Global Net Lease, Inc. (NYSE:GNL) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 11:00 am ET
Good day, and welcome to the Global Net Lease, Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. And I'd now like to turn the conference over to Louisa Quarto. Please go ahead.
Thank you, operator. Good morning, everyone and thank you for joining us for GNL's second quarter 2020 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 results are Jim Nelson, GNL's Chief Executive Officer; and Chris Masterson, GNL's Chief Financial Officer. The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the Form 10-K for the year ended December 31, 2019, filed on February 28, 2020 and all other filings with the SEC after that date, for a more detailed discussion of the risk factors that could cause these differences.
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 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 directly comparable GAAP measure is available in our earnings release and supplement, which are posted to our website at www.globalnetlease.com. Please also refer to our earnings release for more information about what we consider to be implied investment-grade tenants, a term we will use throughout today's call.
I'll now turn the call over to our CEO, Jim Nelson. Jim?
James L. Nelson
Thank you Louisa. Good morning, everyone, and thanks again for joining us on today's call. I think it's safe to say that the second quarter was unlike any quarter I've experienced in my long career. Despite the challenges that COVID has presented, I am proud of our solid performance. For the quarter, we collected over 98% of cash rents that were payable, including 99% of the cash rent payable from our top 20 tenants. We attribute this excellent collection rate in large part to our historic emphasis on credit quality, underwriting and due diligence and to the relationships that we have built with our tenants over the years. On a geographic basis, GNL collected 99% of the cash rent payable from our UK-based assets, 100% from our other European tenants and 96% from our U.S.-based assets.
While we have been successful in collecting rent throughout the COVID crisis, I am equally excited about our achievements on other fronts over the same time. We negotiated