Global Net Lease, Inc. (NYSE:GNL) Q1 2018 Earnings Conference Call - Preliminary Transcript
May 08, 2018 • 11:00 am ET
Good morning, and welcome to the Global Net Lease First Quarter Earnings Conference Call. All participants will be in a listen-only mode. (Operator Instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Louisa Quarto, Executive Vice President. Please go ahead, ma'am.
Thank you, operator. Good morning, everyone, and thank you for joining us for GNL's first quarter 2018 earnings call. This call is being webcast in the Investor Relations section of GNL's website at www.globalnetlease.com. Joining me today on the call to discuss the quarter's result are James Nelson, GNL's Chief Executive Officer and Chris Masterson, GNL's Chief Financial Officer. The discussion today will include certain statements and assumptions which are not historical facts. They are forward-looking in nature and are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to certain assumptions and numerous risk factors that could cause GNL's actual results to differ materially from these forward-looking statements. We refer all of you to our SEC filings for a more detailed discussion of the risk factors that could cause these differences. Also during the call we will use the term investment-grade rating, which includes both actual investment-grade ratings of the tenant or implied investment-grade ratings.
Implied investment-grade includes ratings of the tenant parent, regardless of whether or not the parent has guaranteed the tenant's obligation under the lease or lease guarantor. Implied investment-grade ratings are also determined using proprietary Moody's analytical tool, which compares the risk metrics of the non-rated company to those of a company with an actual rating. Ratings information is as of March 31, 2018. Any forward-looking statements provided during this conference call are only made as of the date of this call.
As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward-looking statements except as expressly required by law. Also during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most recent directly comparable GAAP measure is available in our earnings release. I will now turn the call over to our CEO, Jim Nelson.
Thank you, Louisa, and thanks again to everyone for joining us on today's call. I will start by providing a brief recap of our results and provide some color on the acquisitions we closed, and Chris will go into more detail shortly regarding our first quarter financial performance. I'm happy to report that our first quarter results demonstrated steady performance and solid execution across our growing net lease portfolio. Revenue increased 8.4% year-over-year to $68.1 million and AFFO for the first quarter increased approximately 2% to $35.1 million.
In fact, our Q1 AFFO increased during the quarter as a result of our