent
• Total portfolio allocation is 48% office, 47% industrial/distribution and 5% retail at the end of the quarter compared to 53% office, 41% industrial/distribution and 6% retail based on annualized straight-line rent as of June 30, 2019
• Closed refinancing with €70 million loan at an effective interest rate of 2.3% against seven properties in France, which, combined with previously completed refinancing of properties in Finland, Germany, the Netherlands, Luxembourg, and the U.K, constitute a complete refinancing of the Company's European assets
• Subsequent to quarter end, closed on six loans for an aggregate of $88 million at a 3.45% interest rate, secured by six properties leased to the Whirlpool Corporation in the United States

"In the face of the unprecedented challenges presented by COVID, the GNL portfolio has continued to perform at the highest levels. Due to the strength of the underlying assets making up the portfolio, which features primarily investment grade tenants that are diversified across the United States and Europe, we collected 98% of the cash rent due in one of the toughest quarters in my career," commented James Nelson, Chief Executive Officer of GNL. He continued, "At the same time, we have remained disciplined around our long-range objectives. We completed several important financing transactions at historically low interest rates while closing on eight industrial and office acquisitions, further enhancing our balance sheet and portfolio."

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