As a reminder, the full definition and reconciliation of core EBITDA, core FFO and AFFO to reported net income can be found in our supplemental.For the first quarter of 2020, Global Warehouse segment revenue was $381 million, which reflects growth of 31.6% year-over-year. Right? When hurricanes predicted to hit South Carolina or North Carolina or wherever people rush to the store, they buy everything in the store, and then their refrigerators and freezers are full. It is also important to note that our fixed commitment structure reduces volatility in our cash flows from potential temporary shutdown. They're really doing a great job out there in servicing all of us, quite frankly, as consumers.I think that if you look at our business, the things that we've been touting for the last couple of years, I think, really rang true as we're going through this crisis. This was partially offset by higher property taxes, property insurance, and increased sanitation costs from COVID-19.Same-store Global Warehouse services revenue for the first quarter grew 5.4% year-over-year or 7.5% on a constant currency basis. What is the split in your portfolio? Or was it really the restaurants opening up, I guess, since you have more grocery DCs than food distributor DCs. Prepared Remarks: Operator. Finally, we want to remind you that food manufacturers and retailers are still working hard to adjust to this unprecedented situation, and we will work diligently to continue to support them. Thanks. Regarding our development pipeline, we delivered our expansion project in Columbus, Ohio, early in the first quarter and are now fully operational. The supply chain was tough, first with the consumer rush to retail as everyone stocked up. I wanted to go back to the temporary production shortfalls or your customer shutdowns that we've been reading about in the paper and the threads you tried to address. At quarter end, we had total liquidity of approximately $1.2 billion, consisting of cash on hand, revolver availability and $135 million of outstanding equity forward. While we have always operated in accordance with strict safety standards to ensure the quality of product flowing through our facilities, cleaning and sanitation processes were enhanced, and we put additional protocols in place to safely manage our labor resources, as well as those of our transportation partners.These incremental activities occurred late in the first quarter and are reflected in our operating expenses. We know that grocers carefully select their store location, typically within 3 to 5 miles of the targeted population. This diversity helps us withstand changes in food supply and demand.
Our first-quarter results show the effect of families stocking up on food to fill their freezers, much like one would see in preparation for a big storm or a hurricane. Our same-store Global Warehouse services NOI was up 51.5% year-over-year or 54.7% on a constant currency basis, again, driven by increased customer activity, including a higher use of grocery-related value-added services. I guess that would mean that there was an offset somewhere else in sort of operations or elsewhere? And when we look at our recent trends of Q1 results, kind of Q1 over Q1, you'll see that roughly it's about 5% to 6% typically. Right? I don't know where that number is from. Now let me update you on our development and acquisition activity.We spent $30 million in the first quarter on expansion and development capital, mostly related to spending at our Atlanta major market expansion and our Savannah, Georgia new build. Your same-store NOI was 11%. As a result, the best places for grocers to serve last-mile logistics, including both home delivery and click-and-pick is the store itself. So I mean, look, I think the protein industry as a whole is healthier than what's being for a trade out there.We have lots of inventory across the enterprise. So we were able to bring it in pretty quick and get them in. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements.Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Additionally, this was driven by increased stock compensation expense in addition to our executive management team. At this time, our development pipeline remains robust. There might be specific items that run out, that run shorter, but there's a lot of inventory.

One, Marc, can you talk a little bit about where you see the spot borrowing costs? And then I don't think we touched on it, development.I believe that was going to start leasing up after the holiday season. We are assessing the impact of this COVID-19-related delay and will provide updates in the future. So can you tell us on the protein side how much maybe that 25% of your business is in a fixed commitment? [Operator instructions] Our first question is from Dave Rodgers of Baird. And the other thing to remember is the vast majority of our customers serve both channels. And then if I could just quickly ask about dairy. I guess I'm curious to kind of think through where maybe your margins are going, going forward? Well, impressive. So when you think about our guidance over the full year, and just as Fred mentioned, we're a little bit agnostic as to what channels.But on an overall basis, for the most part, people aren't eating more as a result of COVID-19.Right. It was just -- it was a massive tug and the whole supply chain has to react overnight without warning to replenish the forward node.So there's four months of inventory at any given time in the supply chain. We hope everyone on this call and their families are well. Americold is the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses. Same-store global warehouse NOI margin increased 147 basis points to 33.3%.


The product is blown across all those protein categories. Additionally, our churn rate was approximately 3.4% of the total warehouse revenue. I'd also like to address e-commerce for a minute. We don't really care which direction it's going. Regarding our development pipeline, we delivered our expansion project in Columbus, Ohio, early in the first quarter and are now fully operational.