you morning, for everyone, and today. Thanks, Mike. Good us joining thank
and fight to those lines, to continue we on for our been affected our are express pandemic those gratitude COVID-XX. ways, by the have who battling all front us pray who the all in for own we As
the on much morning, strong release of from Normally, feature results. you of performance impressive saw company. earnings first the attention period another such quarter would As this our was call this
we today steps as this the mitigate will hand at are situation our the effects the And taking far company. primary on focus My near-term current to disruption on But the from status business. all we normal. of know, be is our of
company's the the affects to holder, and not dividend the lightly, as equity As board a management and largest than the more suspend decision taken group other common shareholder. any was
and that salary. adoption compensation made in Our decision substantial cuts voluntary and reduction the of Board as as board of my well acceptance
in remains our as actual an importantly, to advantage next the at to investment much collection. the Despite these months, a as company. the the flow arise fact but of more want reduced level collection long-term opportunities that view few conservative many of to are level rent of conditions future, improve. to for We first, once almost company cash foreseeable positive position be take over that the certain possible in value the strongest even the uncertainty reaction rent the the the moves current We of over
four recovery. with months cash peers that goals, a the Three to way ready billion be on put, $XX, of well successfully bills, a and have your and to consistent cusp excess our call, one metrics consistent price in our last formula your the with with our supporting earnings ago, on we financial Simply on the of equity second over a cap. your a long-term dollars achieving last of market of were makes. is conserve the This work we share in we were outpace tenants, your quarter difference subsequent recessions. employed pay What
look changed either forward have pandemic. to can we and we I the couldn't tell future. in have those by you caused that attainment foreseen the we their the not not-too-distant Although goals, subsequent disruption of
Management close our March. substantial portfolio seen and of high-quality adding to our to come positions our our does lead our development the in construction already value the Chairman firmly and director, not diversified have price why in me, you representing independent believes businesses. share current This is late
the Over determination the and development we investors of our our the will team. the quarters, of several portfolio, our next our demonstrable of construction diversified believe and strength recognize of model, that management platforms quality value the
years. We the much the as in have same company expect in reward will they way they previous
the you history. of that After of than we recount rival caused five. a tripled over commercial bit Virginia. as the emerged the recession preceding most returns years, performance one by know, we real of estate next concerns intend index the more of the As strongest through over to the X/XX, REIT To little we XXXX, five corporate and in our
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despite years, IT company, remotely unprecedented few conditions. off investments the handsomely at significant paying systems the in is made this continued environment. Here which our over over in last well to the has and team last months We've extreme function working the two under
this staff our groups. and full And display. are worked and seeing you Amira forward tirelessly integrated the the new to operating look sincere our produce team into I staff, uptake. as has all to and possible. as soon thanks is on All interim Each My team seamlessly running every of all of all our is tech smoothly, and fully divisions engaged the of have employee many professionalism technology to
this business April various the our status. the I'll Turning we of to the deck current you morning. walk update published components that and through
to as the posture do with with health ours you best to and four how illustrates learned uniquely maintaining and we've during the well of last four ensure lot income business. What you universe. strategy decisions while subcontractors Let's conduct yourselves integrity a safety construction make come slide generator compassion rent We help all begin clients, members, we that with our the to the offers team three, our across and out our the robustly long-term to company of deferments. and as intend crisis a known snapshot Page recessions the staff REIT employed our how the respect and for quickly a This across substantial is which our has of tenants and collection through we've for. is are it. divisions
backlogs of third-party the contract year our largest ever. one You'll recall that entered we with
see, with contract million take quarter us As the XXXX. ended in will total can you that we into remaining $XXX value, a well
we protocols In safety for have addition temperature gear procedures construction uninterrupted. proceeds and all adhering protective guidelines, testing, to to as initiated local
profitability conditions. Our greatly come production we This different no performance the and company. expect construction appreciate to group to have difficult the their rate high is than from has and despite of we dedication maintained this what professionals, these
previously no we profit, expect division in to change government our which gross $X line Assuming contribute this with guidelines, to in estimates. $X million is disclosed million of
and status Page to across outlined five. the of Turning asset all income collectively rental our types. We've
level give cash company with sustain strength April a nearly our of offer call. This ideal see, XX% more obviously more not term. collected. than medium adequate our while of portfolio-wide diversified factors flow We the will As you we're is can of our rents specifics the testament financial expected later in ending further to the you Mike the these little platform. over on status to
X. starting the sectors multifamily individually, look Page with Let's on at
see, these can assets As you at the are despite very a high level economic circumstances. performing
the tenants for loss reasonable and collections who relief rent are asked remaining plans. rent placed on topped XX% of due employment, have to April being payment
Page to Turning X.
to with a while sector collections all XX few tenants through office operating strong us. and our office April current the tenants that of only deferments requesting had see their You'll on remain top rent also rent obligations
to expect our remain this our NOI consistent component with We fairly expectations. previous of
Assuming square offices asset misconceptions facts. the we our there topic some to WeWork. To Durham, We reopen lease believe of wish Carolina. active city have center marketplace XX,XXX feet near at They be about reasonably to that about have are the and occupy in we WeWork. in the our future. clarify exposure inquired with clear, you Several North in one this
stay Collins are on Atlanta, at, Baltimore the their including lease there The a remedies lease two said, of harbor X.X% constitutes leases S.J. to in annual commitment Wills lease, WeWork, or That with them mezzanine guarantee. one at additional under will use with we pre inner Wharf Interlock, commencement us we partners, current and our lender. to rent. the our available expect base are invoking This We which their for another the at in corporate
or year a to these funds exposure improvement and early Collins order to in with months this expended their limit space in nor tenant. their to exposure also discussions us. away. locations several have tenant we this occupancy leases neither eliminate We in As year reduce reducing WeWork our in is interested to WeWork is to either opened any two
the three all As entity. a from these corporate multiyear guarantee carry of locations
results We expect quarter. discussions the announce current within to of these the
confident hope on any additional an the as in that very to space a are We leasability provide negotiations we of that these time. at update that and aspect of result may retain
retail to detailed eight. on the Moving portfolio on Page
outlets with well you high responsible and centers stores largely high were fast essential during the in crisis that are feature collected pharmacies, for credit neighborhood are of grocers. performing convenience a most anchored by along As rents number of know, retail food XX% businesses These other we of stores, April. the and
an these grocery-anchored surprising, outlets, capacity their or Virtually full establishments $X.X is closed neighborhood XX% service top deferments, have recessionary restaurants, reduced service requested given periods. our not This and million. all in collected April of is centers attributed of from junior rents personal greatly XX anchor rent rent and of venues as deferred stores. The XX-year are entertainment aggregating at operating We owner some and to our largely nearly due performance history tenants.
to timing reopening, in intend that their year-end. working commensurate we and At these with to some nine believe order we Until and detail know with further in to majority the gives further of these of retail this the their in avoid of deferments cases, assistance. agreements vast are collectible, our are these Page financial status by flexible sector. time, we potential makeup tenants stay negotiations. We on most conditions access the government
counterintuitive nation this are somewhat of tenants Notable local indicative stronger in our And a with fact We as the regions believe rents. rents southeast is that whole. a here than breakdown markets other a collected the paid fact and regional tenants. bit represented the our that national on a of is par April that those
of and tenants & Beyond. we Lastly, about two inquired specifically, Bath you a Bed Regal Cinemas few have
know years Regal into have you these years with for reminder, now the who ago, Bath and a prime the that four few Those estate followed center tenants of adjacent of Beyond. two in As with center both of to Cinemas portfolio real occupy town a we we Virginia Bed leases and the incorporated have wide, only older Beach. & company purchased
You'll the center. the was recall that for redevelopment expressed purpose and of purchase of town expansion made
to update other regards gives pipeline. two on as on next tenants, envision current this us With the of for These site an to development. may deferred we sooner them XX-acre are full to for the opportunity anticipated. pay prime the working which the we tenants agreements for the these multifamily development rents. we potential this through give locations are only The pay our to site, well The unlock crisis had than slide
note of projects are announced cash we parcels, this on to have program. land While that both the any I'll ask any particulars development our been to not substantially additional require it's graphic, walk projects or Mike the under start the do not prior in there previously as current placed further funds to Similarly, important own to under loan mezzanine through conditions improving. pressure any the requirements and that we hold you aren't development construction
advantage to We two are the the expect will Fortune anchored predominantly changes projects terms take in by on XX our Carolina, flexibility XXX One multifamily the that Charlotte, three start, third, lease pricing has any the to that the last of don't Remember, Publix firm. be Tryon beyond date. North a lining experience in assets, silver do added when and norm. been construction we is we of over the four reduced downturns delivery the hope
of turn over the update. Now rest I'll for to the call Mike the
the are certainly Good and healthy. your share hope of results FFO morning. were per and to the positive year effects first families are start good Lou. times, and normalized These the $X.XX NOI With same-store quarter unprecedented pandemic. Thanks, prior the to you I of a
at Opposite first with was at Our cash and quarter. X.X% was quarter occupancy core XX%. for X.X%. at the operating positive the multifamily portfolio XX% XX%, Same-store NOI first XX%, was and positive positive GAAP for Retail strong was
As the we through uncertainty because of our aware, impact surrounding went you're guidance on XXXX the pandemic. X, probably April the of
quarter, package please our Further this details first published supplemental see on the that morning. we
virus the same development As appropriate; steps through for spread our nonessential country, position lowering the changes At recession. dividend. expenses time, just started suspending company the common we projects, made suspending to the where Corona to acquisitions, anticipated discussed. operations included the and that our to CapEx, started the lastly, These Lou we
Now turning Page of development and requirements back the projects. cash the to illustrates XX deck. future the redevelopment
redevelopment and loans, projects renovations under with complete slower activity. Wharf decided nearing at of is under units off-line these future for will projects both Apartments We Place, to no cash Wills completion. The fewer The The in XXXX. the now take expected Currently, $X close The well leasing funded anticipated of slowdown continue Summit projects village development: cost two but therefore, going to forward is which completion. million in requirements. way pace. now requirement Cosmopolitan are leased remaining Columbus are XX% in are to cash by a be the these Center construction projects Town The
Atlanta summary, are scheduled $X to to current XX turn commenced. quarter Page total million. cost development the the and million, projects the including projects construction, program. mezzanine the prior the costs, solus development both these three $XX million cash located the suspended of were to of Please cash until are which of be requirements loan Other relating is in there carry for requirements two to to construction The in redevelopment construction. completed date the future and of projects XXXX. environment, total projects no to than Interlock, Due $XX under land. and land are minimal at Interlock Currently, the In are commencing the is for are cost second
cap trophy that rates profits sell will for We low for assets believe our significant both in partners. at projects resulting
loans development As cost our requirements funding all with with projects, have cash construction project future no we remaining complete. the to
With payoffs effective the the interest Center to the believe GAAP stop and X. is on delayed we prudent to Junction an We Delray, and hold loan due decided allow loans pandemic, Whole this sale being Annapolis of recognizing April to Foods period. for income extended these
the the of be expectation loans full loans continue to the upon will in on accrue interest The with sale properties. will that these paid the
these As see February a for This changes, $XX.X by expected XXXX guidance. on mezzanine you the can million $X.XX. in net is income reduce including XX, little year slide versus $XX.X the current million over earnings from will
As discussed all as value. same these the own all development believe underwritten assets We standard to past, top-quality are were mezzanine in projects. long-term with projects the our
XX other to Please debt once for planning And some the still we projects, it's Page on do stabilized. discounted of so. exercising happy we to are We on and option completed our Nexton are if Square purchase for turn have over reason, to any take maturities.
extensions. and the XXXX. a the which the of XXXX completed of we discussion are the closed to revolver With of before maturity unsecured soon quarter and the loan recast loans XXXX of extends XXXX, reminder, of mature, full with refinancing term these January XXXX, loan on time loan during on the As credit maturities the refinancing the In start mature, remaining on the we portion facility, listed a to which lender of fourth page. January will plenty bottom the
retail date, retail Park With requesting loan. in executed Plaza and modifications three loans. start on XXX loan process modifications Ave in we the temporary the have rent Farm secured Central apartment decrease loans we South April the the premier and covenant collections, on To of
Page to XX. Turning
strategy As hedging debt a the been our regulatory] targeted [XX% debt discussed mix has along with of interest past, rate in strategy.
hedged. At debt XX, interest fixed being of hedging or to December Last was patient XX% was XX% discussed interest with quarter, of rates. and our rate either we fixed due falling
bought interest at points swap debt environment. caps to fix $XXX $XXX a of During rate of of the the advantage million four took basis quarter, We of years. LIBOR rate blended million first for blocked XX we LIBOR and
fixed fixed is debt XX% total XX% our now hedged. transactions, these and With is or
The weighted X.X%. March interest rate average of XX was as
With low more is times, In for charge LIBOR metric expense April's these, as dividend. fixed yield and the expected a such forward lowers X.X coverage. cash next from operations, including curve, preferred relevant and the than current our be charge becomes CapEx flow these the ratio couple of years, moves interest this was times which overall Using leverage. to estimated coverage fixed
our lower under drew foreseeable balance in we obligations. outstanding This flow facility, and of $XXX level cash remaining resulting future, business operate million. our March, available a credit can the current of continue we In pay balance our
XX, the March loan facility of rent within rent covenant end lenders requirements. believe of exception were the with quarter, continues begun ratios temporary covenant be second credit required -- we possible the ratios quarter. within with approval Discussions the the well will modifications leverage. expected with through April's loan the second level the of requesting At before have collection If covenant the
the levels the Board G&A, debt informed be our paying Based to flow who April's and continue request. this will and current is we company. on construction preferred as dividend. cases, cash of car lenders staffing, to uncertain are company's all accommodate confident service gross profit, our rent relationships positive with times, the date, spanning that the In these of level years collection we transparent upon dividend our affects approved XX it preferred you paying and This had in With decades, stations after and us keep will July week, some payment.
Now back to call the Lou. I'll turn
