Global Net Lease, Inc. (GNL) has reported 29.52 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $15.95 million, or $0.09 a share in the quarter, compared with $12.31 million, or $0.07 a share for the same period last year. Revenue during the quarter dropped 5.83 percent to $52.77 million from $56.04 million in the previous year period. Gross margin for the quarter expanded 164 basis points over the previous year period to 79.61 percent. Total expenses were 84.76 percent of quarterly revenues, up from 61.66 percent for the same period last year. That has resulted in a contraction of 2310 basis points in operating margin to 15.24 percent.
Operating income for the quarter was $8.04 million, compared with $21.49 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $40.20 million.
Scott Bowman, chief executive officer and president of GNL, commented, "2016 was a transformational year for GNL as we continued our efforts to position GNL as a leading single tenant net lease REIT. We are pleased to have closed on the strategically important acquisition of Global II, further diversifying and enhancing GNL’s best-in-class portfolio. We have continued to execute pragmatically against our stated objectives throughout 2016, and our operating results reflect GNLs positive momentum."
Debt moves up
Global Net Lease, Inc. has witnessed an increase in total debt over the last one year. It stood at $1,366.50 million as on Dec. 31, 2016, up 10.06 percent or $124.95 million from $1,241.55 million on Dec. 31, 2015. Total debt was 47.26 percent of total assets as on Dec. 31, 2016, compared with 48.73 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 1.01 as on Dec. 31, 2016, when compared with the last year. Interest coverage ratio deteriorated to 0.89 for the quarter from 2.13 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
