Thank to economic ensured global with environment lot dealing morning. like changes the have at by job our our great a today, and and you last hope call safe joining you They've the remained team. enormous families us of start impacted are I that an thanks our and challenges a give fully healthy. and businesses earnings your Since I'd saying February, to and let outlook. also operational. our end done in operations me for Good of
our observed the address our levels, of current we to with uncertainty. lower into the like positioned was liquidity ample we made and diversified call and strategic at well have to I'd stabilized leverage have impacts Office discuss a City future and downturn today, and specific portfolio company decisions heading tenants. With Fortunately, cash, this
operating First, risk. exposure levels various I our touch of and on elements will position current to of
to buildings open and our are continue of operate. All
for and our the best policies our procedures safety of to new tenants, practices vendors, and incorporate our employees. adopted have We
exposure industries to Overall, low cafes, severely that stopped in We energy. retail, the acquisition co-working, and or accommodation, risks. travel activity exposure including and all deposits have number live and lost and had event COVID-XX, to of restaurant a have been other no by impacted closing early related March we
of industries co-working limited these WeWork. XX footage by exposure X.X% In Approximately our square We our on occupied with of Page is exposure of operators information supplemental tenants portfolio our exposure space no approximately co-working have and we these to regarding leased our by provided to X.X% to very to portfolio in particular, industries. additional package.
collections rent of our were base contractual in across portfolio Our March date. XX% rent and to collections totaled approximately normal April
to the tailored each to first quarter, in nonpayment and been rent various evaluate resolutions we During have find and working implemented requests warranted. where case relief processes
great done delving little has with working into April tenants deeper these team a to a Our various achieve job collection results, results.
an average paid our end. All approximately of XXX rent. we tenants footage top feet. size XX XX% largest square approximately of quarter XX, have account with for tenants as of of our square Outside These tenants occupied of approximately X,XXX their
the said, assess and month accounts, overall as economy elevated of week deposited requires into have in as will That well. some deferral too are the during May anticipate still local collections time we to arrive that is first requests stalled, May more It generally payments the consolidate. to early cases rent for which with
the term or do While achieve amortize additional relief, different, unpaid each expect grant generally later we if we in case XXXX. starting rent lease short-term rent to is
to financial Moving our condition.
we credit precautionary to million level elected we've I from of position. As are cash. very a available $XXX mentioned our elevated maintained in strong earlier, and March, facility, we an draw In
was it cash, a given carry we interest a prudent negative is this holding while economic there step. While believe the uncertainty,
We in to maintain cash situation. will the we short continue as term the monitor elevated
March had cash, our credit properties, of cash $XXX million million facility. $XX and at we a our authorized restricted As in XX, undrawn unrestricted million unsecured and approximately under of further $XXX
We refinancings addressed be debt that near-term cannot current our liquidity. capital requirements no have or with
strong a impacts Providing to position by the of financial extent timing COVID-XX. around counter the is uncertainty the these positives and and economic significant caused
we further tenants. XXX strong in that collections While the anticipate given have downturn we achieved over April, lengthens, as challenges we
We expect deferrals. some rent granting to be
business the of will the economic likely failures on be length depth well. and there some Depending also shutdown, as
thoughts guidance, Tony on assumptions these our shortly. our in will and which issues provided have updated We discuss
portfolio. In terms of leasing activity, generally slowed our across transactions have
their slowed leasing as discussions has on active, and renewal have uncertain focus prospective challenges tenants While own remained new requirements.
by Our leasing will time strategies, tours vacancy frame other be out. pushed for we virtual teams the leasing using and adapted but have anticipate
result and real likely economic on a were the the a steps of the impact defensively As we sector, took number uncertainty to we positioned. estate on early ensure of
our of dislocation to refocused of capital not we fair share stock, We acquisition the does our while real value. today's in inherent strategy. valuation the First, in program. our reallocated paused capital given valuations, reflect value we allocation And price portfolio. is believe there current discounted We estate program repurchase common own our and our our
As term. a our result, million have we We of over believe these to will $XX long results purchases repurchased be stock. common over impactful the
the buyback to million reallocated be elect remaining buyback, the stock terms to further leverage. is market program. In amounts we not to and $XX the our authorized, reevaluate will that continue continue reduce in future any If we'll with uninvested conditions of
gradual placing a from achieve achieving leverage successive on shareholders been raise. capital of reduction Second, acquisitions that frequent metrics out We levels our has the leverage each topic with in past. lower lower would laid previously by plan level a a
the we not half to and program With million the cash we the stock $XXX time the remaining yet now deployed, accelerate proceeds reduce plan. in that the gross in overall $XXX we raised to is the last use Of XXXX, up the felt capital from proceeds second equity of raise to decided million for this buyback to approximately leverage.
$X.XX income for leverage, common and from level of dividend allows to was many tough dividend we share an common know the for This us defensive a of these of operate Third, component The discuss impact our the is stock strategy be pivots Tony under per as more these with lower dividend reduced The we are stock reflected shareholders. believe adjusted decision quarterly will been important guidance us share. we and our has conditions. our will specifically. established $X.XXX per to economic that to in quarterly updated
well comments, rationale economic To environment. pullback. current the We've my current our heading into the strong want to us reinforce have you tenants. expect properties were focused decisions to the having always well-located and can we round for off how strategic made navigate and I on cities underlying in positioned We high-credit
their are work employees confident remotely While be in well and that we time, cities our recover, are will that future, more the positioned. there will allow we and over to employers properties
less continue underpin the to moving lower to of success our These markets the trend play that out. high-quality believe towards life our company. of Southern confidence We in factors U.S. the long-term dense, in cost, Western will and the
believe manifest the we economy significant in and to portfolio will continue our However, the term. near that on impacts
interest operate we such, of continue intend to cautiously As shareholders. our the long-term protect to to
lower and term. decisions. optimally than We the leverage will to maintain allocation and wait-and-see ourselves long Rather levels, a we've review our current position for of approach, utilize measures weather capital levels liquidity, environment we'll continually taken higher the
to further will on results. financial to I turn over that, the With provide details our Tony call
