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Midas Edge

Global Net Lease Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 27, 2024

GNL$6.87+0.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 2. Properties

The following table represents a summary by segment of our portfolio of real estate properties as of December 31, 2023:

Annualized Straight-Line Rent · Annualized Base Rent · Square Feet
SegmentNumber of PropertiesAmount%Amount%Amount%OccupancyWeighted-Average Remaining Lease Term (Years) (1)
(In thousands) · (In thousands) · (In thousands)
Industrial & Distribution219$234,65632%$225,72432%33,87851%100%7.7
Multi-Tenant Retail109199,70227%197,32628%16,39825%88%5.2
Single-Tenant Retail878153,53521%141,20020%7,87812%98%8.3
Office90142,97220%143,05920%8,64412%94%5.0
Total1,296$730,865100%$707,309100%66,798100%96%6.8

(1)If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2023.

The following table details distribution of our portfolio by country/location as of December 31, 2023:

CountryAcquisition PeriodNumber ofPropertiesSquareFeetPercentage of Properties by Square FeetAverage Remaining Lease Term (1)
(In thousands)
CanadaDec. 2019 - Dec. 202173720.6%16.1
Channel IslandsSept. 202111140.2%7.0
FinlandNov. 2014 - Sep. 201551,4572.2%8.5
FranceDec. 2016 - Dec. 202071,3942.1%3.4
GermanyJan. 2014 - Dec. 201651,5842.4%4.0
ItalyFeb. 202021960.3%8.2
LuxembourgDec. 201611560.2%3.0
SpainSep. 2020129—%8.7
The NetherlandsJul. 2014 - Dec. 202141,0071.5%5.3
United KingdomOct. 2012 - Dec. 2023555,2377.8%7.9
United StatesAug. 2013 - Dec. 20231,20855,25282.7%6.5
Total1,29666,798100%6.8

(1)If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2023.

The following table details the tenant industry distribution of our portfolio as of December 31, 2023:

IndustryAnnualized Straight-Line Rent (1)Annualized Straight-Line Rent as a Percentage of the Total PortfolioLeased Square FeetSquare Feet as a Percentage of the Total Portfolio
(In thousands) · (In thousands)
Financial Services$46,8056%3,1695%
Auto Manufacturing41,9386%4,2377%
Healthcare39,6445%1,7263%
Discount Retail37,0595%3,7856%
Specialty Retail31,7834%2,7084%
Gas/Convenience28,7844%6651%
Freight22,3233%2,5274%
Consumer Goods21,9483%4,7057%
Home Improvement20,7693%2,6214%
Quick Service Restaurant19,1563%5601%
Retail Banking19,0153%5961%
Other (2)401,64155%36,64557%
Total$730,865100%$63,944100%

(1)Annualized straight-line rent converted from local currency into USD as of December 31, 2023 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable. Assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.10 for EUR and $1.00 Canadian Dollar (“CAD”) to $0.75, as of December 31, 2023 for illustrative purposes, as applicable.

(2) Other includes 94 industry types as of December 31, 2023.

The following table details the geographic distribution of our portfolio as of December 31, 2023:

RegionNumber of PropertiesAnnualized Straight-Line Rent (1) (in thousands)Annualized Straight-Line Rent as a Percentage of the Total Portfolio (2)Square Feet (in thousands) (2)Square Feet as a Percentage of the Total Portfolio (2)
United States1,208$582,60179.7%55,25182.6%
Michigan9761,1308.4%6,87010.3%
Texas7244,7046.1%3,2444.9%
Ohio7942,4155.8%6,1039.1%
Georgia11740,3245.5%3,0744.6%
North Carolina5735,5064.9%5,0087.5%
Illinois6829,7254.1%2,9854.5%
Alabama4825,6693.5%2,1683.2%
Florida6125,4273.5%1,6522.5%
South Carolina4923,6413.2%2,6223.9%
California821,9093.0%1,5202.3%
Kentucky3318,5672.5%1,6112.4%
Pennsylvania3418,0902.5%1,3382.0%
Indiana2516,9652.3%2,4373.6%
Oklahoma2714,7932.0%1,1871.8%
Missouri1714,1841.9%1,2211.8%
Tennessee3612,1881.7%1,3352.0%
Louisiana4012,0471.6%8681.3%
Massachusetts1510,6891.5%1,0071.5%
New Jersey69,9851.4%4300.6%
New York238,9831.2%1,0731.6%
Wisconsin218,4881.2%6641.0%
Mississippi388,1431.1%6300.9%
Kansas248,1201.1%6891.0%
Arkansas187,8271.1%4860.7%
Nevada57,8181.1%4230.6%
Minnesota136,4190.9%6461.0%
Maryland64,7840.7%4190.6%
Connecticut54,5980.6%4020.6%
New Mexico114,5430.6%4150.6%
Virginia203,8500.5%3320.5%
Iowa283,8370.5%4020.6%
Colorado83,2900.5%1380.2%
West Virginia293,1330.4%3450.5%
New Hampshire52,9120.4%3450.5%
Maine52,3230.3%760.1%
Rhode Island22,2080.3%1070.2%
Wyoming111,8400.3%1030.2%
North Dakota51,8140.2%1930.3%
Nebraska81,6710.2%1130.2%
Montana131,6630.2%1000.1%
South Dakota41,4740.2%1010.2%
Utah51,4300.2%530.1%
Vermont41,3160.2%2350.4%
Idaho47830.1%360.1%
Alaska14240.1%9—%
Arizona13660.1%22—%
Delaware1337—%10—%
Washington, DC1249—%4—%
United Kingdom5581,20311.1%5,2387.9%
Netherlands416,8172.3%1,0071.5%
Finland514,6062.0%1,4572.2%
Germany510,4001.4%1,5842.4%
France77,7361.1%1,3942.1%
Luxembourg15,8920.8%1560.2%
Channel Islands15,8470.8%1140.2%
Canada73,1320.4%3720.6%
Italy22,2400.3%1960.3%
Spain13910.1%29—%
Total1,296$730,865100%66,798100%

(1) Annualized straight-line rent converted from local currency into USD as of December 31, 2023 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable. Assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.10 for EUR and $1.00 CAD to $0.75 as of December 31, 2023 for illustrative purposes, as applicable.

(2) Totals may not foot due to rounding.

Future Minimum Lease Payments

For a summary of future minimum base rent payments, on a cash basis, due to us over the next five calendar years and thereafter (as of December 31, 2023), see Note 2 — Summary of Significant Accounting Polices to our consolidated financial statements included in this Annual Report on Form 10-K.

Future Lease Expirations

The following is a summary of lease expirations for the next ten calendar years on the properties we owned as of December 31, 2023:

Year of ExpirationNumber of Leases ExpiringAnnualized Straight-Line Rent (1)Annualized Straight-Line Rent as a Percentage of the Total PortfolioLeased Rentable Square FeetPercent of Leased Square Feet Expiring
(In thousands) · (In thousands)
2024201$44,3056.1%3,0874.8%
202524458,3008.0%5,0477.9%
202623462,6048.6%4,4116.9%
202726772,5539.9%6,78610.6%
202832788,49012.1%8,88713.9%
202926384,29711.5%7,99312.5%
203011954,0677.4%3,9096.1%
20319436,9625.1%5,4208.5%
203210337,8115.2%3,0634.8%
203310037,6935.2%2,7154.2%
Total1,952$577,08279.1%51,31880.2%

(1)Assumes exchange rates of £1.00 to $1.27 for GBP, €1.00 to $1.10 for EUR and $1.00 CAD to $0.75 as of December 31, 2023 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

Tenant Concentration

As of December 31, 2023, we did not have any tenant whose rentable square footage or annualized straight-line rent represented greater than 10% of total portfolio rentable square footage or annualized straight-line rent, respectively.

Significant Properties

As of December 31, 2023, we did not have any properties whose rentable square footage or annualized rental income represented greater than 5% of total portfolio rentable square footage or annualized straight-line rent, respectively.

Property Financings

See Note 5 — Mortgage Notes Payable, Net, Note 6— Revolving Credit Facilityand Note 7 — Senior Notes, Netto our consolidated financial statements included in this Annual Report on Form 10-K for property financings as of December 31, 2023 and 2022.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.