everyone. Michael. Thanks morning, you, Good
a executed June. tenant office to XX% through income of months Subsequent a extend Tree and a XX,XXX $XX.X $X.X sold a lease April, income executed in foot XXXX, office of a amendment with the a through XX,XXX gain we XX,XXX XXX,XXX XXXX, resulting square extended foot extended a expiration square Columbus, XX,XXX in in to date XX,XXX quarter, industrial December office in lease Ohio property we the expand collected Green and May executed of scheduled of quarter Heights, July. collected lease square XXXX, During square extend XXXX, X,XXX feet of capital we North in through tenant net million a Raleigh, XX% second square Maple in tenant square a a by foot extended to square tenant Raleigh Pennsylvania amendment foot XXXX, and through in scheduled lease in XXXX, rental Carolina a foot our foot tenant we office through rental Richmond million industrial for Minneapolis Ohio for end, to in
As time. which our an all emphasizing improved of levels, improve through industrial believe increase on our and of investment January in our quarter will call, June valuation portfolio allocation, $XXX our of expenditure potentially is reduce industrial noted further we of capital strategy investment property our first operating million, this XXXX, was From over volume which providing XXXX, properties commitment. result in evidence were efficiencies,
an has achieving of the to months. January next XX% XX% XX within allocation in industrial to Our from XX% objective allocation increased XXXX a today XX with
of limited due During quarter. We quarter, during investment our any the second effects acquire didn’t COVID-XX. to were the opportunities the properties
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team continued management to deliver same-store asset Our our operations. on improving
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tenants each them. However, tenant recent discuss emphasis continues engaged results. strategy our tenant financial to have program their with strong an performance quarterly always has and credit, positive of engagement is With active and on our ties delivering this we established
increased with we pandemic, this connections our have During appropriately tenants. our
characteristics included press with update hospitality, to were of as releases, we the tenant. immediately to and of do. as at only from tenants deferral connect contribute in our challenges are and we is been onset of be who airline prompted will There we the notified virus address revenue. has from a tenants less Some the oil and average tenant interesting result or us arising tenant of profile the expect rent and tenants In have there business respective of will them by and of we’ll company The we requests all which industries X% our and continue completed for comprise XX% annual X.X% favorable revenue gas our revenue. on
to to Our their repayment unique period. a rent deferred to period six will the terms. that during portion a of at not period limit all three rent to a possible, to tenants and rent offer of business pay if have month deferral, strategy deferral no rent is to month abatement, the is continue the one deferral have to doubt require twelve over agreement There each to
rental to deferrals maintain payback continued months our tenants of quarter. throughout to XXXX. currently flow March second in soon to and monthly ranges The end core The scheduled key April from X X the to approximately However, proper X and rent. X.X increased per granted partial possible. These ranged period rent to company pay share level as income months representing are three the months to to months return in the objectives from cash deferrals X% the to total tenants FFO previous as
place. tenants have them to programs we to summarize wanted call expect their applications. in of tenants Anticipating We requesting are hopeful those the and short-term federal our the taking take thoughts other report interested we of beyond, a of results with are teams’ on and concessions they conversations that are And advantage continue many and of our conversations on the as to I positive XXXX will the available current outcomes lease to and number expirations through activities.
been now in Austin, vacate year-end and end call, of between not GM Texas has with that first that I lease indicated and lease our have the will August. they as quarter is negotiated, We at our property one expiring
rent mid-$XX net to prospects current continues eliminated Austin square foot be to Unfortunately, in GAAP nearly XXX,XXX Chamber assistance is foot report which per with property in a of square property from they the current of the Commerce of in compares ranging marketing entire from unless feet, low virtual. to sub-market $XX.XX the active the has basis. are our has favorably feet triple and the square net offerings of per resulted space eleven It local that note building. at property the the in XX,XXX building on to square triple course interesting with COVID-XX Our tours for
the our Tesla’s our stable connection virtual as and virus our effect year. XXXX drops virus. are on We tour property conditions projected of impact our through ranging and authorities and adverse sales risk lease estimates volumes prospect, positive patient from have And comment, a enabling had the certainly June a average a of approximately be impacts. I and ongoing remain compared onset for interest Economic a XXXX to particularly with build with recent overall with chamber expect course XXXX. to last from both the slowdown Chicago, second Austin Therefore, compared expirations must but of April created income. their port brokers’ container same in as from growth. volume investment third we to West believe should and reported about industry economic on and well the decision Coast performance based GDP With as and that activity do focus are in to X% and that with our on same-store were effects limited considerable XX%, COVID-XX are and prospects. dampening XX% outcome, it for volume are flow fact, to as maybe the May using Long-term, will cash the rental periods team in and negative, we the the estimating there, and worthy This positive with persistent large quarter has forecasters vary. Market gigafactory down
anywhere is a however, no related industrial their nature sale in underwriting However, e-commerce feet. are resulted to several for and square those XXX,XXX particularly rates to smaller middle reinvest leaseback more expansion this has companies strength, the particularly in There in select to that cap some this in continued cap type in in transactions type properties, for non-rated product manufacturing matches that capital here markets interest in our from in properties of our markets. market product for rates increase for sizes are interest particularly And XX,XXX seeking is the business. and
adjust primarily evolving strategy We have by to And as opportunities, driven listing and the conditions moderated will continue of effect to growth it the relates monitor virus. investment the sales accordingly. our
are the in of XX balance XX properties letter several properties, home pipeline of are initial the of would volume what are in intent are stay-at-home is pipeline stage Of one the in property representing all I candidates the $XXX the position. diligence, many review. a and in of of states, is in under directives industrial. the due call, Because Our acquisition million two approximately which current properties,
actively however can these arise opportunities is Our believe we and staying we pursue. team we engaged as that acquisition will markets in will
continued activities identify our rental to positions strong to industrial collectively and opportunities. acquisition success, pursue So in and opportunities summary, reflected leasing growth second us engagement well collection quarter active
for let’s over to partner including my activities. our Now Mike markets on report results, a turn capital the financial
