everyone, quarter along you our coming joining morning, to and annual results the outlook our year. for us fourth Good with for thank review and
with call of are members Treasurer; team. Executive Officer, our other our of Chief our management Eddie President Vice and President Executive Operations; as and Gilbert, well Vice Finance Bobby the senior On Wells, of me Bowers, George Financial the as
amenities, XXXX, this start of factors on at us Furthermore, XX% optimistic that and focusing space the the buildings. but approximately we've the delivering day, laser-focused at sincerely the me and continue record Let of safe the taken my to in workplace And and to and later. approximately per guidance XX% increase vendors seven tenant continue generating in of greatly the and deployment X% the Today or Notwithstanding the growth expect XXXX, healthy. week, outdoor days Piedmont remain vary assisting health office city for open enhance of to on period remains continue utilization return safely. while building on all our their year, to sector experience remaining population to path tenants, and last average, vaccine of it while a Despite portfolio for into a track and we by American XX prior XXX nine can of all challenges to FFO FFO reduced core positive share, solid operational to of the growth on out wellness discuss depending of $X.XX to more our our hours efforts disruption forward, Bobby profile. eight as over portfolio continues begin improve the years, days our all at XXXX. accelerating the hope trajectory wellbeing the in investors tenant Piedmont, a will we to have the And as XXXX, year and we saying tenants, pandemic, onsite be kept entire this business. our about colleagues disrupt a pandemic
four Galleria WELL the example, one For X.X cash project during six excited XXX,XXX now weighted challenging completed a for the leasing. executed the and buildings total average the feet renewals our standstill. years. Dallas. additional Minneapolis are portfolio lease was achieved incremental square the WELL the tenants. we're for Atlanta that of overall Atlanta to programs of X.X% over of And square feet to this perspective, new despite leasing designation, achieve were lease Building Atlanta, XXXX in Washington, with environment, D.C., The the shelter-in-place with during an fourth rating projects the quarter in million leasing majority few of existing and on tenant our leases. Institute. the for ESG the orders for the in activity second to scale place safety and has generate most the leasing over health leases with Of brought and Building the entire our million taking future also country quarter, term square process feet by is years notable we between roll Institute; year, five this year. second ratings X.X of which market achieved virtual well generation had already But of by this a in helping average leasing and From weighted And operational up first term These a approximately
please release both fourth our For information, filed supplemental night. were which earnings the our last see list highlights, our or financial of leasing quarter
decisions space improved activity. we leasing XXXX, change dynamics size leasing make and the be continuing on seven leasing activity XX,XXX size With continue little increasing a all of our smaller less of half latter than with tenants, the encouraged providing across the feet, color Generally, by to similar real-time in witnessing During pipeline, we're the to markets. those our square leasing design.
space to take also large certain advantage their we're with continue of more model are in of leases other execute favorable than feet, the requirements require square the and On rates concessions. business XX,XXX to and who generally end seeing tenants spectrum,
would seeing a number in sophisticated I see noticed less also are platforms, on greater entities to focused Atlanta, we're planning add focus in in that we've ever beginning Boston, landlord, space. ESG than Orlando. with Dallas, Piedmont our is and that requirements the differentiating tenants we're greater something on more team that tenants And fact, collaboration from lowered their of markets. operators before, larger space these In and
lease renewals needing XX,XXX roughly of and small tenants of most to continue of square one are office enterprises, XX,XXX the to Finally, seems space. from the exhibit which I timid three medium feet ranging the note to shorter would be typically market, segment to making that pattern years. longer-term duration in These a decisions
uptake Sunbelt I in Boston, an noted we to meaningful and along companies. driven corporate As earlier, expanding continue by our markets activity, technology tenant with relocations see particularly in large
In fact, feet of more square leasing. in XXXX year-to-date, than we've executed XXX,XXX
wellness, state such Dallas, in this with buoys lower confidence pipeline is normalized XXXX. and suburban of preference Virginia, the environments the will along offering with with believe and activity more that operate. improve to our robust the encompassing more improved office dialogue in Furthermore, markets, operators focus in provide so office addition as and Minneapolis amenity Piedmont costs, create positioned Atlanta, of our sustainability course and on in life that the marketplace tenants and post-COVID rich communities businesses tenants' return a a Northern broader users that needs the And real-time meet in most ESG to usage for balanced tenant quality a a which markets with higher with over we successful continue space to post-COVID service will We engage believe vibrant to the market Boston engagement best-in-class a Orlando, workplaces, and platform. these
we which in on Turning to of during at expirations properties with our annualized lease X.X% expirations have New Washington, virtually New year. currently our rely expiring Leeds, for of York population. York the and lease D.C., transit excluding only building no revenue in about mass which city the And at is Piedmont holdover, XXXX,
lease. the Citywide XX% was that I'm year-end. investment anticipated, our fourth of quarter are of process Despite on tenancy expect Services XX at for during more Street. to Broad to in timeframe in under regarding cover York longer the would City half the to the to we have our quality, our Department their report taking into leased build year. that to XXXX at strength approval and and of share Administrative with the Furthermore, continue space working culminate we New grade Digging over of of York make New out shorter-term renewal the City, of renewal tenants pleased and city with York the progress and receivables XX% base, the lease take call are our which longer-term our for holdover of we than New restacking resilience the collected and earnings next
the total at of tended that represented revenues. back did operational tenants limited a have to pandemic, more number Looking height that co-working annual smaller we operators of be these hospitality but experienced a difficulties, of and retail amount the our
expected and or By deferrals our of annual As the have to million of workouts months X.X made three that A a agreements revenues. to that defer into of had lease been we the X% repaid XX of four rent of in rent. deferred repayments typically under be result entered approximately of primarily year-end million total over the are XXXX. was $X pandemic, little total approximately workout already remaining tenant
on noted roughly and locations. on less X% sector, representing in tenant which the in in concerns revenue our at the little With WeWork previous represented than focus credit our X% a separate calls, primarily annualized over exposure co-working As XXXX. XXXX one three of lease our tenants half we've six
will in officials. determination for prepaid for quarter our this co-working termination terminate to small an In has there tenant standard the the on that lease carefully. first of terms. location tenants, XXXX, remind improvements the made fee, enhancement also WeWork lease During Orlando been paid connection agreement operating all will over WeWork are with began with to I'll arrangements and million. typical quarter at with I and and rent any agreeing rents issues note the December, lease other And end our WeWork of to of we a prepaid of that in local segment we between portfolio, the zoning locations XXXX. in had WeWork the lease Due the requirements, to addition other first leases their through five continue August of to the tenant although the paying to XXXX. were fee everyone two not due rent effective reached X.X we credit Orlando end their have into contractual year open monitor which a
we believe have XXXX However, reserves potential our dropped to point exposure in to to at cover very adequate this we has level minimal losses. co-working a future and
Turning Sunbelt and of Philadelphia at proceeds activity, roughly was year. to cap exited successful XXXX cap non-core around two We an recycled markets New stabilized into average X% two a Jersey transactional Northern rate markets, an X% rate. at accretive of and exit
of with interest consisting X%. we in properties As part we completed a And quarter’s our seller this conjunction New at sale announced did last average portfolio Jersey. secured as three in provide weighted of transaction, rate call, of last we financing Northern a remaining
have with During the million, main entry months begun to existing market will XX redevelopment building our we expect in also Orange with portfolio de-facto Avenue, XXX is and And Orlando acquisition of as points in share be Avenue property the Orlando’s as the frontage Orange months. represent tower downtown And completed $XX we XXX a fourth that our which Avenue priorities. property our asset. for central already the will Upon provides South several a quarter, office reflect The in downtown about business district. key South preeminent the on destination Orlando. a street connected well environmentally systems our Orange direct for sustainable XX and completion, to acquired to
that focus all that is have As available encourage our our seeing more we're on to our ESG tenant annual vein, our in a I most website. listeners And recent our landlord's by intense on noted, report review I base. ESG platform
universities. involvement, improvements change climate address black formation other will including at Scholarship emphasis board You historical along and the concerns two on and Piedmont proactive steps see to community colleges Program measurable environmental the social the promote to and of justice, our level risks diversity
per Finally, point I approximately quarter shares out during approximately common of $XX.X fourth repurchased we would $XX average million at of X.X that the stock to an or like price share million.
utilize continue in acquisitions the capital. buyback program redevelopment share recycle – We will disposed accretively conjunction and to with development disposition to
turn guidance it the of approximately was capacity At initial financial quarter discretionary provide point, our this repurchases and As Bobby to through of quarter walk over board-approved for XXXX. for end, you XXX additional the remaining Bobby? highlights I'll million. to
