our liquidity afternoon and Thanks, activity I and the listeners. provide results COVID-XX Today, actions quarter of from Steve impact good an and discuss are and seeing will first we overview to the position. our then operational and in and we open to our we review Then are response. your Brett questions. financial then taking results balance will call more our will the detail, summarize and sheet in
been Hawaii. begin The our me families. its COVID-XX your pandemic everyone saying, as well, including on impacts are associated here in Let the communities call we is by have and by hope felt many,
have and Hawaii, pandemic been personal significant but that relatively toll elsewhere. than it fortunate the its minimal no impacts the of in of the less associated is is closures are We health coronavirus the
of our the and health been tenants entire first in safety priority has our family. A&B the extended Our employees,
X understanding takeaways, are key right with most With to all like the to think, moving critical now. parts I’d COVID-XX, position the A&B’s associated I summarize
needs-based population. far protecting the when But positive of residents markets and fact and and tenants. resident of the normalcy include happen. safely too of essential positive into restarting and may early The timing that spending fare it First, make is commercial flow It’s performance of on relatively to success of relative depend to and Hawaii very REIT here how in economy the our comes and regarding flow. that while to other manage portfolio health will local our a signs and the that unclear public of signs our forecast to return how A&B Hawaii state some truly and will to of the is there the local in our peers, ability the the visitors are COVID-XX from containment Hawaii’s a ability our remarkable recovery
are in have confidence anything We taking not granted. great optimistic, our and local for but leaders
A&B. Second, keep all our proud properties of Most working our of work I since of want more thank I their hard been them March been have have dedication period. businesses for to difficult XX people employees through to and and this the operational remotely never and
as this first entirely tenacity and could, I’ve centers their our or as been they quarter the well by overwhelmed Our our manage work and with the as team manage on books any through virtually. tenants will close
to in are including Hawaii keeping across energy We maintenance. running, safely jobs to perform construction, many will and generation essential continue that our equipment company
is team a job. phenomenal Our doing
closely are open, is those when to to them be solve marketing thing available open, locally a to can’t Third, losses this, like an resources Hawaii. for provide in work to not values managed, support help what help others remain the are remain daily with do do possible, single-handedly locally-based tenants pursue we offset time who and our guided our they But to by experiencing. partners company financial we and problem. our define a can we as That’s every and easy objective
our where all asking offering success our survival. are to a that can, leap we recognize mutual tenants critical but long-term course, also to is we Of
so and the And we minimize must, share pain. together,
growth in unprecedented redevelopment them our NOI keep continuing these and initiatives. advancing local with communities through We supports employment, while also are work by causes an to charitable continuing strong invest times to important that
during times, good both land we sensitive have many on in this am nature can we’ve of business is of of the buyers believe the we assets expectations must businesses, operating engaged. that encouraged forecasting we but in assets land I and moderate the monetization sales while that we remained of our Fourth, maintain hopeful essential the simplification for and reflection potential operating and momentum and asset are a more of so much Even our from our than made I which years. assets. the refrained recent progress pandemic,
our are going financial the prudent management we Finally, and whatever we ready position comes. be for of are that ensure to in
in to early are plan that for and going for the anticipate policy including our not XXX% of dividend until out caution our we and we our best REIT greater unpredictability but paying our to outcomes, is decision our of actions, of warranted, to of see taxable have does the but are environment. in any suspend change going We our pandemic, the it prepare income, pursue and acknowledge reflected you’ll reflect At That does this stage visibility. the worst.
impacted Total feet half primarily cash increased the commercial spread XX.X% which our the NOI of average leasing square line quarter of period in results by had for were Turning not by real factors, approximately GLA XX.X% our CRE significantly same XXX,XXX leases, of driven year, performance, over XX.X%. XXXX. in achieved over estate COVID-XX-related and first comparable by by now strong we We revenue leased the with and an to quarter prior in was expectations. increased the first that largely acquisitions
be pandemic our of not year. points occupied, forward performance quarter As will estate which portfolio we this fortunate clearly going high March to XX, solid of same with entered is and prior was the basis than real occupancy. but are commercial Results XXXX, XXX have the XX.X% higher the strong,
the preservation COVID-XX-related be Park to timing at with this delay impacts will While provide updates Center. Modest project We’ve space, theater we with and demolition is the our we our time, we a repositioning landlord are continuing not value-add capital program overall Shopping completion. priority work as progress. at completed Aikahi will expected of
monetization far during projects. and our simplify the at we liquidity. and our escrow. closed our continues on Park seek have sales at both Maui thus appears additional fairly Buyer and Additionally, both improve as potential Business X.X sales interest X asset company unit resilient totaling quarter, our We in acres at Kukui’ula, program we to
essential our back at we were But focused on agencies for so we nature impact current asset are to the volumes increase and as project our Finally, delays, second set been eventual have progress continue stabilize with Weather, new this reflect goes while and efforts of economic and large help by on quarter, Grace, a Materials sale we business, bit, Kauai. work business we us on paving and costs challenged projects regarding reducing acknowledging that. far & to in results of We winning Construction Pacific should we’ve the encouraged volumes our The awaiting contracts. COVID-XX initiate remain work operations. Grace may projects in which Oahu quarter on. first and but The environment as business the government this won, the year timing. that including
impact Effective the in distancing Now forward. March I’d shift closing Hawaii In how we moving the the nonessential see stay-at-home specifically measures. take activity. COVID-XX Governor mandatory and implementing reduced officially tourism few are more to moments as we discuss accelerated, to positioned March, and like of believe virus a global early spread imposed a a to social consumer XX, started Hawaii businesses the and downward order, of
often economy, does when has significantly important state, traffic, tenants. of within day been a seems gradual our and but our that couple from here of in the is we sit tourist come hopeful activities the worst many and health normal far, broader drive on we uncertain the to as point April, return be we centers are spared can to What tourism tourists it’s Hawaii will As beginning that May. of on so to out, Hawaii free remains last rely and back it our of see a of we the movement only
in certainly economy communities, up are health and initial that safety are good steps open during supportive remarkably protecting We May. but progress Hawaii’s the curve our to our flattening the facilitate will hopeful of of
portfolio, essential. range the of open elevated properties respect been place, With all tenants our in remain our measures with deemed to have supporting that safety wide
stability. properties essential. retail Construction assets needs-based industrial local additional grocery our our are and pharmacies, take-out energy respectively, Further, hardware considered include food & business light stores, ground our be and continue which assets other services, professional Our also XX% communities. ABR, And and comprised who of leases, Materials serve provide XX% to to stores, renewable and our retailers,
greater of result, rents, relatively midst defensive time, some As model we confirm our April received rent with higher long-term to help which we of this is over cash tenants proactively in believe our receipts XX% believe had might requesting will of provide with their we a of I believe tenants A&B not the such flows, have uncertainty. protect form with XX% and At rent stability been relief. work to chosen health time. business can we we
are with a impacted on basis. each tenant case-by-case We working
the Finally, are given we being business these sheet. the of balance in unpredictability our and management of conservative times,
have implemented the number have. We capital expense a tenant and and potential are regularly financial we of modeling latest scenarios economic based data on reductions and
imagine, can potential the earnings our is however, of you As range for wide. outcomes XXXX
For year our and re-evaluate earlier, the dividend when prudent reason, to income. dividend income, has of in as anticipation to to our predict, intend suspend mentioned I visibility. it’s to taxable have as paying outlook we feel greater and that our of our We difficult our decided policy out Board XXX% update REIT REIT but continue progresses taxable we reduced,
discuss over call our With more that, the I turn to operational will and in Brett, detail. financial will who results now
