VEREIT, Inc. (NYSE:VER) Q1 2020 Earnings Conference Call - Final Transcript
May 20, 2020 • 04:15 pm ET
Good afternoon. Welcome to the VEREIT First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Bonni Rosen, Head of Investor Relations. Please go ahead.
Thank you for joining us today for the VEREIT 2020 first quarter earnings call. Joining me today are Glenn Rufrano, our Chief Executive Officer; Paul McDowell, our Chief Operating Officer; Mike Bartolotta, our Chief Financial Officer; and Tom Roberts, our Chief Investment Officer. Today's call is being webcast on our website at vereit.com in the Investor Relations section. There will be a replay of the call beginning at approximately 2:30 p.m. Eastern Time today. Dial-in for the replay is 1 (877) 344-7529 with the confirmation code of 10143075.
Before I turn the call over to Glenn, I would like to remind everyone that certain statements in this earnings call, which are not historical facts, will be forward-looking. VEREIT's actual results may differ materially from these forward-looking statements, and factors that could cause these differences are detailed in our SEC filings, including the quarterly report filed today. In addition, as stated more fully in our SEC reports, VEREIT disclaims any intent or obligation to update these forward-looking statements except as expressly required by law.
Let me quickly review the format of today's call. First, Glenn will begin by providing a brief business summary, followed by Paul, who will give an operational update, with Mike then presenting our financials and balance sheet. Glenn will then wrap up with closing remarks. We will conclude today's call by opening the line for questions, where we will be joined by our Chief Investment Officer, Tom Roberts.
Glenn, let me turn the call to you.
Thanks, Bonni, and thanks for joining us today. The world has changed and while we know the normal first quarter results will not be at the forefront of this call. Here are a few quick highlights. AFFO per diluted share for the quarter was $0.17. Year-to-date acquisitions totaled $146 million. In addition, the office partnership acquired a $33 million property, of which the Company's cash contribution was $2.7 million. Dispositions totaled $188 million, including the Company's share of dispositions contributed to the office partnership of $70.2 million. As the impact of COVID-19 grew in March, we paused balance sheet acquisitions to better understand the current environment. Net debt to normalized EBITDA was unchanged from last quarter at 5.7 times.
What we've been thinking about since the quarter end? We are certainly happy that our team together since 2015 executed a number of strategies and transactions as a prerequisite to begin growth in 2020. We believed it was prudent to sell the non-traded REIT business, Cole Capital, greatly reduce the concentration in our largest tenant and generally, diversify the portfolio, settle all outstanding litigation and obtain an investment grade rated balance sheet. Our business model diversifies our capital sources to include institutional partnerships, seeking assets which pose no conflict. However, here we are