Global Net Lease, Inc
(NYSE:GNL)

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased ...

Website: http://www.globalnetlease.com

Founded: 2011

IPO Price: $10.50 (Jun 02, 2015)

Full Time Employees: 1

Sector: Real Estate

Industry: REIT-Office

Real Estate REIT

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At a glance:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31

revenue from tenants	109,286,000	116,953,000	121,013,000	124,905,000	132,415,000	199,115,000	196,564,000	203,286,000	206,045,000	206,726,000	118,168,000	95,844,000	94,332,000	93,948,000	92,599,000	95,177,000	97,133,000	106,516,000	95,758,000	99,564,000	89,390,000	87,042,000	82,711,000	81,109,000	79,242,000	76,685,000	77,942,000	76,119,000	75,468,000
yoy	-17.47%	-41.26%	-38.44%	-38.56%	-35.73%	-3.68%	66.34%	112.10%	118.43%	120.04%	27.61%	0.70%	-2.88%	-11.80%	-3.30%	-4.41%	8.66%	22.37%	15.77%	22.75%	12.81%	13.51%	6.12%	6.56%	5.00%
qoq	-6.56%	-3.36%	-3.12%	-5.67%	-33.50%	1.30%	-3.31%	-1.34%	-0.33%	74.94%	23.29%	1.60%	0.41%	1.46%	-2.71%	-2.01%	-8.81%	11.23%	-3.82%	11.38%	2.70%	5.24%	1.98%	2.36%	3.33%	-1.61%	2.39%	0.86%
expenses:
property operating	12,925,000	12,566,000	12,669,000	12,018,000	13,953,000	35,619,000	33,515,000	35,533,000	37,830,000	37,037,000	13,623,000	9,033,000	8,146,000	9,854,000	7,765,000	7,798,000	7,460,000	10,962,000	6,747,000	7,467,000	7,570,000	9,635,000	7,525,000	7,835,000	7,377,000	5,701,000	8,205,000	7,049,000	7,359,000	7,750,000	5,301,000	8,211,000	7,470,000	6,849,000	7,202,000	7,570,000	7,236,000	5,648,000	4,201,000	3,542,000	5,647,000	7,389,000	3,355,000	3,377,000	4,059,000	5,500,000	1,428,000	786,000	233,000	3,500	14,000
impairment charges	11,115,000	31,972,000	55,433,000	9,812,000	60,315,000	20,098,000	38,583,000	27,402,000	4,327,000	2,978,000	65,706,000			4,504,000	796,000	16,031,000	230,000	9,619,000	1,199,000	6,707,000						1,593,750	6,375,000
acquisition, transaction and other costs	4,387,000												99,000		103,000	133,000	8,000	42,000	54,000	28,000	17,000	275,000	75,000	33,000	280,000	19,000	192,000	847,000	262,000
general and administrative	12,144,000	13,377,000	11,834,000	11,339,000	16,203,000	13,763,000	12,598,000	15,196,000	16,177,000	16,867,000	6,977,000	10,683,000	5,660,000	6,108,000	4,060,000	3,675,000	3,894,000	4,991,000	3,911,000	4,201,000	4,128,000	4,250,000	2,641,000	3,412,000	2,961,000	1,334,000	3,250,000	2,318,000	3,206,000	2,617,000	3,215,000	2,556,000	2,051,000	2,357,000	2,468,000	2,053,000	1,770,000	1,810,000	1,714,000	1,880,000	1,704,000	1,537,000	2,014,000	1,892,000	1,747,000	1,061,000	742,000	1,535,000	976,000	-18,000	19,000	11,000	4,000
equity-based compensation	4,042,000	3,024,000	3,059,000	3,338,000	3,093,000	2,309,000	2,309,000	2,340,000	1,973,000	1,058,000	10,444,000	2,870,000	2,925,000	2,855,000	3,132,000	3,358,000	2,727,000	2,727,000	2,721,000	3,007,000	2,577,000	2,585,000	2,479,000	2,513,000	2,488,000	2,491,000	2,501,000	2,429,000	2,109,000	1,451,000	2,053,000	-23,000	-832,000
depreciation and amortization	41,612,000	44,439,000	44,780,000	45,636,000	56,334,000	83,020,000	85,430,000	89,493,000	92,000,000	98,713,000	49,232,000	37,297,000	37,029,000	36,987,000	37,791,000	39,359,000	39,889,000	42,025,000	41,665,000	39,702,000	39,684,000	35,977,000	35,049,000	33,984,000	33,533,000	31,989,000	31,620,000	31,084,000	31,303,000	30,078,000	30,195,000	29,813,000	29,496,000	28,558,000	29,879,000	27,497,000	27,114,000	23,405,000	23,482,000	23,812,000	23,756,000	23,918,000	22,949,000	22,089,000	21,114,000	13,267,000	15,126,000	7,640,000	4,354,000	209,500	684,000	124,000	30,000
goodwill impairment					7,134,000
total expenses	86,225,000	106,836,000	129,398,000	84,145,000	158,611,000	156,601,000	174,336,000	171,536,000	153,068,000	160,422,000	213,042,000	91,356,000	63,960,000	70,185,000	63,735,000	80,435,000	64,284,000	80,416,000	66,177,000	70,591,000	63,615,000	61,916,000	56,708,000	56,651,000	55,433,000	50,401,000	60,363,000	51,889,000	52,282,000	62,811,000	50,555,000	50,093,000	46,262,000	42,760,000	46,384,000	41,541,000	42,562,000	44,732,000	38,031,000	34,290,000	36,839,000	34,556,000	38,767,000	70,854,000	30,889,000	48,388,000	46,639,000	18,344,000	22,142,000	-5,469,000	3,991,000	1,460,000	34,000
operating income before loss on dispositions of real estate investments	23,061,000																			28,973,000
gain on dispositions of real estate investments	7,879,000	100,625,000	-5,797,000	1,537,000	-1,678,000	21,326,000	-4,280,000	34,102,000	5,867,000	-988,000	-684,000			120,000	143,000	62,000		296,000	1,195,000					-153,000		8,824,000	6,977,000	6,923,000	892,000		-1,933,000	-3,818,000
operating income	30,940,000	110,742,000	-14,182,000	42,297,000	-27,874,000	63,840,000	17,948,000	65,852,000	58,844,000	45,316,000	-95,558,000	4,488,000	30,372,000	23,883,000	29,007,000	14,804,000	32,849,000	26,396,000	30,776,000	28,966,000	25,775,000	25,126,000	26,003,000	24,305,000	23,809,000	35,108,000	24,556,000	31,153,000	24,078,000	2,664,000	21,369,000	20,878,000	21,824,000	23,842,000	18,486,000	23,445,000	20,275,000	8,041,000	15,220,000	18,906,000	18,115,000	21,487,000	11,485,000	-21,786,000	19,080,000	-2,082,000	-20,737,000	-4,716,000	-14,595,000	3,992,000	-2,759,000	-1,260,000	11,000
yoy	-211.00%	73.47%	-179.02%	-35.77%	-147.37%	40.88%	-118.78%	1367.29%	93.74%	89.74%	-429.43%	-69.68%	-7.54%	-9.52%	-5.75%	-48.89%	27.45%	5.05%	18.36%	19.18%	8.26%	-28.43%	5.89%	-21.98%	-1.12%	1217.87%	14.91%	49.21%	10.33%	-88.83%	15.60%	-10.95%	7.64%	196.51%	21.46%	24.01%	11.92%	-62.58%	32.52%	-186.78%	-5.06%	-1132.04%	-155.38%	361.96%	-230.73%	-152.15%	651.61%	274.29%	-132781.82%
qoq	-72.06%	-880.86%	-133.53%	-251.74%	-143.66%	255.69%	-72.74%	11.91%	29.85%	-147.42%	-2229.19%	-85.22%	27.17%	-17.66%	95.94%	-54.93%	24.45%	-14.23%	6.25%	12.38%	2.58%	-3.37%	6.99%	2.08%	-32.18%	42.97%	-21.18%	29.38%	803.83%	-87.53%	2.35%	-4.33%	-8.46%	28.97%	-21.15%	15.64%	152.15%	-47.17%	-19.50%	4.37%	-15.69%	87.09%	-152.72%	-214.18%	-1016.43%	-89.96%	339.72%	-67.69%	-465.61%	-244.69%	118.97%	-11554.55%
operating margin %	28.31%	94.69%	-11.72%	33.86%	-21.05%	32.06%	9.13%	32.39%	28.56%	21.92%	-80.87%	4.68%	32.20%	25.42%	31.33%	15.55%	33.82%	24.78%	32.14%	29.09%	28.83%	28.87%	31.44%	29.97%	30.05%	45.78%	31.51%	40.93%	31.90%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%
other income:
interest expense	-39,191,000	-42,626,000	-45,307,000	-53,348,000	-53,437,000	-77,234,000	-77,130,000	-89,815,000	-82,753,000	-83,575,000	-41,161,000	-27,710,000	-26,965,000	-25,731,000	-24,207,000	-23,449,000	-24,123,000	-24,101,000	-24,858,000	-24,018,000	-21,368,000	-19,158,000	-18,677,000	-17,529,000	-16,440,000	-17,194,000	-16,154,000	-15,689,000	-15,162,000	-15,479,000	-15,104,000	-14,415,000	-12,975,000	-12,806,000	-12,479,000	-11,634,000	-11,531,000	-9,004,000	-8,914,000	-10,634,000	-10,569,000	-10,065,000	-9,041,000	-7,947,000	-7,811,000	-6,467,000	-4,081,000	-2,614,000	-1,689,000	-103,250	-348,000	-52,000	-13,000
loss on extinguishment and modification of debt	-1,707,000	-2,335,000	-4,121,000	-4,348,000	-418,000
gain on derivative instruments	3,065,000	-268,000	2,271,000	-8,823,000	-3,856,000	6,853,000	-4,742,000	530,000	1,588,000	-4,478,000	3,217,000	-774,000	-1,656,000	-6,892,000	13,121,000	7,798,000	4,615,000	941,000	3,560,000	-514,000	1,842,000	-2,703,000	-2,464,000	-317,000	3,143,000	-3,905,000	3,044,000	1,390,000	240,000	2,950,000	1,290,000	6,333,000
unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness																																					-882,000
other income	174,000	780,000	1,820,000	1,683,000	48,000	1,476,000	-49,000	309,000	-16,000	435,000	119,000	1,650,000	66,000	127,000	10,000	549,000	295,000	180,000	-158,000	84,000	15,000	28,000	142,000	71,000	48,000	195,000	-2,000	19,000	4,000	-90,000	44,000	12,000	11,000	10,000	2,000	3,000	7,000	-1,000	4,000	8,000	9,000	64,000	-10,000	12,000	13,000	88,000	148,000	48,000	8,000
total other expense	-37,659,000	-44,449,000	-45,306,000	-71,160,000	-64,014,000	-69,400,000	-82,238,000	-101,766,000	-80,207,000	-88,435,000	-37,825,000	-27,238,000	-28,555,000													-10,890,500	-13,675,000	-15,045,000						-11,223,250	-15,239,000	-17,735,000	-11,919,000					-5,635,000	-5,294,000
net loss before income tax	-6,719,000	66,293,000	-59,488,000	-28,863,000	-91,888,000	-30,391,750	-64,290,000	-35,914,000
income tax expense	-1,642,000	-12,434,000	-3,092,000		-3,280,000	-962,000	-1,345,000	250,000	-2,388,000	-5,459,000	-2,801,000	-3,508,000	-2,707,000	-2,370,000	-3,052,000	-2,515,000	-3,095,000	-6,212,000	-1,930,000	-1,930,000	-2,080,000	-2,457,000	-862,000	-691,000	-959,000	-1,652,000	-940,000	-780,000	-960,000	366,000	-530,000	-1,200,000	-1,070,000	-964,000	-760,000	-510,000	-906,000	-357,000	-448,000					1,303,000	1,640,000
loss from continuing operations	-8,361,000	53,859,000	-62,580,000	-31,858,000	-95,168,000
income from discontinued operations	3,283,000	-21,008,000	2,464,000	7,715,000
net income	-5,078,000	48,181,000	-60,116,000	-24,143,000	-189,379,000	-6,522,000	-65,635,000	-35,664,000	-23,751,000	-48,578,000	-136,184,000	-26,258,000	-890,000	-12,640,000	14,838,000	-716,000	10,541,000	-2,796,000	7,390,000	2,588,000	4,184,000	-8,495,000	4,142,000	5,530,000	9,601,000	12,931,000	9,941,000	15,328,000	8,276,000	-4,290,000	2,632,000	7,743,000	4,812,000	8,449,000	2,487,000	5,200,000	7,450,000	16,071,000	9,016,000	15,932,000	6,558,000	12,449,000	5,488,000	-45,807,000	25,855,000	-5,208,000	-24,558,000	-7,479,000	-16,349,000	4,370,000	-3,090,000	-1,294,000	-2,000
yoy	-97.32%	-838.75%	-8.41%	-32.30%	697.35%	-86.57%	-51.80%	35.82%	2568.65%	284.32%	-1017.81%	3567.32%	-108.44%	352.07%	100.78%	-127.67%	151.94%	-67.09%	78.42%	-53.20%	-56.42%	-165.69%	-58.33%	-63.92%	16.01%	-401.42%	277.70%	97.96%	71.99%	-150.78%	5.83%	48.90%	-35.41%	-47.43%	-72.42%	-67.36%	13.60%	29.09%	64.29%	-134.78%	-74.64%	-339.04%	-122.35%	512.47%	-258.14%	-219.18%	694.76%	477.98%	817350.00%
qoq	-110.54%	-180.15%	149.00%	-87.25%	2803.70%	-90.06%	84.04%	50.16%	-51.11%	-64.33%	418.64%	2850.34%	-92.96%	-185.19%	-2172.35%	-106.79%	-477.00%	-137.83%	185.55%	-38.15%	-149.25%	-305.09%	-25.10%	-42.40%	-25.75%	30.08%	-35.14%	85.21%	-292.91%	-262.99%	-66.01%	60.91%	-43.05%	239.73%	-52.17%	-30.20%	-53.64%	78.25%	-43.41%	142.94%	-47.32%	126.84%	-111.98%	-277.17%	-596.45%	-78.79%	228.36%	-54.25%	-474.12%	-241.42%	138.79%	64600.00%
net income margin %	-4.65%	41.20%	-49.68%	-19.33%	-143.02%	-3.28%	-33.39%	-17.54%	-11.53%	-23.50%	-115.25%	-27.40%	-0.94%	-13.45%	16.02%	-0.75%	10.85%	-2.62%	7.72%	2.60%	4.68%	-9.76%	5.01%	6.82%	12.12%	16.86%	12.75%	20.14%	10.97%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%
preferred stock dividends	-10,936,000	-10,936,000	-10,935,000	-10,936,000	-10,936,000	-10,936,000	-10,936,000	-10,936,000	-10,936,000	-10,936,000	-6,304,000	-5,099,000	-5,099,000	-5,098,000	-5,099,000	-5,131,000	-5,058,000	-5,016,000	-5,016,000	-5,016,000	-5,016,000	-4,782,000	-4,644,000	-4,564,000	-4,563,000	-3,668,000	-3,081,000	-2,707,000	-2,485,000	-2,454,000	-2,455,000	-2,455,000	-2,451,000
net loss attributable to common stockholders	-16,014,000	37,245,000	-71,051,000	-35,079,000	-200,315,000	-17,458,000	-76,571,000	-46,600,000	-34,687,000			-31,357,000
basic and diluted loss per share:
net income per share	-0.09	0.19	-0.33	-0.19	-0.46	-0.07	-0.33	-0.2	-0.15	-0.09	-1.11	-0.3	-0.06	-0.17	0.09	-0.06	0.05	-0.08	0.02	-0.14	-0.01	-0.15	-0.01
weighted-average common shares outstanding:
weighted-average shares outstanding — basic and diluted	214,039,512		220,890,626	222,960,030	230,263,709		230,463,241	230,380,574	230,319,722		130,824,684	104,148,850	103,782,949		103,714,646	103,649,308	103,596,182
merger, transaction and other costs		1,458,000	1,623,000	2,002,000	1,579,000	1,792,000	1,901,000	1,572,000	761,000	4,349,000	43,765,000	6,279,000
operating income before gain on dispositions of real estate investments		10,117,000	-8,385,000	40,760,000	-26,196,000	42,514,000	22,228,000	31,750,000	52,977,000	46,304,000	-94,874,000	4,488,000		23,763,000	28,864,000	14,742,000		26,100,000	29,581,000		25,775,000	25,126,000	26,003,000	24,458,000	23,809,000	26,284,000	17,579,000	24,230,000	23,186,000
unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness			31,000	-6,324,000	-6,351,000	1,917,000		300,000																										86,000	88,000	-2,971,000		4,496,000	1,459,000	4,252,000
income tax benefit				-2,995,000
loss from discontinued operations					-94,211,000
operating fees to related parties										-580,000	8,652,000	10,110,000	10,101,000	9,877,000	10,088,000	10,081,000	10,076,000	10,050,000	9,880,000	9,479,000	9,639,000	9,194,000	8,939,000	8,874,000	8,794,000	8,867,000	8,220,000	8,162,000	8,043,000	7,309,000	6,956,000	7,138,000	6,831,000	6,624,000	6,390,000	5,713,000	5,730,000	5,113,000	4,862,000	4,959,000	4,817,000
settlement costs											14,643,000	15,084,000
loss on extinguishment of debt						-3,366,250	-317,000	-13,090,000	-58,000	-817,000		-404,000		-1,657,000	-41,000	-342,000						-3,292,000		-309,000		379,000	-563,000	-765,000			-2,612,000
unrealized income on undesignated foreign currency advances and other hedge ineffectiveness									1,032,000							2,439,000													76,000
net income before income tax									-21,363,000	-43,119,000	-133,383,000	-22,750,000	1,817,000	-10,270,000	17,890,000	1,799,000	13,636,000	3,416,000	9,320,000	4,518,000	6,264,000	-6,038,000	5,004,000	6,221,000	10,560,000	14,583,000	10,881,000	16,108,000	9,236,000	-4,656,000	3,162,000	8,943,000	5,882,000	9,413,000	3,247,000	5,710,000	8,356,000	19,065,000	9,464,000
net income attributable to common stockholders										-44,958,500	-142,488,000		-5,989,000	2,343,750	9,739,000	-5,847,000	5,483,000	-7,812,000	2,374,000	-2,428,000	-832,000	-13,277,000	-502,000	966,000	5,038,000	9,263,000	6,860,000	12,621,000	5,791,000	-6,744,000	177,000	5,288,000	2,361,000	5,998,000	2,104,000
basic and diluted income per share:
total other income														-10,833,750	-11,117,000	-13,005,000	-19,213,000	-22,980,000	-21,456,000	-24,448,000	-19,511,000	-31,164,000	-20,999,000	-18,084,000	-13,249,000				-14,842,000	-7,320,000	-18,207,000	-11,935,000	-15,942,000					11,024,000	-5,756,000	-2,544,000	-11,007,000			-24,021,000	6,775,000	-3,126,000	-3,821,000	-2,763,000	-1,754,000	-94,500	-331,000	-34,000
basic and diluted earnings per share:
weighted-average shares outstanding — basic																			101,477,699	96,386,229	91,479,497		89,482,577,000
weighted-average shares outstanding — diluted																			101,477,699	96,386,229	91,479,497		89,482,577,000
loss on dispositions of real estate investments																				-7,000
expenses
basic and diluted net income per share attributable to common stockholders																								0.01	0.05	0.075	0.08	0.15	0.07	-0.1		0.08	0.03
weighted-average common shares outstanding:
basic		223,255,282				230,440,385				142,584,332				103,686,395				98,283,892				89,473,554		89,470,114	89,458,753	85,031,236	85,254,638	83,847,120	81,474,615	69,411,061	69,441,639
diluted		223,255,282				230,440,385				142,584,332				103,686,395				98,283,892				89,473,554		90,102,709	89,499,294	86,349,645	86,202,582	85,165,549	82,798,432	69,663,208	69,441,639
fire recovery																																	-79,000
weighted-average shares outstanding:
basic		223,255,282				230,440,385				142,584,332				103,686,395				98,283,892				89,473,554		89,470,114	89,458,753	85,031,236	85,254,638	83,847,120	81,474,615	69,411,061	69,441,639
diluted		223,255,282				230,440,385				142,584,332				103,686,395				98,283,892				89,473,554		90,102,709	89,499,294	86,349,645	86,202,582	85,165,549	82,798,432	69,663,208	69,441,639
revenues:
rental income																														67,283,000	68,661,000	65,562,000	63,792,000	62,556,000	61,270,000	60,214,000	58,492,000	50,046,000	50,756,000	51,736,000	51,511,000	52,118,000	47,836,000	47,234,000	47,432,000	42,220,000	25,400,000	13,223,000	7,315,000	365,750	1,221,000	200,000	42,000
operating expense reimbursements																														3,943,000	3,263,000	5,409,000	4,294,000	4,046,000	3,600,000	4,772,000	4,345,000	2,727,000	2,495,000	1,460,000	3,443,000	3,925,000	2,416,000	1,834,000	2,537,000	4,086,000	502,000	405,000	232,000	3,500	11,000
total revenues																														71,226,000	71,924,000	70,971,000	68,086,000	66,602,000	64,870,000	64,986,000	62,837,000	52,773,000	53,251,000	53,196,000	54,954,000	56,043,000	50,252,000	49,068,000	49,969,000	46,306,000	25,902,000	13,628,000	7,547,000	369,250	1,232,000	200,000	45,000
fire loss																														-12,250	31,000			-150,000	-305,000	500,000
acquisition and transaction related																														1,310,750	2,804,000	2,399,000	1,325,000	-301,000	1,141,000	443,000	696,000	7,415,000	2,479,000	27,000	-129,000	76,000	4,680,000	212,000	1,085,000	29,615,000	29,124,000	8,244,000	16,516,000	1,144,000	3,256,000	1,320,000
unrealized gain on undesignated foreign currency advances and other hedge ineffectiveness																														-452,000	108,000
net income attributable to non-controlling interest
fire (recovery) loss																																-1,000
unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness																																-47,000	-43,000
weighted-average shares outstanding:
basic and diluted																																67,292,021
loss on derivative instruments																																	-2,935,000															-171,000	-79,000
basic and diluted weighted-average shares outstanding																																	67,287,231		67,286,615	66,652,221	66,271,008	170,161,344	169,390,187	168,948,472	168,936,633	174,309,894	168,948,345	180,380,436,000	179,156,462,000	126,079,369,000	175,401,867,000	111,819,848,000	37,602,790,000	22,222,000	7,023,704,000	2,755,487,000	439,097,000
equity based compensation																																		-1,177,000	-391,000	-2,235,000	16,000	1,341,000	1,293,000	70,000	1,044,000	-90,000	1,917,000	503,000
gains on dispositions of real estate investments																																			275,000	-143,000	957,000	12,021,000	1,320,000
gains on derivative instruments																																		-1,719,000	-3,125,000	-2,990,000		3,512,000	375,000	3,830,000	-349,000	1,150,000	2,310,000	-3,736,000	4,211,000	149,750	849,000
non-controlling interest																																		-5,250			-21,000	-125,000	-73,000	-169,000	-70,000	-137,000	-56,000
preferred dividends																																		-95,750	-383,000
basic and diluted net income per share attributable to stockholders																																		0.053	0.03	0.08	0.11	0.09	0.05	0.09	0.04	0.07	0.03	-0.25
net income attributable to stockholders																																				5,200,000	7,429,000	15,946,000	8,943,000	15,763,000	6,488,000	12,312,000	5,432,000	-45,664,000
losses on derivative instruments																																					-470,000
listing fees																																										150,000		18,503,000
vesting of class b units																																												14,480,000
change in fair value of listing note																																										845,000	-1,050,000	4,430,000
income from investments																																											8,000		7,000
realized losses on investment securities																																											-66,000
unrealized losses on non-functional foreign currency advances not designated as net investment hedges																																										-623,000		-11,842,000
net income before income taxes																																								16,362,000	7,108,000	14,692,000	6,191,000
income taxes expense																																								-430,000	-550,000
gains on hedges and derivatives deemed ineffective																																									-98,000	2,679,000	1,505,000
unrealized gains on non-functional foreign currency advances not designated as net investment hedges
operating fees to affiliates																																										4,956,000	4,902,000
losses on foreign currency
income taxes benefit																																										-2,243,000	-703,000
other comprehensive income:
cumulative translation adjustment																																										-1,162,750	836,000	9,134,000	-14,534,000	-633,750	-7,269,000	3,481,000	1,248,000	350,000	1,648,000	-168,000	-80,000
designated derivatives, fair value adjustments																																										1,438,250	-6,149,000	4,395,000	7,534,000	4,314,000	6,639,000	-2,008,000	-2,862,000	-375,500	-1,952,000	346,000	104,000
other comprehensive income																																										275,500	-5,313,000
comprehensive income																																										-3,340,500	175,000		18,855,000				-17,963,000				22,000
comprehensive income attributable to stockholders																																										-3,266,250	215,000	-32,135,000
operating fees to affiliate																																												4,065,000	1,244,000	376,000	219,000	139,000	63,000	5,750	18,000	5,000
gains on hedging instrument deemed ineffective																																												-508,000	1,448,000
net income attributable to non-controlling interests																																												143,000
gains on foreign currency																																														-189,000	-737,000	-26,000	6,000	8,750	17,000	18,000
gains on non-functional foreign currency advances not designated as net investment hedges																																													8,907,000
basic and diluted net income per share																																													0.14	0.01	-0.14	-0.07	-0.43	-0.32	-0.44	-0.47
revenue:
other comprehensive loss:
comprehensive loss																																														-10,349,000	-25,188,000	-6,006,000		4,472,000	-3,394,000	-1,116,000
operating expense reimbursement																																																					3,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2011-07-13

assets
real estate investments, at cost
land	648,558,000	659,086,000	727,279,000	759,854,000	755,520,000	1,172,146,000	1,268,106,000	1,352,946,000	1,416,109,000	1,430,607,000	1,432,508,000	505,202,000	502,231,000	494,101,000	480,991,000	496,191,000	505,823,000	511,579,000	503,145,000	498,917,000	474,538,000	476,599,000	443,555,000	434,306,000	429,160,000	414,446,000	388,269,000	389,589,000	400,559,000	398,911,000	411,339,000	408,178,000	418,878,000	402,318,000	396,018,000	389,781,000	382,010,000	376,704,000	327,548,000	337,863,000	342,517,000	341,911,000	344,767,000	329,139,000	324,746,000	326,696,000	249,496,000	139,993,000	81,234,000	44,647,000	18,590,000	6,725,000	488,000	519,000
buildings, fixtures and improvements	3,534,839,000	3,592,121,000	3,889,150,000	4,028,243,000	3,972,434,000	5,293,468,000	5,505,148,000	5,631,557,000	5,819,563,000	5,842,314,000	5,810,267,000	3,347,831,000	3,331,471,000	3,276,656,000	3,195,358,000	3,329,017,000	3,394,391,000	3,424,431,000	3,343,308,000	3,324,480,000	3,106,860,000	3,124,884,000	2,832,166,000	2,768,183,000	2,736,228,000	2,685,325,000	2,463,275,000	2,441,341,000	2,353,473,000	2,345,202,000	2,289,697,000	2,219,486,000	2,218,176,000	2,138,405,000	2,079,734,000	2,040,217,000	1,989,383,000	1,967,930,000	1,633,826,000	1,665,084,000	1,692,322,000	1,685,919,000	1,702,345,000	1,542,773,000	1,512,846,000	1,519,558,000	1,015,742,000	447,088,000	253,253,000	104,362,000	38,726,000	6,007,000	1,138,000	1,210,000
construction in progress	3,630,000	2,993,000	3,747,000	1,580,000	2,024,000	4,350,000	5,504,000	6,913,000	1,887,000	23,242,000	27,842,000	37,262,000	34,221,000	26,717,000	16,601,000	2,795,000	6,377,000	6,975,000	6,076,000	6,458,000	5,876,000	5,486,000	4,905,000	13,720,000	12,912,000	11,725,000	8,185,000	12,821,000	12,495,000	1,235,000	527,000	2,970,000	2,572,000	2,328,000							180,000	180,000	28,000	145,000	145,000	9,706,000
acquired intangible lease assets	503,278,000	523,406,000	573,641,000	633,647,000	648,368,000	1,057,967,000	1,128,991,000	1,215,530,000	1,248,937,000	1,359,981,000	1,366,597,000	727,678,000	739,067,000	689,275,000	670,337,000	696,281,000	710,418,000	748,363,000	731,002,000	736,442,000	707,964,000	711,985,000	670,575,000	656,790,000	649,562,000	651,768,000	641,307,000	653,665,000	647,678,000	675,551,000	656,361,000	642,472,000	648,353,000	629,626,000	615,656,000	608,052,000	594,319,000	587,061,000	496,907,000	510,407,000	518,753,000	518,294,000	524,264,000	486,825,000	477,945,000	484,079,000	429,620,000	230,805,000	175,988,000	47,899,000	32,703,000	7,793,000	805,000	856,000
total real estate investments, at cost	4,690,305,000	4,777,606,000	5,193,817,000	5,423,324,000	5,378,346,000	7,527,931,000	7,907,749,000	8,206,946,000	8,486,496,000	8,656,144,000	8,637,214,000	4,617,973,000	4,606,990,000	4,486,749,000	4,363,287,000	4,524,284,000	4,617,009,000	4,691,348,000	4,583,531,000	4,566,297,000	4,295,238,000	4,318,954,000	3,951,201,000	3,872,999,000	3,827,862,000	3,763,264,000	3,501,036,000	3,497,416,000	3,414,205,000	3,420,899,000	3,357,924,000	3,273,106,000	3,287,979,000	3,172,677,000	3,091,408,000	3,038,050,000	2,965,712,000	2,931,695,000	2,458,281,000	2,513,354,000	2,553,772,000	2,546,304,000	2,571,404,000	2,358,882,000	2,315,682,000	2,340,039,000	1,694,858,000	817,886,000	510,475,000	196,908,000	90,019,000	20,525,000	2,431,000	2,585,000
less accumulated depreciation and amortization	-976,371,000	-966,982,000	-1,018,125,000	-1,056,957,000	-1,016,159,000	-1,164,629,000	-1,138,714,000	-1,128,555,000	-1,068,106,000	-1,083,824,000	-1,003,597,000	-963,745,000	-936,182,000	-891,479,000	-828,682,000	-828,751,000	-810,182,000	-810,686,000	-782,025,000	-753,749,000	-710,902,000	-675,200,000	-625,098,000	-579,650,000	-543,062,000	-517,123,000	-499,507,000	-481,639,000	-467,657,000	-437,974,000	-420,913,000	-391,269,000	-375,484,000	-339,931,000	-308,463,000	-276,336,000	-242,508,000	-216,055,000	-199,130,000	-179,106,000	-157,670,000	-133,329,000	-109,922,000	-87,080,000	-63,133,000	-42,568,000	-30,344,000	-15,240,000	-6,924,000	-2,307,000	-948,000	-205,000	-70,000	-30,000
total real estate investments	3,713,934,000	3,810,624,000	4,175,692,000	4,366,367,000	4,362,187,000	6,363,302,000	6,769,035,000	7,078,391,000	7,418,390,000	7,572,320,000	7,633,617,000	3,654,228,000	3,670,808,000	3,595,270,000	3,534,605,000	3,695,533,000	3,806,827,000	3,880,662,000	3,801,506,000	3,812,548,000	3,584,336,000	3,643,754,000	3,326,103,000	3,293,349,000	3,284,800,000	3,246,141,000	3,001,529,000	3,015,777,000	2,946,548,000	2,982,925,000	2,937,011,000	2,881,837,000	2,912,495,000	2,832,746,000	2,782,945,000	2,761,714,000	2,723,204,000	2,715,640,000	2,259,151,000	2,334,248,000	2,396,102,000	2,412,975,000	2,461,482,000	2,271,802,000	2,252,549,000	2,297,471,000	1,664,514,000	802,646,000	503,551,000	194,601,000	89,071,000	20,320,000	2,361,000	2,555,000
real estate assets held for sale	19,914,000		33,636,000	37,496,000	171,675,000
assets related to discontinued operations		348,000	1,638,000	2,337,000	670,483,000
cash and cash equivalents	125,479,000	180,114,000	165,095,000	144,809,000	147,047,000	159,698,000	127,249,000	122,181,000	131,880,000	121,566,000	133,439,000	100,918,000	119,161,000	103,335,000	128,014,000	111,211,000	123,502,000	89,668,000	176,393,000	174,862,000	262,868,000	124,245,000	300,000,000	316,824,000	343,447,000	270,302,000	305,962,000	178,722,000	95,267,000	100,324,000	155,188,000	93,326,000	106,733,000	102,425,000	71,301,000	67,411,000	72,354,000	69,831,000	50,273,000	40,501,000	45,787,000	69,938,000	32,080,000	61,642,000	76,329,000	64,684,000	263,948,000	936,544,000	280,378,000	11,500,000	14,583,000
restricted cash	11,979,000	13,949,000	37,514,000	37,339,000	59,144,000	64,510,000	53,526,000	50,312,000	51,817,000	40,833,000	44,998,000	4,268,000	1,432,000	1,110,000	6,634,000	5,926,000	4,572,000	3,643,000	2,666,000	2,053,000	1,352,000	1,448,000	808,000	758,000	4,355,000	3,985,000	3,950,000	12,953,000	3,368,000	3,369,000	3,491,000	2,873,000	2,690,000	5,302,000	5,314,000	5,139,000	5,149,000	7,497,000	3,660,000	3,334,000	4,310,000	3,319,000	4,076,000	4,122,000	4,852,000	6,104,000	7,192,000	2,012,000	2,288,000	737,000
derivative assets, at fair value	1,223,000	7,000			327,000	2,471,000	1,114,000	11,342,000	12,144,000	10,615,000	26,400,000	27,649,000	30,798,000	37,279,000	48,611,000	25,517,000	15,262,000	4,260,000	2,648,000	560,000	934,000	525,000	1,898,000	4,040,000	5,373,000	4,151,000	7,473,000	5,658,000	6,854,000	8,730,000	10,442,000	7,568,000	4,512,000	2,176,000
unbilled straight-line rent	72,969,000	72,919,000	83,106,000	88,368,000	92,757,000	99,501,000	98,914,000	92,443,000	86,995,000	84,254,000	76,264,000	77,444,000	75,170,000	73,037,000	68,615,000	67,981,000	67,672,000	74,221,000	66,526,000	63,505,000	61,840,000	61,007,000	58,029,000	55,035,000	51,925,000	51,795,000	51,195,000	50,613,000	49,089,000	47,183,000	46,227,000	45,027,000	45,111,000	42,739,000	40,963,000	38,198,000	34,206,000	30,459,000	29,588,000
operating lease right-of-use asset	61,868,000	63,362,000	69,912,000	70,761,000	67,461,000	74,270,000	78,278,000	76,743,000	75,475,000	77,008,000	75,669,000	51,240,000	50,987,000	49,166,000	45,493,000	48,935,000	52,465,000	52,851,000	54,241,000	56,007,000	55,782,000	58,395,000	56,229,000	49,450,000	48,868,000	50,211,000	49,274,000
prepaid expenses and other assets	56,516,000	60,415,000	73,674,000	89,293,000	51,360,000	108,562,000	130,077,000	109,631,000	110,706,000	121,997,000	122,636,000	50,453,000	56,487,000	64,348,000	52,848,000	49,876,000	51,184,000	49,178,000	58,092,000	99,633,000	43,674,000	43,929,000	45,422,000	37,392,000	39,956,000	37,370,000	41,827,000	79,476,000	81,026,000	22,245,000	34,395,000	51,156,000	30,817,000	22,617,000	20,246,000	19,600,000	19,579,000	17,577,000	17,103,000	17,944,000	43,386,000	38,393,000	39,016,000	31,359,000	28,302,000	24,873,000	15,504,000	9,365,000	16,063,000	3,454,000	1,313,000	1,281,000	28,000	76,000	67,000	29,000	-29,000
multi-tenant disposition receivable	22,013,000	27,934,000	55,916,000	90,214,000	108,729,000
deferred tax assets	5,139,000	5,167,000	4,894,000	4,906,000	4,915,000	4,866,000	4,822,000	4,786,000	4,791,000	4,808,000	2,559,000	2,584,000	2,581,000	3,647,000	1,363,000	1,416,000	1,470,000	1,488,000	2,320,000	2,343,000	2,367,000	2,367,000	4,472,000	4,434,000	4,419,000	4,441,000	3,254,000	3,288,000	3,281,000	3,293,000	999,000	1,006,000	1,057,000	1,029,000	1,674,000	1,645,000	1,591,000	1,586,000	2,565,000	2,561,000	2,572,000	2,552,000	2,905,000	2,426,000	2,425,000
goodwill	45,628,000	45,898,000	45,983,000	46,009,000	44,842,000	51,370,000	52,255,000	50,020,000	48,540,000	46,976,000	51,018,000	21,556,000	21,550,000		20,355,000	21,075,000	21,808,000
deferred financing costs	15,638,000	16,812,000	18,110,000	7,017,000	8,407,000	9,808,000	11,209,000	12,610,000	14,011,000	15,412,000	16,814,000	11,100,000	11,954,000	12,808,000	13,661,000	14,515,000	4,171,000	4,925,000	5,712,000	6,499,000	7,269,000	7,878,000	8,652,000	9,416,000	10,177,000	10,938,000	14,652,000	5,090,000	5,704,000	6,311,000	6,932,000	5,833,000	6,540,000	6,774,000	7,412,000	320,000	626,000	1,092,000	3,816,000			11,855,000	13,785,000	12,706,000	12,928,000
total assets	4,152,300,000	4,347,203,000	4,765,170,000	4,984,916,000	5,789,334,000	6,955,764,000	7,335,870,000	7,612,713,000	7,968,796,000	8,098,977,000	8,184,713,000	4,001,876,000	4,041,496,000	3,961,826,000	3,965,568,000	4,044,536,000	4,152,740,000	4,182,956,000	4,203,054,000	4,241,016,000	4,043,857,000	3,967,014,000	3,824,471,000	3,792,992,000	3,815,353,000	3,701,605,000	3,608,599,000	3,494,759,000	3,323,761,000	3,309,478,000	3,217,058,000	3,111,085,000	3,133,122,000	3,038,595,000	2,953,301,000	2,932,977,000	2,897,636,000	2,891,467,000	2,406,223,000	2,436,306,000	2,501,330,000	2,547,968,000	2,562,238,000	2,393,761,000	2,390,889,000	2,428,797,000	1,965,462,000	1,762,673,000	819,992,000	214,927,000	107,478,000	50,861,000	9,249,000	2,933,000	67,000	29,000
liabilities and equity
mortgage notes payable	1,222,275,000	1,264,604,000	1,305,573,000	1,312,718,000	1,774,116,000	2,221,706,000	2,273,464,000	2,268,801,000	2,481,263,000	2,517,868,000	2,571,664,000	995,184,000	1,240,795,000	1,233,081,000	1,258,179,000	1,345,936,000	1,399,713,000	1,430,915,000	1,484,890,000	1,487,083,000	1,347,484,000	1,363,698,000	1,417,712,000	1,303,161,000	1,249,308,000	1,272,154,000	1,366,818,000	1,286,033,000	1,131,072,000	1,129,807,000	974,515,000	975,929,000	1,038,894,000	984,876,000								531,708,000	509,427,000	337,397,000	261,910,000	281,186,000	172,483,000	179,624,000	171,004,000	76,904,000	31,644,000	10,202,000
revolving credit facilities	290,006,000		663,762,000																													458,880,000	342,023,000	298,909,000
senior notes	934,020,000	928,169,000	922,449,000	916,864,000	911,416,000	906,101,000	900,905,000	895,830,000	890,879,000	886,045,000	881,320,000	493,810,000	493,464,000	493,122,000	492,773,000	492,423,000	492,077,000	491,735,000	491,386,000	491,036,000	490,692,000	490,345,000
acquired intangible lease liabilities	16,714,000	17,501,000	18,365,000	19,863,000	20,441,000	76,800,000	80,125,000	89,401,000	92,823,000	95,810,000	98,323,000	23,091,000	23,852,000	24,550,000	24,759,000	27,063,000	28,158,000	29,345,000	30,714,000	30,847,000	31,503,000	32,970,000	29,402,000	29,564,000	29,398,000	30,529,000	31,559,000	32,724,000	32,885,000	35,757,000	32,118,000	32,787,000	31,967,000	31,388,000				33,041,000
derivative liabilities, at fair value	1,727,000	5,298,000	6,555,000	10,788,000	2,679,000	3,719,000	18,656,000	1,557,000	3,705,000	5,145,000	269,000	1,798,000	1,033,000	328,000		155,000	991,000	4,259,000	8,729,000	13,228,000	14,835,000	19,984,000	18,546,000	17,542,000	14,035,000	7,507,000	10,638,000	7,204,000	5,908,000	3,886,000	3,071,000	5,976,000	19,738,000	15,791,000
accounts payable and accrued expenses	29,162,000	43,821,000	44,351,000	45,878,000	47,789,000	75,735,000	90,653,000	85,753,000	100,963,000	99,014,000	117,993,000	31,265,000	30,882,000	22,889,000	27,558,000	23,975,000	29,218,000	25,887,000	36,503,000	29,174,000	30,025,000	28,310,000	28,776,000	27,122,000	22,762,000	22,903,000	20,741,000	46,244,000	43,494,000	31,529,000	26,369,000	27,152,000	27,320,000	23,227,000	24,553,000	23,181,000	22,581,000	22,861,000	17,058,000	18,003,000	19,623,000	18,659,000	22,698,000	22,774,000	22,776,000	19,357,000	9,623,000	8,357,000	6,611,000	2,519,000	1,446,000	1,721,000	2,465,000	2,433,000	2,085,000	1,446,000	45,000
operating lease liability	40,634,000	41,429,000	41,830,000	42,244,000	40,673,000	48,333,000	50,126,000	49,575,000	47,704,000	48,369,000	47,893,000	22,329,000	22,029,000	21,877,000	20,255,000	21,728,000	23,247,000	22,771,000	23,436,000	24,192,000	24,085,000	25,350,000	24,458,000	23,649,000	23,363,000	23,985,000	23,547,000
prepaid rent	26,718,000	28,254,000	38,918,000	36,625,000	14,389,000	28,734,000	44,821,000	45,722,000	47,534,000	46,213,000	47,070,000	28,844,000	37,849,000	28,456,000	40,502,000	32,396,000	36,228,000	32,756,000	39,225,000	36,404,000	26,580,000	21,481,000	22,413,000	17,359,000	17,448,000	17,236,000	20,338,000	21,119,000	20,816,000	16,223,000	17,258,000	16,690,000	21,489,000	18,535,000	20,511,000	20,864,000	20,476,000	18,429,000	14,040,000	14,389,000	13,601,000	15,491,000	12,890,000	11,891,000
deferred tax liability	17,518,000	17,796,000	7,056,000	7,083,000	5,991,000	5,477,000	6,152,000	5,626,000	5,718,000	6,009,000	6,029,000	6,395,000	6,386,000	7,264,000	6,423,000	7,196,000	7,983,000	8,254,000	11,357,000	11,699,000	12,157,000	12,157,000	15,146,000	14,559,000	14,289,000	14,975,000	14,603,000	15,140,000	14,960,000	15,227,000	15,417,000	15,511,000	16,269,000	15,861,000	15,583,000	15,120,000	15,670,000	15,065,000	4,113,000	4,079,000	4,159,000	4,016,000
dividends payable	11,570,000	11,718,000	11,976,000	11,943,000	11,990,000	11,909,000	11,830,000	11,581,000	11,357,000	11,173,000	10,995,000	5,139,000	5,208,000	5,189,000	5,170,000	5,511,000	5,428,000	5,386,000	5,394,000	5,386,000	5,386,000	5,152,000	5,014,000	4,934,000	4,934,000	4,006,000	3,416,000	3,001,000	2,721,000	2,664,000	2,638,000	2,341,000	2,426,000	2,556,000	461,000	55,000	29,000	34,000	30,000	30,000	33,000	407,000	249,000
real estate liabilities held for sale	64,000	60,000	62,000	379,000	1,377,000
liabilities related to discontinued operations	641,000	890,000	3,262,000	7,470,000	495,515,000
total liabilities	2,591,049,000	2,683,705,000	3,064,159,000	3,152,537,000	3,873,782,000	4,768,806,000	5,060,668,000	5,189,449,000	5,442,128,000	5,459,828,000	5,391,487,000	2,646,707,000	2,629,884,000	2,507,907,000	2,480,994,000	2,516,618,000	2,557,402,000	2,556,321,000	2,534,652,000	2,588,417,000	2,396,628,000	2,412,735,000	2,242,572,000	2,181,437,000	2,165,396,000	1,991,647,000	1,983,252,000	1,949,132,000	1,786,199,000	1,880,732,000	1,811,112,000	1,762,488,000	1,738,627,000	1,624,352,000	1,551,655,000	1,605,398,000	1,566,418,000	1,535,486,000	1,255,425,000	1,265,887,000	1,312,425,000	1,327,849,000	1,325,042,000	1,127,694,000	970,526,000	1,012,128,000	523,779,000	293,563,000	248,675,000	92,207,000	40,202,000	12,496,000	3,737,000	3,729,000
commitments and contingencies
stockholders’ equity
7.25% series a cumulative redeemable preferred stock, 0.01 par value...	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	68,000	67,000	59,000	55,000
6.875% series b cumulative redeemable perpetual preferred stock, 0.01 par value...	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	46,000	45,000	45,000	45,000	45,000	39,000	37,000	35,000	35,000	35,000
7.500% series d cumulative redeemable perpetual preferred stock, 0.01 par value...	79,000	79,000	79,000	79,000	79,000	79,000	79,000	79,000	79,000	79,000	79,000
7.375% series e cumulative redeemable perpetual preferred stock, 0.01 par value...	46,000	46,000	46,000	46,000	46,000	46,000	46,000	46,000	46,000	46,000	46,000
common stock, 0.01 par value...	3,450,000	3,490,000	3,533,000	3,541,000	3,617,000	3,640,000	3,638,000	3,638,000	3,639,000	3,639,000	3,638,000	2,374,000	2,371,000	2,371,000	2,371,000	2,371,000	2,369,000	2,369,000	2,369,000	2,335,000	2,286,000	2,227,000	2,227,000	2,225,000	2,225,000	2,225,000	2,225,000	2,169,000	2,169,000	2,091,000	2,051,000	2,003,000	2,003,000	2,003,000	2,003,000	2,003,000	1,990,000	1,990,000	1,705,000	1,692,000	1,692,000	1,692,000	1,692,000	1,692,000	1,799,000	1,782,000	1,762,000	1,723,000	692,000	157,000	88,000	50,000	10,000	3,000
additional paid-in capital	4,213,160,000	4,249,018,000	4,284,310,000	4,288,338,000	4,342,134,000	4,359,264,000	4,354,823,000	4,353,095,000	4,351,577,000	4,350,112,000	4,349,401,000	2,690,375,000	2,683,827,000	2,683,169,000	2,682,600,000	2,680,737,000	2,678,030,000	2,675,154,000	2,674,710,000	2,616,383,000	2,540,522,000	2,418,659,000	2,413,117,000	2,408,527,000	2,408,452,000	2,408,353,000	2,322,419,000	2,196,183,000	2,183,829,000	2,031,981,000	1,954,264,000	1,859,990,000	1,859,746,000	1,860,058,000	1,826,236,000	1,729,596,000	1,708,870,000	1,708,541,000	1,488,996,000	1,480,376,000	1,480,281,000	1,480,162,000	1,479,879,000	1,480,585,000	1,591,778,000	1,575,592,000	1,558,509,000	1,529,345,000	606,345,000	133,592,000	74,017,000	40,481,000	6,048,000	-311,000	-1,845,000	-1,337,000
accumulated other comprehensive income	12,993,000	22,169,000	19,537,000	33,452,000						-14,096,000	-602,000	11,593,000	3,702,000	1,147,000	-24,899,000	-9,514,000	15,309,000	15,546,000	10,527,000	17,303,000	13,885,000	8,073,000	-5,630,000	-5,421,000	493,000	20,195,000	-14,618,000	-3,982,000	214,000	6,810,000	17,102,000	19,116,000	34,593,000	19,447,000	9,118,000											-5,589,000	-448,000	181,000	-1,295,000	319,000		159,000
accumulated deficit	-2,668,592,000	-2,611,419,000	-2,606,609,000	-2,493,192,000	-2,414,684,000	-2,150,342,000	-2,069,400,000	-1,929,107,000	-1,818,753,000	-1,702,143,000	-1,560,738,000	-1,368,678,000	-1,295,547,000	-1,247,781,000	-1,188,266,000	-1,156,198,000	-1,108,645,000	-1,072,462,000	-1,022,986,000	-984,958,000	-933,695,000	-896,547,000	-847,322,000	-810,923,000	-776,002,000	-733,245,000	-694,714,000	-656,411,000	-653,956,000	-615,448,000	-569,448,000	-532,566,000	-502,026,000	-468,396,000	-437,962,000	-404,209,000	-373,917,000	-346,058,000	-331,754,000	-310,600,000	-296,344,000	-272,812,000	-255,460,000	-230,578,000	-160,625,000	-155,116,000	-118,140,000	-62,139,000	-34,425,000	-11,348,000	-6,684,000	-2,325,000	-527,000	-445,000
total stockholders’ equity	1,561,251,000	1,663,498,000	1,701,011,000	1,832,379,000	1,915,552,000	2,186,958,000	2,272,550,000	2,421,033,000	2,524,859,000	2,637,752,000	2,791,939,000	1,335,779,000	1,394,468,000	1,439,021,000	1,471,921,000	1,517,511,000	1,587,177,000	1,620,720,000	1,664,733,000	1,651,176,000	1,623,111,000	1,532,519,000	1,562,497,000	1,594,511,000	1,635,271,000	1,697,631,000	1,615,379,000	1,538,018,000
total liabilities and stockholders’ equity	4,152,300,000		4,765,170,000	4,984,916,000	5,789,334,000
assets held for sale		49,654,000				17,406,000	9,391,000	4,254,000	14,047,000	3,188,000	1,299,000				45,125,000	2,244,000	3,360,000		10,433,000								107,868,000	121,064,000	110,679,000	112,902,000									31,984,000
revolving credit facility		324,165,000		740,682,000	547,406,000	1,390,292,000	1,583,936,000	1,735,603,000	1,760,182,000	1,744,182,000	1,609,931,000	1,038,502,000	767,942,000	669,968,000	605,109,000	558,914,000	260,270,000	225,566,000	118,676,000	167,885,000	125,864,000	111,132,000	264,009,000	344,592,000	399,213,000	199,071,000	101,405,000	259,527,000	260,409,000	363,894,000	455,556,000				418,034,000
total liabilities and equity		4,347,203,000				6,955,764,000	7,335,870,000	7,612,713,000	7,968,796,000	8,098,977,000	8,184,713,000	4,001,876,000	4,041,496,000	3,961,826,000	3,965,568,000	4,044,536,000	4,152,740,000	4,182,956,000	4,203,054,000	4,241,016,000	4,043,857,000	3,967,014,000	3,824,471,000	3,792,992,000	3,815,353,000	3,701,605,000	3,608,599,000	3,494,759,000	3,323,761,000	3,309,478,000	3,217,058,000	3,111,085,000	3,133,122,000	3,038,595,000	2,953,301,000	2,932,977,000	2,897,636,000	2,891,467,000	2,406,223,000	2,436,306,000	2,501,330,000	2,547,968,000	2,562,238,000	2,393,761,000
accumulated other comprehensive loss					-15,755,000		-16,751,000	-6,833,000	-11,844,000																											-2,689,000	-13,388,000	-16,695,000	-15,259,000	-15,819,000	-11,881,000	-3,649,000	-4,277,000	940,000	-12,589,000						-145,000		-19,000	-43,000
accumulated other comprehensive loss income						-25,844,000
non-controlling interest							2,652,000	2,231,000	1,809,000	1,397,000	1,287,000	19,390,000	17,144,000	14,898,000	12,653,000	10,407,000	8,161,000	5,915,000	3,669,000	1,423,000	24,118,000	21,760,000	19,402,000	17,044,000	14,686,000	12,327,000	9,968,000	7,609,000	5,251,000	3,258,000	1,923,000		125,000	1,077,000	2,211,000	2,878,000	7,663,000	8,203,000	7,110,000	14,770,000	15,157,000	14,726,000	15,362,000
total equity						2,186,958,000	2,275,202,000	2,423,264,000	2,526,668,000	2,639,149,000	2,793,226,000	1,355,169,000	1,411,612,000	1,453,919,000	1,484,574,000	1,527,918,000	1,595,338,000	1,626,635,000	1,668,402,000	1,652,599,000	1,647,229,000	1,554,279,000	1,581,899,000	1,611,555,000	1,649,957,000	1,709,958,000	1,625,347,000	1,545,627,000	1,537,562,000	1,428,746,000	1,405,946,000	1,348,597,000	1,394,495,000	1,414,243,000	1,401,646,000	1,327,579,000	1,331,218,000	1,355,981,000	1,150,798,000	1,170,419,000	1,188,905,000	1,220,119,000	1,237,196,000	1,266,067,000
due from related parties												436,000	568,000	464,000	244,000	307,000	447,000		181,000	351,000	346,000	377,000	366,000	351,000	345,000	351,000	20,000	20,000	20,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000	16,000
due to related parties												350,000	444,000	1,183,000	76,000	1,321,000	892,000	893,000		294,000	845,000	2,002,000	24,000		196,000	342,000	299,000	124,000	472,000	790,000	782,000	779,000	770,000	829,000	1,233,000	1,428,000	1,348,000	2,162,000	680,000	665,000	414,000
goodwill and other intangible assets														21,362,000				22,060,000	22,336,000	22,655,000	23,089,000	23,089,000	22,492,000	21,943,000	21,688,000	21,920,000	21,595,000	22,098,000	21,925,000	22,180,000	22,357,000	22,443,000	23,151,000	22,771,000	22,588,000	22,154,000	13,408,000	13,931,000	3,071,000	3,042,000	3,111,000	2,988,000	3,390,000	3,345,000	3,272,000	3,665,000
term loan																	273,197,000	278,554,000	284,342,000	291,189,000	287,172,000	300,154,000	417,072,000	398,955,000	390,450,000	397,893,000	389,885,000	277,403,000	273,414,000	278,727,000	282,463,000	224,510,000	236,783,000	229,905,000
taxes payable															190,000											1,046,000	3,000	613,000	48,000	2,228,000	925,000	1,933,000	948,000	2,475,000	6,797,000	7,366,000	7,492,000	9,059,000	3,596,000	3,893,000	3,713,000	5,201,000
stockholders' equity
total stockholders' equity																													1,532,311,000	1,425,488,000	1,404,023,000	1,348,597,000	1,394,370,000	1,413,166,000	1,399,435,000	1,324,701,000	1,323,555,000	1,347,778,000	1,143,688,000	1,155,649,000	1,173,748,000	1,205,393,000	1,221,834,000	1,252,639,000	1,420,363,000	1,416,669,000	1,441,683,000	1,469,110,000	571,317,000	122,720,000	67,276,000	38,365,000	5,512,000	-796,000	-2,018,000	-1,417,000
7.25% series a cumulative redeemable preferred shares, 0.01 par value...																														54,000	54,000	54,000	54,000	54,000
related party notes receivable acquired in merger																																				1,285,000	3,211,000	5,138,000
mezzanine facility																																						55,400,000
preferred stock, 0.01 par value...
real estate investments, at cost:
derivatives, at fair value																																			842,000	15,495,000	24,292,000	28,700,000	4,996,000	6,559,000	3,582,000	5,812,000	5,451,000	5,698,000	9,633,000	13,638,000	4,056,000	1,030,000	555,000	734,000	310,000	397,000	22,000	53,000
mortgage notes payable, net of deferred financing costs																																			794,919,000	773,046,000	758,610,000	749,884,000	502,808,000	507,075,000	525,503,000
term loan payable, net of deferred financing costs																																			226,552,000
mortgage (discount) premium																																			-2,172,000	-2,367,000	-2,400,000	-2,503,000
mezzanine facility, net of discount
below-market lease liabilities																																			31,408,000	31,479,000	30,901,000		25,669,000	26,398,000	27,643,000	27,978,000								5,854,000
equity:
7.25% series a cumulative redeemable preferred shares, liquidation preference 25.00 per share, 4,600,000 shares authorized, 4,000,000 shares issued and outstanding as of september 30, 2017 and no shares issued and outstanding as of december 31, 2016.																																			40,000
credit facility																																				722,108,000	698,203,000	616,614,000	671,023,000	673,674,000	703,263,000	717,286,000	735,357,000	596,115,000	633,396,000	659,268,000	299,747,000	71,628,000	36,289,000
mezzanine discount																																						-17,000
mortgage premium																																							315,000	436,000	555,000	676,000	798,000	921,000	1,123,000	1,165,000	1,290,000	1,415,000	1,539,000	1,663,000
unbilled straight line rent																																								27,563,000
credit facility deferred financing costs																																								538,000	2,464,000
investment securities, at fair value																																												469,000	500,000	490,000
due from affiliates																																										136,000	53,000	192,000	29,000	500,000
listing note, at fair value																																											3,380,000	4,430,000
due to affiliates																																										399,000	943,000	1,953,000	1,501,000	400,000
below-market lease liability																																											28,878,000	20,881,000	20,881,000	21,676,000	8,743,000	8,827,000	6,651,000		3,872,000
current taxes payable																																											3,166,000	2,661,000	1,020,000
liabilities and stockholders' equity
tender offer payable																																												125,000,000
non-controlling interests																																												13,428,000
deferred offering costs																																													70,000
deferred rent																																													11,370,000	12,252,000	18,105,000	6,702,000	4,836,000	1,862,000	883,000
distributions payable																																													10,798,000	10,709,000	10,268,000	9,028,000	3,603,000	840,000	492,000	258,000	46,000	15,000
stockholders' equity:
total liabilities and stockholders' equity																																													2,390,889,000	2,428,797,000	1,965,462,000	1,762,673,000	819,992,000	214,927,000	107,478,000	50,861,000	9,249,000	2,933,000	67,000	29,000
receivable for sale of common stock																																															2,000	1,758,000	12,398,000	1,766,000	429,000	449,000	396,000
deferred tax asset																																														2,102,000
deferred costs																																														15,270,000	10,246,000	9,318,000	4,759,000	2,135,000	1,772,000	343,000	32,000	40,000
note payable																																																	12,813,000
cash																																																				28,071,000	6,359,000	262,000
deferred rent and other liabilities																																																				315,000	49,000
derivative, at fair value																																																					73,000
mortgage note payable																																																					1,155,000	1,228,000
accumulated deficit during the development stage																																																							-173,000	-80,000
revenues
expenses:
general and administrative																																																							93,000	63,000
total expenses																																																							93,000	63,000
net income																																																							-93,000	-63,000	-80,000
comprehensive loss																																																							-93,000	-63,000
cash flows from operating activities:
adjustments to reconcile net income to net cash from operating activities:
share-based compensation																																																									3,000
changes in assets and liabilities:
net cash from operating activities																																																									-61,000
cash flows from financing activities:
proceeds from issuance of common stock																																																									200,000
payments of offering costs																																																									-434,000
advances from affiliate																																																									295,000
net cash from financing activities																																																									61,000
net change in cash
cash, beginning of period
cash, end of period
non-cash financing activities:
deferred offering costs paid directly by affiliates																																																									90,000
•

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31

cash flows from operating activities:
net loss	-5,078,000	48,181,000	-60,116,000	-24,143,000	-189,379,000		-65,635,000	-35,664,000	-23,751,000
adjustments to reconcile net loss to net cash from operating activities:
depreciation	28,135,000	29,901,000	30,816,000	30,692,000	41,474,000	42,814,000	43,702,000	45,044,000	44,649,000	44,816,000	28,516,000	24,163,000	23,818,000	23,481,000	23,751,000	24,382,000	24,574,000	24,182,000	23,945,000	23,495,000	22,461,000	21,079,000	20,421,000	19,703,000	19,263,000	21,090,000	17,348,000	14,086,000	16,733,000	16,696,000	16,261,000	16,042,000	15,850,000	15,320,000	15,095,000	14,690,000	14,280,000	12,563,000	12,472,000	12,692,000	12,606,000	12,748,000	12,413,000	11,604,000	10,884,000	5,220,000	8,956,000	4,281,000	2,399,000	506,000	261,000	53,000	17,000
amortization of intangibles	13,476,000	14,537,000	13,964,000	14,943,000	44,623,000	40,206,000	41,728,000	44,449,000	47,351,000	53,897,000	20,716,000	13,134,000	13,211,000	13,506,000	14,040,000	14,977,000	15,315,000	17,843,000	17,720,000	16,207,000	17,223,000	14,898,000	14,628,000	14,281,000	14,270,000	10,899,000	14,272,000	16,998,000	14,570,000	13,382,000	13,935,000	13,770,000	13,646,000	13,238,000	14,784,000	12,807,000	12,834,000	10,842,000	11,010,000	11,120,000	11,150,000	11,170,000	10,536,000	10,485,000	10,230,000	8,047,000	6,170,000	3,359,000	1,955,000	768,000	423,000	71,000	13,000
amortization of deferred financing costs	2,260,000	1,961,000	2,681,000	2,499,000	2,486,000	2,510,000	2,496,000	2,580,000	2,394,000	2,408,000	2,046,000	2,083,000	2,085,000	2,240,000	2,322,000	2,336,000	2,596,000	2,614,000	2,590,000	2,395,000	2,279,000	2,077,000	2,075,000	1,847,000	1,810,000	1,789,000	1,906,000	1,177,000	1,742,000	1,455,000	1,338,000	1,499,000	901,000	1,399,000	1,198,000	943,000	880,000	929,000	951,000	2,393,000	2,425,000	2,471,000	2,140,000	1,995,000	1,921,000	1,721,000	1,226,000	498,000	308,000	145,000	97,000	6,000	2,000
amortization of discounts on mortgages and senior notes	9,041,000	8,833,000	8,640,000	14,609,000	13,960,000	15,017,000	14,156,000	24,080,000	15,338,000
amortization of below-market lease liabilities	-645,000	-656,000	-730,000	-816,000	-3,919,000	-2,876,000	-2,779,000	-3,080,000	-2,899,000	-2,959,000	-1,268,000	-821,000	-817,000	-798,000	-810,000	-958,000	-965,000	-1,204,000	-1,068,000	-998,000	-1,088,000	-935,000	-872,000	-822,000	-815,000	-618,000	-894,000	-995,000	-1,011,000	-760,000	-896,000	-906,000	-901,000	-854,000	-866,000	-818,000	-826,000	-677,000	-624,000	-636,000	-622,000	-628,000	-509,000
amortization of above-market lease assets	1,482,000	1,470,000	1,596,000	1,659,000	3,713,000	4,155,000	4,327,000	4,692,000	4,790,000	4,636,000	2,494,000	1,896,000	1,556,000	942,000	960,000	1,017,000	1,071,000	919,000	914,000	916,000	907,000	860,000	853,000	819,000	840,000	1,042,000	1,066,000	1,108,000	1,112,000	1,114,000	1,129,000	1,168,000	1,203,000	1,144,000	1,113,000	1,073,000	1,016,000	647,000	552,000	574,000	562,000	574,000	577,000
amortization related to right-of-use assets	269,000	274,000	281,000	389,000	366,000	293,000	257,000	289,000	334,000	230,000	218,000	222,000	216,000	205,000	201,000	214,000	224,000	229,000	235,000	240,000	240,000
amortization of lease incentives	581,000	529,000	536,000	533,000	478,000
unbilled straight-line rent	-680,000	-777,000	3,433,000	-2,959,000	-5,235,000	-3,896,000	-5,343,000	-5,349,000	-4,562,000	-6,720,000	-2,000	-1,786,000	-1,888,000	-2,099,000	-2,314,000	-2,342,000	-2,853,000	-1,663,000	-1,658,000	-1,483,000	-944,000	-1,503,000	-1,879,000	-3,068,000	-1,487,000	-1,695,000	-1,506,000	-1,931,000	-1,626,000	-1,482,000	-1,492,000	-1,833,000	-1,503,000	-1,550,000	-2,070,000	-3,039,000	-3,878,000	-2,554,000
equity-based compensation	4,042,000	3,024,000	3,059,000	3,338,000	3,093,000	2,309,000	2,309,000	2,340,000	1,973,000	1,058,000	10,444,000	2,870,000	2,925,000	2,855,000	3,132,000	3,358,000	2,727,000	2,727,000	2,721,000	3,007,000	2,577,000	2,585,000	2,479,000	2,513,000	2,488,000	2,491,000	2,501,000	2,429,000	2,109,000		2,053,000	-23,000	-832,000
unrealized losses on foreign currency transactions, derivatives, and other	-3,517,000		-3,421,000	7,177,000	3,304,000	-6,289,000	4,360,000	-230,000	-1,259,000																										3,598,000	3,111,000	1,792,000
unrealized losses on undesignated foreign currency advances and other hedge ineffectiveness		0	-31,000	6,324,000	6,351,000																														-88,000	2,971,000	882,000
net gain on multi-tenant disposition receivable	-2,536,000
loss on extinguishment and modification of debt	1,707,000	2,335,000	4,121,000	19,512,000	352,000
loss on dispositions of real estate investments	-8,627,000	-99,962,000	4,583,000	-34,769,000	86,865,000	-21,326,000
lease incentive and commission payments	-2,445,000	-1,695,000	-2,052,000	-3,453,000	-1,890,000	-6,992,000	-295,000	-102,000	-371,000	0	-403,000	-763,000	-1,611,000	-1,217,000	-1,992,000	-815,000	-2,315,000	-1,760,000
impairment charges	11,115,000	31,972,000	55,433,000	9,812,000	60,315,000	20,098,000	38,583,000	27,402,000	4,327,000						796,000	16,031,000	230,000		1,199,000
goodwill impairment		0	0	0	7,134,000
changes in operating assets and liabilities, net:
prepaid expenses and other assets	4,792,000	10,676,000	-4,444,000	-8,200,000	6,192,000	20,209,000	-23,836,000	490,000	9,344,000	3,519,000	-11,087,000	6,358,000	8,814,000	-4,357,000	-1,373,000	1,844,000	-475,000	8,573,000	50,768,000	-56,997,000	1,367,000	-5,043,000	-6,709,000	604,000	4,873,000	4,933,000	-12,709,000	2,707,000	-6,230,000	11,499,000	-4,604,000	-5,865,000	-1,493,000	-2,406,000	-1,203,000	-200,000	-2,416,000	767,000	681,000	-236,000	-2,363,000	3,526,000	3,607,000	-3,478,000	-3,624,000	-17,133,000	-2,625,000	10,861,000	-11,747,000	-1,082,000	-32,000	-753,000	48,000
accounts payable and accrued expenses	-12,160,000	301,000	-2,623,000	-11,555,000	-16,489,000	-12,430,000	4,124,000	-13,701,000	-177,000	-17,207,000	4,377,000	289,000	2,905,000	-4,037,000	2,126,000	-3,497,000	2,361,000	-9,723,000	7,036,000	-1,403,000	558,000	2,381,000	2,485,000	4,442,000	-909,000	2,643,000	-1,781,000	1,804,000	-12,396,000	2,026,000	-1,563,000	3,766,000	4,034,000	-1,869,000	1,177,000	621,000	-522,000	-1,409,000	-945,000	-1,620,000	964,000	527,000	-76,000	526,000	3,882,000	8,827,000	1,060,000	2,323,000	3,539,000	1,027,000	453,000	345,000	63,000
prepaid rent	-1,536,000	-10,664,000	2,142,000	12,669,000	-4,627,000	-14,144,000	-901,000	-1,812,000	1,321,000	-857,000	-213,000	-9,005,000	9,393,000	-12,046,000	8,106,000	-3,832,000	3,472,000	-6,469,000	2,821,000	9,824,000	5,099,000	-932,000	5,049,000	-84,000	212,000	-3,103,000	-780,000	303,000	4,593,000	-1,035,000	568,000	-4,799,000	2,954,000	-1,976,000	-353,000	388,000	2,047,000	-1,612,000	-349,000	788,000	-1,890,000	2,601,000	999,000
net cash from operating activities	39,676,000		56,034,000	52,027,000	59,167,000		62,126,000	70,359,000	92,186,000		3,593,000	21,343,000	63,015,000		53,713,000	44,074,000	61,819,000		100,165,000	4,678,000	53,220,000		46,614,000	47,819,000	41,895,000		26,605,000	46,493,000	24,751,000	41,200,000	33,709,000	29,011,000	40,677,000	28,454,000	33,584,000	36,188,000	32,728,000	24,347,000	30,134,000	31,783,000	28,130,000	35,754,000	21,964,000	9,948,000	34,489,000	-10,045,000	1,121,000	16,124,000	-16,893,000	-303,000	-1,316,000	-1,289,000	206,000
cash flows from investing activities:
capital expenditures	-1,575,000		-6,620,000	-9,823,000	-9,756,000		-14,304,000	-10,503,000	-7,976,000		-18,411,000	-3,717,000	-7,440,000		-14,375,000	-2,998,000	-1,782,000		-1,432,000	-1,297,000	-3,247,000		-1,387,000	-793,000	-1,396,000		-1,540,000	-881,000	-11,265,000	1,160,000	-2,068,000	-438,000	-108,000	-1,915,000	-662,000	-153,000	-388,000	0	0	-86,000	-114,000	-253,000	-7,920,000	-470,000	-1,852,000	0	0	0	0	0	0	0	0
free cash flows	38,101,000		49,414,000	42,204,000	49,411,000		47,822,000	59,856,000	84,210,000		-14,818,000	17,626,000	55,575,000		39,338,000	41,076,000	60,037,000		98,733,000	3,381,000	49,973,000		45,227,000	47,026,000	40,499,000		25,065,000	45,612,000	13,486,000	42,360,000	31,641,000	28,573,000	40,569,000	26,539,000	32,922,000	36,035,000	32,340,000	24,347,000	30,134,000	31,697,000	28,016,000	35,501,000	14,044,000	9,478,000	32,637,000	-10,045,000	1,121,000	16,124,000	-16,893,000	-303,000	-1,316,000	-1,289,000	206,000
net proceeds from dispositions of real estate investments	63,135,000	404,607,000	101,509,000	340,450,000	910,502,000	255,780,000	248,025,000	256,473,000	43,134,000
cash received from multi-tenant disposition receivable	8,457,000	22,440,000	36,132,000
net cash from investing activities	70,017,000		131,021,000	353,251,000	900,746,000		234,221,000	245,970,000	35,158,000		-461,261,000	-3,717,000	-88,802,000		-11,775,000	-33,662,000	-1,782,000		-39,990,000	-265,339,000	-4,447,000		-31,347,000	-31,104,000	-115,947,000		-46,711,000	-108,849,000	-26,642,000	-206,927,000	-82,951,000	-97,053,000	-71,015,000	-63,727,000	3,140,000	-153,000	-18,238,000	120,933,000	13,414,000	-86,000	-114,000	-254,000	-183,190,000	-8,578,000	-30,257,000	-108,558,000	-889,049,000	-299,572,000	-219,996,000	-58,831,000	-44,068,000
cash flows from financing activities:
borrowings under revolving credit facilities	11,561,000	40,000,000	756,496,000	438,000,000	15,000,000	40,000,000	35,000,000	331,262,000	80,000,000	105,000,000	593,962,000	264,943,000	91,040,000	35,092,000	66,312,000	43,766,000	35,000,000	106,679,000	0	72,696,000	15,000,000	111,112,000	0	22,000,000	205,000,000	-30,269,000	124,264,000	90,000,000	26,000,000	0	55,000,000	122,000,000	70,000,000
repayments on revolving credit facilities	-39,663,000	-380,996,000	-832,710,000	-285,000,000	-890,170,000	-170,000,000	-231,894,000	-354,000,000	-52,726,000									0	-48,437,000			-267,372,000	-84,000,000			124,064,000	-279,649,000	-90,000,000	-130,000,000	-90,000,000	-57,375,000	0	-30,000,000
principal payments on mortgage notes payable	-44,864,000	-45,219,000	-11,266,000	-483,816,000	-6,166,000	-56,982,000	-8,850,000	-461,824,000	-122,033,000	-79,332,000	-3,583,000	-252,906,000	-4,623,000	-78,515,000	-39,308,000	-4,812,000	-14,065,000	-45,164,000	-20,813,000	-2,747,000	-2,709,000
common shares repurchased upon vesting of restricted stock	-1,576,000	-995,000	-155,000			-486,000	-128,000	-369,000	-55,000	-97,000	-770,000			1,000	-258,000			0
repurchases of common stock	-38,366,000	-37,366,000	-6,940,000	-56,556,000	-19,417,000
dividends paid on common stock	-41,307,000	-42,310,000	-42,330,000	-43,479,000	-63,942,000	-63,753,000	-63,466,000	-63,483,000	-81,733,000	-81,714,000	-41,958,000	-41,664,000	-41,658,000	-41,657,000	-42,056,000	-41,558,000	-41,566,000	-41,564,000	-40,302,000	-38,139,000	-36,213,000	-35,844,000	-35,793,000	-35,784,000	-47,638,000	-47,638,000	-44,988,000	-14,883,000	-43,270,000	-39,092,000	-36,691,000	-35,828,000	-35,833,000
dividends paid on series a preferred stock	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,081,000	-3,082,000	-3,080,000	-3,082,000	-3,081,000
dividends paid on series b preferred stock	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,018,000	-2,013,000	-2,013,000	-1,935,000	-1,935,000	-1,936,000	-1,935,000	-1,701,000	-1,564,000	-1,482,000	-1,482,000	-577,000
dividends paid on series d preferred stock	-3,719,000	-3,719,000	-3,719,000	-3,719,000	-3,719,000	-3,719,000	-3,719,000	-3,720,000	-3,718,000
dividends paid on series e preferred stock	-2,118,000	-2,117,000	-2,118,000	-2,118,000	-2,118,000	-2,118,000	-2,118,000	-2,118,000	-2,118,000
net cash from financing activities	-165,151,000		-163,468,000	-445,002,000	-975,631,000		-280,291,000	-342,165,000	-107,892,000		532,819,000	-35,320,000	39,539,000		-19,269,000	-16,316,000	-23,351,000		-56,855,000	171,920,000	92,752,000		-33,963,000	-50,127,000	153,539,000		142,929,000	150,757,000	2,387,000	108,085,000	111,735,000	59,801,000	32,571,000	59,806,000	-34,856,000	-42,610,000	-12,997,000		-33,537,000	-35,577,000	-51,828,000	4,705,000	135,687,000	-26,674,000	7,886,000	-89,808,000	231,054,000	936,843,000	504,818,000	55,302,000	30,297,000	32,718,000	5,892,000
net change in cash, cash equivalents and restricted cash	-55,458,000	-4,102,000	23,587,000	-39,724,000	-15,718,000	54,343,000	16,056,000	-25,836,000	19,452,000	-10,356,000	75,151,000	-17,694,000	13,752,000	-37,910,000	22,669,000	-5,904,000	36,686,000	-81,858,000	3,320,000	-88,741,000	141,525,000	-180,375,000	-18,696,000	-33,412,000	79,487,000	-60,194,000	122,823,000	88,401,000	496,000	-57,642,000	62,493,000	-8,241,000	2,233,000
effect of exchange rate changes on cash	-1,147,000	-4,444,000	-3,126,000	15,681,000	-2,299,000	-10,910,000	-7,774,000	14,632,000	1,846,000	-5,682,000	-1,900,000	2,287,000	2,396,000	7,707,000	-5,158,000	-5,033,000	-1,923,000	-3,890,000	-1,176,000	1,436,000	-2,998,000	5,260,000	1,922,000	3,192,000	-5,972,000	24,569,000	-4,586,000	4,639,000	-5,554,000	2,656,000	-13,000	-4,983,000	-537,000	4,396,000	2,022,000	1,632,000	1,030,000		-239,000	-1,406,000	-339,000	-2,347,000	-4,023,000	10,617,000	-473,000	9,147,000	-15,722,000	2,771,000	949,000		1,599,000	-171,000	-1,000
cash, cash equivalents and restricted cash, beginning of period	194,063,000		0	0	224,208,000		0	0	162,399,000		0	0	104,445,000		0	0	93,311,000		0	0	125,693,000		0	0	274,287,000		0	0	103,693,000		0	0	107,727,000
cash, cash equivalents and restricted cash, end of period	137,458,000		20,461,000	-24,043,000	206,191,000		8,282,000	-11,204,000	183,697,000		73,251,000	-15,407,000	120,593,000		17,511,000	-10,937,000	128,074,000		2,144,000	-87,305,000	264,220,000		-16,774,000	-30,220,000	347,802,000		118,237,000	93,040,000	98,635,000		62,480,000	-13,224,000	109,423,000
adjustments to reconcile net income to net cash from operating activities:
unrealized losses losses on foreign currency transactions, derivatives, and other
net loss on multi-tenant disposition receivable		5,541,000	-1,834,000
settlement and consulting costs paid with common stock
deferred tax assets																		832,000	23,000			2,105,000	-38,000	-15,000	22,000	-1,187,000	34,000	-7,000	12,000	-2,294,000	7,000	51,000	-28,000	645,000	-29,000	-54,000	-13,000	1,355,000	-4,000	11,000	-20,000	353,000
deferred tax liability																		-3,103,000	-342,000			-2,989,000	587,000	270,000	-686,000	372,000	-537,000	180,000	-267,000	-190,000	-94,000	-758,000	408,000	278,000	463,000	134,000	929,000	530,000	34,000	271,000	143,000
net cash, cash equivalents and restricted cash from operating activities
investment in real estate and real estate related assets										-52,739,000	0	0	-81,362,000	0	0			-174,405,000	-38,046,000			-293,334,000	-26,121,000	-31,572,000	-113,117,000	-253,730,000	-98,012,000	-187,537,000	-23,454,000	-212,269,000	-105,593,000	-98,190,000	-63,596,000	-61,664,000	-6,823,000	0	-30,290,000					-1,000	-175,890,000
cash from business combination, net of cash acquired										-608,000
proceeds from insurance claims						1,617,000
net cash, cash equivalents and restricted cash from investing activities
proceeds from mortgage notes payable						0	15,000	237,000,000	80,512,000									0	0			0	88,000,000			-84,000	204,000,000	291,141,000	84,228,000	162,265,000	299,674,000	0	32,750,000									37,569,000	146,475,000
penalties and charges related to repayments and early repayments of debt		-1,684,000	-358,000			-2,819,000	0
common stock issuance costs											-20,000	-4,000	-21,000												-106,000								-13,000
payments of financing costs		-19,000				0	0	-6,724,000	-881,000	0				0	0			-4,292,000	-72,000	-1,953,000	-150,000	-9,708,000	-1,978,000			-65,000	-13,232,000	-4,911,000	-857,000	-4,401,000				-2,073,000							87,000
distributions to non-controlling interest holders						-32,000	-32,000	-32,000	-41,000	-41,000	-2,963,000	-100,000	-100,000	-100,000	-100,000	-100,000	-100,000	-100,000	-100,000	-10,696,000	-103,000	-104,000	-103,000	-99,000	-135,000	-137,000	-135,000	-136,000	-134,000	-137,000	-290,000	0	-158,000	-165,000	-159,000	-160,000	-255,000		-405,000	-487,000	-857,000	-321,000
net cash, cash equivalents and restricted cash from financing activities
cash, cash equivalents and restricted cash at beginning of period
cash, cash equivalents and restricted cash at end of period
net income										-48,578,000	-136,184,000	-26,258,000	-890,000	-12,640,000	14,838,000	-716,000	10,541,000	-2,796,000	7,390,000	2,588,000	4,184,000	-8,495,000	4,142,000	5,530,000	9,601,000	12,931,000	9,941,000	15,328,000	8,276,000	-4,290,000	2,632,000	7,743,000	4,812,000	8,449,000	2,487,000	5,200,000	7,450,000	16,071,000	9,016,000	15,932,000	6,558,000			-45,807,000	25,855,000	-5,208,000	-24,558,000	-7,479,000	-16,349,000	-2,603,000	-3,090,000	-1,294,000	-2,000
termination fee - receipt
unrealized (gains) on undesignated foreign currency advances and other hedge ineffectiveness						-1,917,000	0
deposits for real estate investments																			-1,700,000	900,000	-1,200,000
common stock issuance (costs) proceeds																		-37,000	58,072,000	50,259,000	105,750,000	-287,000	-51,000
series b preferred stock issuance proceeds														16,000	238,000	2,073,000	2,396,000
amortization of lease incentives and commissions							276,000	243,000	225,000	-466,000	466,000	437,000	424,000	424,000	348,000	318,000	272,000
loss on extinguishment of debt							317,000	13,090,000	58,000	817,000	0			1,657,000	41,000											-379,000	563,000			0
gain on dispositions of real estate investments								-34,102,000	-5,867,000
unrealized income on undesignated foreign currency advances and other hedge ineffectiveness									-1,032,000						1,000
amortization of mortgage discounts										15,078,000	3,374,000	237,000	227,000		225,000	238,000	251,000
unrealized gains on foreign currency transactions, derivatives, and other										4,941,000	-1,933,000	1,631,000	2,647,000		-10,732,000	-6,321,000	-4,210,000
impairment charges and related lease intangible write-offs
proceeds from dispositions of real estate investments																		47,559,000								146,860,000	51,622,000	80,639,000	9,277,000	407,000	3,934,000
payments on early extinguishment of debt
common stock issuance proceeds (costs)
termination fee receipt															0	0	9,003,000
loss on disposition of real estate investments																											-6,977,000
settlement and consulting costs paid/to be paid with common stock
taxes payable																						0	0	0	-1,046,000	1,043,000	-610,000	565,000	-2,180,000	1,303,000	-1,008,000	985,000	-1,527,000	-4,322,000	-569,000	-126,000	-1,567,000	4,153,000	-297,000	-171,000	-1,488,000
net proceeds from disposition of real estate investments
payments on early extinguishment of debt charges											0															289,000				0
gain on disposition of real estate investments															-143,000				-1,195,000				0						-892,000		1,933,000
settlement costs to be paid with common stock
proceeds from disposition of real estate investment															2,600,000
bad debt expense																												77,000	59,000	651,000	80,000	61,000	43,000	35,000	557,000	179,000	414,000	76,000
amortization of mortgage discounts and premiums																						0	0	3,000	10,000	28,000	30,000	100,000	102,000	118,000	601,000	263,000	267,000	262,000	261,000
payments on term loan
proceeds from issuance of senior notes
series a preferred stock issuance costs
common stock issuance proceeds															997,000
amortization of lease incentive and commissions
termination fee - unbilled																		-6,532,000
unrealized (gains) losses on foreign currency transactions, derivatives, and other
payments for settlement of derivatives																										-106,000	0	-1,054,000	-719,000			0	-561,000	0
(gain) loss on dispositions of real estate investments
proceeds from term loan																										755,000				-306,000				0
series a preferred stock issuance (costs) proceeds																						-50,000	0
unrealized losses (gains) on foreign currency transactions, derivatives, and other																			-3,591,000	302,000	-1,762,000																	-2,140,000			1,809,000
payments for settlement of net investment hedges
series b preferred stock issuance (costs) proceeds																			-30,000	-51,000	15,959,000
amortization of lease incentive																				118,000	119,000	115,000	115,000
lease incentive payment																						0	0	0	-4,676,000
(payments for) proceeds from settlement of net investment hedges
payments on mortgage notes payable																						-90,583,000	0			-125,742,000	-94,621,000	-130,556,000	-82,636,000	4,370,000	-292,233,000	-24,057,000	-1,305,000	-82,000	-78,000	-21,552,000	-206,000	-12,816,000	-183,000	-189,000	-189,000	-186,000	-176,000	-175,000	-184,000	370,000	-167,000	-164,000	-174,000
amortization of operating lease right-of-use assets
unrealized gain on foreign currency transactions, derivatives, and other
unrealized loss on undesignated foreign currency advances and other hedge ineffectiveness																											0	0	76,000		-108,000	47,000	43,000
deposits for future real estate acquisitions																							-3,839,000
amortization of above- and below- market ground lease assets																								207,000	207,000	209,000	169,000	231,000	236,000	236,000	255,000	238,000	250,000	243,000	242,000	249,000	214,000	58,000	14,000	35,000	76,000
unrealized (gain) loss on foreign currency transactions, derivatives, and other																								1,325,000	-2,082,000						-1,215,000
series b preferred stock issuance costs
deposits for real estate acquisitions																									-1,434,000		1,219,000	-1,070,000	-1,200,000		20,776,000	-17,801,000	-6,750,000									0	157,000	421,000	195,000	8,223,000	-3,514,000	-4,163,000	-1,321,000	-974,000	0
deposits on mortgages																													-300,000
preferred stock issuance costs																									76,000
amortization of mezzanine discount																																		0	0	0	17,000
repayment of mezzanine facility																																		0
proceeds from issuance of common stock																										-182,000	108,018,000	388,000	150,198,000					-434,000	211,000					-5,000	7,000	0	113,000	9,000	298,000	-246,000	22,317,000	1,028,269,000	518,742,000	65,843,000	37,096,000	38,693,000	7,239,000
proceeds from issuance of series a preferred stock
proceeds from issuance of series b preferred stock
payments received on related party notes receivable acquired in merger
unrealized loss on foreign currency transactions, derivatives, and other																											-1,670,000	-455,000	452,000				2,550,000
proceeds from issuance of preferred stock																											18,140,000	11,899,000	1,613,000					34,086,000
dividends paid on preferred stock																											-2,706,000	-2,485,000	-2,455,000	-2,455,000	-2,451,000	-2,455,000	-2,451,000
cash and cash equivalents, end of period																													95,267,000			-13,407,000	106,733,000		3,890,000	-4,943,000	72,354,000		9,772,000	-5,286,000	45,787,000	37,858,000			76,329,000	-199,264,000	-672,596,000	656,166,000	280,378,000	-3,083,000
restricted cash, end of period																													3,368,000			183,000	2,690,000
equity based compensation																																		-1,177,000	-391,000	-2,235,000	16,000	1,341,000	1,293,000	70,000	1,044,000	-90,000
unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness
(payments for) proceeds from settlement of derivatives
cash acquired in merger transaction
restricted cash acquired in merger transaction
advances from related parties																																					1,713,000		15,000	251,000	135,000
cash, cash equivalents, and restricted cash at beginning of period
issuance of common stock																															94,221,000
issuance of preferred stock																															-28,000	200,000	-419,000
advances/acquired related party receivable
gains on disposition of real estate investments
vesting of class b units																																										0	0
unrealized losses on non-functional foreign currency advances not designated as net investment hedges
gains on dispositions of real estate investments																																		0	-275,000	143,000	-957,000
appreciation of investment in securities																																													-10,000
proceeds from settlement of derivatives																																		0
proceeds from the partial termination of derivatives
proceeds from redemption of investment securities																																										0
payments on common stock repurchases, inclusive of fees																																										0
payments on share repurchases related to tender offer																																										0
proceeds from issuance of operating partnership units																																										0	0
proceeds from sale of real estate investments																																			0	0	12,440,000	94,375,000
borrowings under credit facility																																			495,868,000	0	75,335,000	46,197,000				0	224,636,000	0	251,572,000	-70,362,000	237,663,000
repayments on credit facility																																			-805,748,000			-71,732,000	-15,440,000	-6,696,000	-20,000,000	-2,550,000	-75,617,000	-63,893,000	-231,107,000	1,070,000	1,000
payments of common stock offering costs
dividends paid																																			-35,834,000	-35,466,000	-35,293,000	-30,250,000	-30,097,000	-30,019,000	-30,020,000	-29,668,000	-30,278,000
related party notes receivable acquired in merger																																			1,285,000
restricted cash																																			-175,000	10,000	2,348,000	7,916,000	-326,000	976,000	-991,000	757,000	46,000	730,000	1,252,000	1,088,000	-5,180,000	276,000	-1,551,000
net change in cash and cash equivalents																																			1,868,000	-6,575,000	1,493,000		10,011,000	-3,880,000	-23,812,000	40,205,000	-25,539,000	-25,304,000	12,118,000	-208,411,000	-656,874,000	653,395,000	267,929,000	-3,832,000
cash and cash equivalents, beginning of period																																			0	0	69,831,000		0	0	69,938,000	0			64,684,000	0	0	0	11,500,000	0
repayment mezzanine facility																																				0	-56,537,000
proceeds from offering costs
proceeds of financing costs																																				-865,000	-102,000
advances to related parties
supplemental disclosures:
cash paid for interest																																				10,315,000	10,426,000										2,631,000	2,322,000	78,000		74,000	13,000	12,000
cash paid for income taxes																																				636,000	2,473,000										268,000
non-cash investing and financing activities:
conversion of op units to common stock
amortization of mortgage (discount) premium																																					136,000
unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness																																						-4,496,000	-1,459,000
proceeds from termination of derivatives																																										0	0	0	10,055,000
purchase of investment securities
repayment on mezzanine facility
proceeds from notes payable																																														0	-614,000
payments on notes payable																																														0	614,000
payments of offering costs																																										0	9,000	-27,000	67,000	-644,000	-8,343,000	-102,483,000	-56,800,000	-7,911,000	-4,328,000	-5,387,000	-1,144,000
payments of deferred financing costs																																										-269,000	-3,215,000			-6,745,000	-2,154,000	-5,057,000	-2,932,000	-508,000	-1,520,000
amortization of mortgage premium																																							-121,000	-119,000	-121,000	-122,000	-123,000	-202,000	-42,000	-125,000	-125,000	-124,000	-124,000
gains on sale of real estate investments
change in fair value of listing note																																											-1,050,000
proceeds (payments) of financing costs																																							-3,584,000
unbilled straight line rent																																								-2,722,000	-2,801,000
proceeds of offering costs
losses on hedging instruments deemed ineffective																																									98,000
unrealized gains on non-functional foreign currency advances not designated as net investment hedges
net realized and unrealized marked-to-market transactions																																										-5,036,000
loss on sale of investment in securities																																										39,000
changes in assets and liabilities:
advances from affiliates																																										-627,000	-871,000	289,000	1,572,000	-559,000	0	0	459,000	-446,000	-357,000
amortization of above- and below- market ground lease asset
straight line rent
current taxes payable																																											505,000
adjustments to reconcile net income to net cash from by operating activities:
amortization of above/below market ground lease asset
share-based compensation																																												103,000	35,000	8,000	71,000	22,000	5,000	8,000	8,000	4,000	4,000
net realized and unrealized mark-to-market transactions																																												13,016,000	-14,566,000	-2,673,000	-849,000	169,000	81,000
depreciation of investment in securities
deferred tax asset																																												-1,000	-323,000
payments on share repurchase program																																												-883,000	-1,316,000
accretion of below-market lease liabilities																																													-494,000
amortization of above market lease asset																																													585,000
amortization of above market ground lease asset																																													18,000
current tax liability																																													1,020,000
due from affiliates
deferred rent																																													-882,000	-5,853,000	11,403,000	1,866,000	2,974,000	979,000	568,000	266,000	49,000
investment in real estate and other assets																																													-38,655,000	-107,453,000	-885,535,000	-295,409,000	-218,675,000	-57,857,000	-44,068,000
purchase in investment securities
distributions paid																																													-14,268,000	-13,780,000	-13,083,000	-6,524,000	-2,028,000	-939,000	-594,000	-190,000	-46,000
accretion of below-market lease liability
amortization of above-market ground lease assets
accretion of below-market lease liability and amortization of above-market lease assets																																															392,000	348,000	66,000
non-cash financing activities:
mortgage note payable used to acquire investments in real estate																																															-5,260,000	7,929,000	93,951,000		21,371,000
common stock issued through distribution reinvestment plan																																															17,120,000	8,286,000	1,937,000		441,000	102,000	3,000
net borrowings under credit facility																																																	36,289,000
proceeds from note payable																																																	12,813,000
accretion of below-market lease liabilities and amortization of above-market lease assets
effect of exchange rate on cash
amortization of above market lease																																																				13,000	12,000
net change in cash																																																				21,883,000	6,098,000
cash, beginning of period																																																				0	262,000
cash, end of period																																																				21,712,000	6,359,000
real estate investments, at cost:
land
buildings, fixtures and improvements
total tangible assets
acquired intangibles:
in-place leases
total assets acquired
mortgage notes payable used to acquire real estate investments
cash paid for acquired real estate investments
number of properties purchased
due to affiliates																																																					-157,000
supplemental disclosures
non-cash financing activities
april 1, 2013 — december 31, 2013																																																					160,000
2014																																																					213,000
2015																																																					213,000
2016																																																					213,000
2017																																																					213,000
thereafter																																																					1,325,000
advances from affiliate
deferred offering costs paid directly by affiliates
•

Global Net Lease, Inc(NYSE:GNL)

Global Net Lease, Inc
(NYSE:GNL)