Thank the And business. our environment strong several move and as we focus portfolio continue that morning, hope face quarter everyone. the managed of while position performance. you, pandemic, our activity, Today, which to COVID-XX. challenges second transaction strong company review reflects performance important our on how collections the and a growth well in funds continued Toni topics; after the the of results Sanzone our a out seeing my maintaining and CFO, will we’re for we into remaining is remarks Peter I’ll and investment what everyone good safe I recent recent
the upon activity our and well specifics positions. liquidity recent of leasing As our balance as sheet on some and touching
call. take our to the Park, John part that by are to of available Head Management Gordon, today our and President when joined are we questions of Asset Brooks who We get
pandemic peer our to the one quarter, which net impact stress quarter strong net pleased the consistently as unexpected our XXXX of been the REIT strongest a remains assets second market When on the over test events reflection best on owning say has period collections significant of the it the broader elements lease a I’m sector, in occur. well key For collections the in to or making the throughout entire group several or being over portfolios. lease approach. leases for long-term a among years XX as of changes will single-tenant often very
five a our for believe shareholders. We’ve will respond important near reflect. dislocations rent which asset our mission as environment. cash viewed maintaining risk critical cost downside Our rather outsized and any business believe over we not to the characteristics lower and withstand our volatility business flows, on collections real diversified focus our been Net better downside underwriting impact we providing in focused industry leases a returns relative challenges credit the process is estate on rightfully steady for disciplined an generate protection has and and can our the an within particular approach decades returns of strong focusing industries long term type over issues run. made always than growth generated shareholders returns protection on By adjusted market long-term the or in our total We’ve at while exceptional companies, deep have that that on important shares decisions performance. we and changes the in and Also, assets. past the in investment
rent Overall, a our approach the very in put today. flexible due on us Our more in focus approach giving second has durable streams, a rental maintaining collected strong revenues has advantaged produced This coupled of XX% more higher quarter. rise to quality therefore balance valuable clearly position during and and with sheet earnings. we
action restaurants minor assets The well. do-it-yourself centers, on and rent value. for we’ve like grocery in portfolio extremely by of July. we due Importantly, deferrals With been portfolios. property European self-storage classes core our to remaining had able ABR US for to retail many performance XX% industrial tailored which in tenants types just collections and across issues. of across situation we flexibility received to assets we work that of was performed with and fitness especially for a ecommerce. other which exception with contrasted performed that retail areas of and XX% in theaters allowing affected widespread continued at strong to a has was the be and low, and afforded which We’ve industrial position our and although a self-storage a were just XX%. I’m just for restructuring in XXX%. rents, of second far ABR, the so Most our XX% maintained each in pleased there the strong required our slower and rate the REIT’s represent considerable rent which are lease second investments is overall the under Office assets lease quarter our us about of Warehouse, underweight has XX% representing portfolio. comparably threat rent quarter, to quarter quarter of for third approach most half us and on collection Europe, with an across collected in each broad our with months, warehouse, retails of to where in In collection continued by three create consistently XX% take The net ABR. strength retail the opportunistically our comprises it aggregate second This disposed that into our these report comprised rent collections XX% we focused rent. collections our rates X% dealing our long-standing supply limited the quarter in
we such with restructuring one During significant second quarter, the entered a into tenant.
term We a two six-month in years with deferred deferred following over first future all for its adding current lease its rent rent the was return five sale to increases. bumps on by that lease expected points to backs. tenant improved annual remain on spread Although and rent and a right additional Along gained refusal basis years. the way, gaining with XX of the to
will look these capital We can and strong opportunities, the [ph] our but shareholders. long-term short-term help for preserve for value create continue over we trends to
Turning now to investments.
distribution average During of the and A lease the dialysis Tennessee. an equipment in term is rate project completed Net cost rating from lease recording investment we provider Moody’s. of of in at facility its million $XX investment largest globally production projects investments warehouse a a leading at The largest build-to-suit the of and June, The June a for lease a Antonio, was and in two we clinics $XXX facility build-to-suit years. and industrial XX comprising distribution tenants has Knoxville, $XX increases. which largest Class The a the weighted Fresenius, to Also million a the the US XX-year center newest term fixed quarter, of industrial production facility. annual completed in carried warehouses three completed San facility facility a of capital million and in cap food state-of-the-art total rent weighted Texas. X.X% one grade
is distributor annual lease rent for a and The And Cuisine of also tenants created be transactions. one supporting the our with future is This XX-year fixed property highly its operations, big largest value For to sous-vide a term critical the Solutions, tenants net follow which increases. food of prepared to manufacturer growth can is existing world���s example of products. plans. on how
portfolio XX investments A in a term As of proactive conjunction master we’ve portfolio we approach the were the at $XXX to term for XX.X able years, lease lease, years weighted the XX.X compared and it’ our and XX to ago average brought completed investment years property of made lease to enhanced million, extended to under property passage weighted half average build-to-suit adding years. cap with of of management recently annual to raising volume XX X.X% average a or increases. weighted a put months first and These rate term the time. both the despite investments rent quality, with asset existing to the existing
With at occupancy the slowed high also their wait on facing of sellers business deal pandemic until impact We XX.X%. Many to of operations. Europe market the preferred activity Understandably stabilized. with great uncertainty quarter. quarter both near-term sellers sidelined a US unless the market second ending naturally the investors and very and during dealing the an maintained need in made urgent
competitive the we the the comparable rates stages to continued office. the quality with sellers similar initial buyers also generally to than preserving trading at assets we US at warehouse deal come During investors capital. pricing deals have been among industrial took strong within the on to focused willing and by to seeing especially to closings Recently flow. pandemic, off tighter of cap High closings retail coupled credits continued saw and we’re hold. pandemic attract paused deal work In backed for relative tenant started acquisitions before and more more underwrite financial remained decline high in or as sidelines deal external which despite expectations times and sellers This flexibility.
and also activity returning of have US to deal being year. packages return the brokers nervousness. workplace path. of from aimed for options on to the employees These pick amidst appeared anticipate Europe, capital needs bode than the Early many workplace up picked more better stimulus demand to to in that emerge greenshoots are programs began pace. cities sales faster to explore expectations liquidity up meaningfully the Inquiries to Europe we current So these half second of indications pandemic. as reopening countries the are half safety. to second of activity will off. are short-term long-term leasebacks we also Europe to to expect And are the the concerns for have the their some In in the a are met than at economic year. at roll more the companies high from Investors transportation their Regional US to impacts reopening looking public and point positioned government returning. albeit corporations well Many
of credit continued economic put activity. lease pandemic a term. perform in other history, W. P. In impact our business leases through we in Carey and lease end restructurings tenant many first and net in of our Looking credit the the work by revolving during economic have continue entered a place of almost contrast to that mindful the substantial almost strong ahead, optimal half into billion outcomes, while its ensure positioned quarter We’ve liquidity to remain and engage facility near XX-year any issues XXXX portfolio effectively experienced through entirely our remains we’re surrounding We our to the built and protection and will of experienced of stay the which the with of very outcomes. has manage management ahead resume REIT’s confidence undrawn. honed We’ve uncertainty infrastructure our and team. and we second proactively asset environments our cycles. well putting In team and issues great primarily money multiple with variety encouraged tenants, performance the been to $X.X
the our enhance positioning offering we the balance we in further forward will quarter, June. the creative Locking of to equity that a opportunity sheet capital completed activity. During cost took support through investment in
on to an adjusted attractive, with resilient mindful liquidity large we’re deals strong downside to access tenant returns. properties But focused of always, As critical downturn. in also industry’s credit, protection. risk long-term, favoring with and Investing economic offering companies
leading successful capital Our through aware issuance we access have the our than and the pandemic more favorable continue terms from performed to that them challenge investment of making sales pandemic have of confidence that recent a in reduced pandemic pricing. shows CFO’s forward where the accretive by range opportunities. the The long-term of close posed has trade or at benefits more similar recent for with those ever industries wide our competition in deals, which through leasebacks. recent years well on to industries ability equity opportunities reflects Those made is accessing we completion the conversations from to
has priority. New investment returned to highest our being activity
hand I’ll to a our of number half expect the call close building Toni. actively in year. second pipeline And the with to of the deals that, over We’re and
