Thank you, John.
in of principal to a know give our have our Slide regular we the prudent was the of distribution to onset implemented ability the stockholders. confidence protect distributions pandemic are then, XX. which very the to number investment. the and measures, difficult Since manage decision. cash turning us of suspend a to call Now important your our that our We at Making
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to XX. Slide Turning
million our to all a Board need approximately the share. for repurchase per to event authorized of offer investors. $XX to at a common tender We or cycle addition X.X million $X.XX of Directors stock distribution, In deliver liquidity full shares
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consider with and and to conditions intends periodic tender capital. to other forward terms, offers going Board market Our subject demands for pricing, timing
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offer file Slide to been order tender that XX have must Please December Tuesday, note all The details stockholders' provides formally details key record sent and the each materials posted the and letter XXXX. launched Tuesday. dates related to Time, the offer on mail good on of p.m. be for website, by our paperwork address A in tender the in being Eastern X:XX and XX, with of tender. is www.phillipsedison.com/investors.
the for that XXX-XXXX. XXX-XXXX. Again, offer, (XXX) is line dedicated which a phone have tender (XXX) We is
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REIT our your original XX% investment. on to For stockholders, investment up former II returned your has
we XXXX remainder As consistent. into remain look goals our of the and at XXXX,
estate. means COVID-XX unsecured At has waivers worked dialogue of and preservation the a and when our PECO impacted protecting pay proven and modifications. capital businesses. time they on and the local economy, expensive lifted, When we as spending others or and their remains working were neighbors revenues our investment pandemic were cash our how amount the better safety When to conservation There of and understand long-term our real First, short value reopen all safely. Protecting the have of began with consumer is ensure of environment and structure the neighbors. for to hit, the uncertainty them paramount, of retail be to so and is of the business shelter-in-place could been mandates aware principal their capital effects with supporting they your inherently our run top new priority. regulations, mandates tremendous government around a rules loan with beneficial we impacted, the
with missed rent of most neighbors open, plan that back our a work to Now them we longer-term basis payments. are begun have on to for
have John to As binding contractual pay our rent. neighbors obligations said,
in We this a navigating are each basis. carefully one-on-one process neighbor with
the year may present strategic to the to in future. Our is the position that company second themselves near focus remainder the the opportunities for of on capitalize
will and decisions the investments long-term best mind. patiently and continue made landscape we opportunities. attractive in estate are for retail the shareholder search real the of We today analyzing with The liquidity be to interest growth acquisition,
on business. will is seeing will regain lasting reported. and our COVID-XX traction, real a still objectives environment growth asset our reopen, not and retail economy our businesses estate new of Additionally, to daily especially That the and as current goals. these know we we do value management -- cases continue being seek we help whole or are businesses net investment will with achieve have to new the Executing long-term record unclear. grow high Even our the with though newly opportunities with investment whether effect said, preserve to
leases term. rent rent, favorable increases early to too neighbors difficult is over be collect long existing It know it the to sign new how drive and and will missed with
markets volatile, retail for owners. and particularly this estate retailers you've year, financial the remain As the seen the real
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is long-term organization to grow In we protect value investment. and working that entire stockholders' of assure closing, our our the
Koehler. that I back with turn call will the said, Now to Michael? Michael
