are to welcome Officer; first Danion modified morning, With Chief you, me of everyone, XXXX. and Thank our Olear, and Josh Fielding, Financial quarter today the Operating call Good Josh. Mark call our for Chief and the our and Officer. prepared provide on our Mark will and will from quarterly their our This portfolio on provide is of business, standard call general matters. a I Danion and update financial our morning's remarks. slightly typical review
We will and impact pandemic operational of the on call strength of business, financial also a spend our significant portion health. the COVID-XX discussing our our and the tenants' financial
When million successful a high-quality, the the first We the than months start quarter. our million Getty over have productive properties. well-located fourth of invested of quarter in XXXX. had combined completed $XXX for more in past acquisition six properties to we with $XX very XX XXXX,
redevelopment in of since to In redevelopment the inception addition, completed we effort. projects completed the bringing first of XX projects total our two quarter, our
core quarter, that expect the portfolio leases. lease our long-term to from strength net during display we net Additionally, continued the our and stability triple
AFFO the increased prior our execution our our which all Turning AFFO the a grew and successful by the revenue, FFO the strategies. earnings, X.X%, period quarter net to We of for share per On as to compared year. our results. growth same for reflects basis, of
to now has COVID-XX steps some Getty the pandemic me impacts respond. perspective and have from the Let experienced we share the taken on
our pleased past for team weeks. productively Members are our and the In all a virtual business March, implement environment. of move we working began that for home been working employees to to our report at Board eight to and employees am efficiently to and plans has I and healthy
of I strength resolve employees period. our and the am have proud the during stressful shown
effects the circumstances. began businesses Getty's convenience were the high-quality states of well. stay-at-home restrictions in company instituted pandemic, West March the Coasts the health large under standards gas the on executing several to on sector Prior public The performing and East are adverse and and as tenants We and within COVID-XX maintaining difficult all travel crisis orders. our levels to are feel
that Fortunately, which the of It deemed more our vast safety sectors stations, and been guidelines, assets facing are under that health essential our in noted COVID-related majority of open for state that challenges. federal our operational properties have stores meaning and and are are are be retail they restrictions while than tenants convenience are operational, XX% should remain place. gasoline while business,
use. result, as country COVID-XX with the and volumes the a the fuel XX%. located impact most fuel of much affected are are experiencing declined significant And region. of pandemic volume Nationally, Certain vehicle a have of extent the regions negative significantly on as has tenants year-over-year, our declines varying in severely by had motor as the decline of
it retail fuel margins, While meaning have, lost our the fuel is the from volumes, that lower on made gallon replace high benefited revenue per our noteworthy at time, impossible is it to gross from basis. same tenants historically a profit the
was driven tenants' store partially considerable public the drop crisis. fuel-related has our the In which in the convenience on margins, prices oil fuel volume pressure caused revenue have health stability shown by greater to during offset retail revenue in challenges, fuel-related by increase businesses declines. This contrast and
not pleased sales down strong net result COVID-XX a negative items that financial the pandemic to business is products. impact and are to have well-located Getty's household convenience of have I we overall, meaningful our While reported experienced certain of date, that sales sites grocery on am the business.
of experience in timing rent rollout the stay-at-home not of we the any XXXX. the collection did to Due issues material of quarter first directives,
and were whose mortgagers, the COVID-XX-related impacts, XX% X.X% base base contractual granted to nonessential For who, or These granted to businesses due economic and And relief. experienced and of mortgage rent an and expected deferrals difficulty additional of select received we for payments. payments. deemed have been tenants have requested month rent mortgage April, of deferrals
from the relief come rent then our arrangement. of the representing mortgage April, on unitary May properties most remainder located on approximately for smaller have payments deemed mortgagers over payments and be depending particular The X.X% with to have payment mortgage general, tenants June, of or X XX tenants In East for months, these the and uncollectible. the our base due one-off abated will rent been West company the and deferrals scheduled and the from be of due the and or to cases, Coast. will In of uncollected continue course and following requests to
appropriate been This located uncollectible the smaller properties select-retail of tenants mortgage impacted respect support payments its the is evaluate been to company related COVID-XX markets, and pending. closed information decision-making that and June, been to currently mortgages requests which made, portion businesses our not May these financial and already to With and process. rent unitary extent by continues and has attributable and to seeking are with have to decisions the to have severely requests in one-off
May, ranging receive to we contractual between this morning, XX% from payment base of and X%. payments. mortgage mortgage May of that XX% we and X% As and for deferrals With rental will anticipate rent
a to continue basis during will the COVID-XX assistance. a on work demonstrate We case-by-case tenants who endemic for with need
several Our our strategy has of over tenants approximately years last quality base been coming companies. XX% with to with diversify our productive tenant from now the public ABR
our net environment As sheet public stable of the weather we better believe effectively we this think position. of due are a uncertain the to storm. current health lease businesses that hard of balance leases result our structure tenants, can essential work, We the and positioned navigate to we our our
duration in terms the XXXX that it recognize important of and the performance and sheltered the in risk COVID-XX is retail the the impact directives, financial more restricted the particular. of tariff, therefore, on greater However, activity our generally, place economic and consumer to greater to
and to here be funds we to today strength continues lower a believe leveraged, access cash have times. sheet on we balance flexible under premium maintaining as structure. conservative well-laddered a and Our through to these during sit are a sufficient We program. ATM capital and we committed our our place capital revolver hand, available on being We uncertain
opportunities continue for we ahead, its to Getty business. believe there Looking grow will be to
targeted strategy, shareholders confident and are will across country value automotive and in focuses metropolitan our convenience continue Internet-resistant, the service-oriented, to which markets for our sectors the over gas on the term. largely long other essential We create and investment that
and to active expanding portfolio portfolio projects. managing of to leased an gas redevelopment committed net acquisitions sectors; selective remain through We convenience, auto-related our our in the approach assets, and
in objectives through XXXX move approach and over in on to components This long these should confident as critical continue beyond. are We term. to focus result our we the ability value strategic and on successfully execute driving shareholder our additional
that, over will the I to investment our With and portfolio call turn Mark to activities. discuss Olear
