Global Net Lease (GNL) has reported 64.64 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $8.94 million, or $0.05 a share in the quarter, compared with $5.43 million, or $0.03 a share for the same period last year. Revenue during the quarter grew 5.97 percent to $53.25 million from $50.25 million in the previous year period.
Cost of revenue rose 10.11 percent or $0.83 million during the quarter to $9.06 million. Gross margin for the quarter contracted 64 basis points over the previous year period to 82.98 percent.
Total expenses were $38.03 million for the quarter, down 1.90 percent or $0.74 million from year-ago period. Operating margin for the quarter expanded 573 basis points over the previous year period to 28.58 percent.
Operating income for the quarter was $15.22 million, compared with $11.48 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $42.47 million compared with $39.98 million in the prior year period. At the same time, adjusted EBITDA margin improved 20 basis points in the quarter to 79.76 percent from 79.56 percent in the last year period.
Revenue from real estate activities during the quarter increased 5.97 percent or $3 million to $53.25 million.
Income from operating leases during the quarter rose 6.10 percent or $2.92 million to $50.76 million. Revenue from tenant reimbursements was $2.50 million for the quarter, up 3.27 percent or $0.08 million from year-ago period.
Scott Bowman, chief executive officer and president of GNL, commented, "We are pleased to have announced in this quarter our proposed acquisition of Global Trust II, a strategically important transaction for GNL that accelerates our plan to increase the scale and diversification of our best in class portfolio. Operationally, we had another strong quarter, where despite volatility in global currency markets, GNL delivered strong results driven by our high quality single tenant net lease real estate portfolio."
Receivables remain almost stableNet receivables stood at $0.02 million as on Sep. 30, 2016. Investments stood at $5 million as on Sep. 30, 2016, down 8.35 percent or $0.45 million from year-ago.
Total assets declined 6.09 percent or $156.01 million to $2,406.22 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,255.42 million as on Sep. 30, 2016, down 5.25 percent or $69.62 million from year-ago.
At the same time, return on equity moved up 34 basis points to 0.78 percent in the quarter.
Debt comes downTotal debt was at $1,173.83 million as on Sep. 30, 2016, down 5.70 percent or $70.95 million from year-ago. Shareholders equity stood at $1,150.80 million as on Sep. 30, 2016, down 6.98 percent or $86.40 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 1.02 percent in the quarter.
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