call us separate Tripp. today. you, Please this virtually. as us bear for we locations are conducting joining with in everyone Thank Thanks
it well. So let's hope goes
those and impacted Our are crisis. prayers by thoughts indirectly this directly and both with
and tale results. outstanding times, January, of were I've track this an few weeks of a March, was we few really February, two quarter into heard it the described quarters on but present already first to a
We backed increases. strong have vacant and that We store and acquisitions had double completed strong rent cash, our success in fundamentals, leases secured strong renewals on NOI markets, new well. all and space digit yields. We new resulted staying sourced target as same in by
We XXXX expirations. also a had jump on lease our
We improved to our and we training access equity protected debt emphasis capital culture an the sheet outstanding balance deliver with with disciplined our that markets. And and recruiting our service on tenants. to and people
end pivoted guidance. full The primary track and Since health our prior liquidity. focus customers preserving right of and our our result year our had us team, expectations with on mid-March, and has on to the safety
That of As people real last focused estate our has intensified day-to-day and the operational how focus highly weeks, on the operators I'm were proud priorities. responded. have several over
about results from some You'll moment of specific in a hear the rest more the team.
to of some want on these areas. I touch First,
asset week. and kept up leases strong as some Our we the even through recently as completed leasing and a quarter pace of property last have people management
with double up initial rent now are digit our are XX% care of We explorations to increases. XXXX of taken
along finance our of a has group collections This rent job done well. with team great our working as through
monthly with quarter our rent, One experience quarter. of first included XX% rent billings we primary our in been of the of past of total March, was And has in a topics collections. quarter the the collected consistent which this recurring quarters,
alone XX%. was rate collection March's
payment acquisitions number dates. majority the a rent collected balance scheduled uncollected April, of With range last XX% seven the we've we've our tenants of a the to of recover. our and years, over completed For receive inherited we've as expect of different
or at is there many GSA that in government the first the of tenants month of all month, arrears. standard due and but our times Our the for leases related are are pay some during
little a six Friday. the is business analysis and days a first trickier. the quarter day May, into We're was the only For
means usually runs week. the show up month the following first the of That of more
six the too disclaimer in that For this placed of month But or early we a don't five any trends. way see here first the I to is definite April, days strong compared call a material trend. difference with
watching are closely for June in as deviation of We well very from any that norm. May indications
Our number of us brought year was the on of in we anticipated completion $XX full transaction Xst acquisition activity million. line our guidance that with what with to one March
year. the in of We obviously number moment, had a describe paused in later planned will LOIs for March. a more we And Pen in as
be investment We are to are currently opportunities taking a going at the of that range available. fresh look
our with into new a program early active We took shares raised XX,XXX improve to steps bringing initial selling as well the of quarter. late offering $XX.X were in in February. that March, through ATM and balance sheet to million us proceeds during net some the initiation We
not have We the since. utilized program
quarter. preserve liquidity as our loan steps the drawing preemptive our to credit took term We to well facility in by on
taking put non-essential hard look all we're expenditures. the year. capital through the on a expenditures of Additionally, pause end we And a capital at
COVID-XX year disruptions lack is the for to we impact guidance the by created Due prudent XXXX. of to it from believe withdraw ongoing visibility and our full
pretend collections to rent crystal ball date, to lease that enough we accurately the near and we our and leases been beyond continue space not up renew we're expiring have clear have term. going strong While to predict to a
our quarter our more of it first that morning release have in line anticipates numbers dividend board to we will stock our common announced that bring our peers. Concurrent it with of with that policy the revise this
XX% implied of this public decision quarter dislocation valuation market the coverage first the the in portfolio. full XX% indicative in would sustained FFO AFFO of our and were year of numbers guiding particularly light were of view favorably, our Although we we provide results which respectively and ratios to,
flexibility while diluted over to $X.XX the being per to share. dividend with cleared per second decision diluted The size that markets. quarterly to board quarter the rate annualized the provides dividend be an capital term, company is the dynamics the Commencing anticipates the us share to the right mid-June on dividend the long expected of responsive $X.XX recent in adjusting to in grow
There can amount be assurance future the of dividends. declaration to no as timing, or
board engaged real heavily the estate crisis, well. throughout experience been a and has all team have has amount cycles They real estate many and come our seen Our and go. of have tremendous as
ensure takes age share is in benefit steps investing believe the right golden on all from common industrial Plymouth to of another to We what the we horizon. is
Let me explain.
the much stabilizes of is and there economy grow. While timing interim to in begins the overcome the and to when
health ability to themes that but We that this I've three Again, number has that the accelerated have a believe conviction very to in public on it's the beyond calls. shared themes we our Plymouth. beyond competitive pandemic, advantage of the strong predict, previous provide implications negative
protection of chain. is One is in protection of shipping. of the of reduction talk chain, environmental caused near the flung impact onshoring of intellectual weeks recent supply shoring. the by three uncertainty far country's there The and the global or our reliance much property. a supply Two, on And
continue themes it are behind I because in change. we the somewhat the course the get in which structural is highlight to actively in of phenomenon dislocation these is ecommerce they accelerating in elephant I room, is real, think that and participating That lost retail.
of of that The large of with networks historically skilled from all cost to living, are to us associated pools, major location in reasonable ability these our of drivers. blue distribution to provide concentrations the markets collar labor property benefit access
strong next our another continued on for to months In few the we will to require of participate over period each like think industrial investment. and that to tenants. Plymouth emphasize the our concentration in next be closing, five that that opportunity there buildings three will years, I'd But significant of
the With it over that, to acquisitions. walk through I'll turn to us Pen
