Good morning and welcome to the Global Net Lease First Quarter 2016 Earnings Call. All participants will be in listen-only mode. After today’s presentation there will an opportunity to ask questions. Please note this call is being recorded. I would now like to turn the conference over to Mr. Matthew Furbish, GNLs Director of Investor Relations and Public Relations. Please go ahead.

Thank you, operator. Good morning, everyone and thank you for joining us to review Global Net Lease’s earnings for the first quarter 2016. With me today is Scott Bowman, GNLs President and Chief Executive Officer; Timothy Salvemini, GNLs Chief Financial Officer, Treasurer and Secretary, and Paschal Ferreira, Chief Accounting Officer. This morning’s call is being webcast on our website at globalnetlease.com in the investor relation section. There will be a replay of this call available approximately one hour after the call. The dial in for the replay is 1-877-344-7529, with the confirmation code 10085630. Before I turn the call over to Scott, I would like to remind everyone that certain statements and assumptions in this earnings call which are not historical facts will be forward-looking and are being 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 risk factors, which could cause GNLs actual results to differ materially from these forward-looking statements. The risk factors that could cause these differences are more fully discussed in our filings with the SEC. In addition, the forward-looking statements included in this conference call are only made as of the date of this call and as stated in our SEC reports, GNL disclaims any intent or obligation to update or revise these forward-looking statements except as explicitly required by law. Finally, all references, the per share earnings including funds from operations, core funds from operations and adjusted funds from operations are on a fully diluted basis. Now, I’d like to turn the call over to GNLs CEO, Scott Bowman. Scott?

Thank you, Matt. Good morning everyone and welcome to GNLs first quarter 2016 earnings call. I’ll begin today’s call by reviewing our operating results and providing a portfolio update for the first quarter 2016. Tim, will then review our financial performance and balance sheet, before we open it up for your questions. Paschal Ferreira, our Chief Accounting Officer is also with us today and will participate in the Q&A session. We’re pleased to report another solid quarter of results and a great start to the year as we continue our efforts building GNL into a best in class net leased REIT. This was GNLs third full quarter as a publicly traded company and we’ve made much progress in a relatively short time as we work diligently to execute against our stated objectives. Since June of 2015, GNL is successfully listed on the New York Stock Exchange, completed acquisitions, adding assets generating approximately 9% of incremental income became SOX compliant, added to the management team of both the U.S. and Europe has been added to the RMZ and more. GNLs total return for the first quarter 2106 was 10.2% versus the RMZ index total return of 6.3%. For the first quarter 2016, we generated core funds from operations or core FFO of $29.9 million or $0.18 per share and adjusted funds from operations or AFFO of $32.3 million or $0.19 per share. Tim, will provide more detail on our results in just a few minutes. We are reiterating our 2016 AFFO guidance in the range of $0.78 to $0.83 per share. The midpoint of that range would represent a year-over-year AFFO increase of 12%. At March 31, GNL had approximately $46 million of cash and $37 million available on the credit facility. At the end of the first quarter, our interest…

Thank you, Scott, and good morning everyone. The first quarter of 2016 marked our third full quarter as a publicly traded REIT, and our portfolio continues to generate strong underlying cash flows. Our financial results for the first quarter include adjusted funds from operations or AFFO of $32.3 million or $0.19 per share, mainly defined funds from operations of $30 million or $0.18 per share, net operating income of 49.3 million, core funds from operations of 29.9 million or $0.18 per share, and net income of 6.5 million or $0.04 per share. A reconciliation of GAAP net income to the non-GAAP measures can be found starting on page 9 of our earnings release, as well as other GAAP financial information. We expect our strong portfolio to generate the operating results needed to support our annualized dividend distribution rate of $0.71 per share. As Scott mentioned earlier, this equates to a payout ratio based on our midpoint AFFO guidance range of 88.1%. Based on the March 31 GNL closing share price of $8.56 our net debt to enterprise value was 45.1%, with an enterprise value of 2.6 billion. At the end of the first quarter, we had total combined debt of approximately 1.2 billion, including 532 million of outstanding mortgage debt. As of March 31, $916 million or 74% of our outstanding debt is denominated both in Euro or Pound sterling. This is based on a combination of local mortgage loans and a company level revolving facility. Our low U.S. dollar denominated loan exposure makes us less exposed to raise in exchange rates in the U.S. As of March 31, we had 703 million of outstanding draws on our credit facility and in January we utilized excess cash to repay $20 million on our credit facility. This repayment was partially offset…

Thank you, Tim. As you heard our core strategy is simple, focused on quality and remove risk wherever possible. This provides for the predictable results. As a management team, we remain committed to the continued pressure growth of GNL in the public markets and are focused on working intelligently to enhance shareholder value, driving accretive growth, taking advantage of public markets on appropriate and ensuring a strong corporate governance framework. In summary our strategy to focus on mission-critical assets leased to largely investment grade tenants, our long duration leases in the U.S and strong markets in Western Europe is a differentiator for us in the market and we believe provide us with a strong competitive advantage. This coupled with our highly experienced teams on both sides of the Atlantic and our investment grade quality balance sheet give us a unique market opportunity and we will continue to make incremental steps to position the company for a long-term per share growth. That concludes our prepared remarks. And we’re now happy to open up the call for your questions. Operator?

We will now begin the question-and-answer session. [Operator Instruction] Showing no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Scott Bowman for any closing remarks. Pardon me we do have one question, this came in from Jeff Shade [ph] with Summit Brokerage. Please go head.

Hey, Scott. How you doing?

I’m well Jeff, How are you?

Good. Hey, I might have missed some of the call little, but are we looking any inclination on the Russell 2000 inclusion?

Hey, Jeff thanks for that question. We do expect based on the fact that we meet the criteria to be included in the Russell 2000 June. The inclusion we expect will be about 9.5% of our free flow, which equates based upon our current share distribution of about 16 million shares.

All right thank you. I appreciative Scott.

Sure. Have a good day.

This concludes our question-and-answer session. I’d like to turn the conference back over to Mr. Scott Bowman, for any closing remarks.

Thank you, Gary. I want to take this opportunity to thank everyone for joining us today. We look forward to updating you again at next earnings call. Please have a great day. Matt?

Thanks Scott, Kim and Paschal and thank you again everyone for joining us today. As always our management team is available to speak with you should have any follow-up questions. So please don’t hesitate to contact me directly at 917-475-2153. Operator, could you please provide the conference call replay instructions again. Have a great day.