Thank everyone for joining you, morning. you Rob. this And thank
are all healthy. hope us foremost, family safe and at and your and Paramount First of that you
We of States. and are continue evolve global to pace. in of circumstances that the at United the unprecedented surrounding an caused disruptions cause has the COVID-XX The severe outbreak in to of continues The midst economy, a currently crisis. rapid including COVID-XX
Specifically, change has on restrictions located, and the San officials New majority in York Francisco, that facet daily of orders, in instituting all markets pause we and by and quarantines reacted every of the assets our place which and and uncertainty rules, It are operate. dealing have can sheltering travel, operate of on levels our lives. extraordinary restrictions us business in of types with where
everything operating this local doing ensuring and from while risk. don't buildings our the We're and are and the we state beat most our highest is through tenants to measures extraordinary we as to help we our comply of all CDC team proud support officials safety responsibly, and can Paramount remain While to guidelines and employees. those priority, that taken health this crisis time. health open safety ensure a and with all everyone on I'm navigating extraordinary miss federal, have incredibly manage of protect directives at
greater guidance these prudent with quarter found minutes like uncertain to cover solid I'd XXXX results our few results in We it backdrop, our that a our internal reported night, pre-COVID-XX. withdraw provided will our talking expectations. line in our about spend and guidance and we we business. With to times, detail. were financial first Wilbur, which last Amidst
rent. operational and From much to viewpoint, been has of an focus on their ability the tenants there health our pay
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would manner. I pay characterize a what that timely these and of contractual in ability we their the in as to obligations from are nature, believe rental opportunistic Some tenants have are requests
of We or will deferrals. process modifications these on translate are and to not in of ultimately all rent the requests into basis, evaluating leases a these requests case-by-case
pace far tenants. Notwithstanding March thus month. these with collected prior requests, April To we have total rent we in at April's monthly is that XX% approximately collected quantify, billings have a and collections line our to of
serves for a several Our building, undoubtedly office of tenants, Paramount a specifically, will collect reflects relevant the high-quality of we our result amenity benefits said, months office-centric the extent XX%; impact That being no exposure total comprised to where rents office we do crisis, know to blue-chip as overall. very of the of of more remain from to monitor credit to our of next portfolio the economic is high the reveal the the tenants, trajectory less this are retail exposure as rate impactful collected as at an portfolio, and this restart continues the what retailers pandemic length today. the of that retail. most economy limited Unfortunately, a to and to tenants, itself. have co-working, But unknown built quality importantly, and we impact, this be is
had over COVID-XX slowdown tremendously, the in as and front, it On two dropped in to crisis off particularly first say, to square decent XXXX for months off our XXX,XXX to the the of we're has we Regardless, the for March. markets pronounced which start, quarter, a feet. of first in leasing leasing a we the portfolio. broader both a solid led in operate, onset activity Needless leasing
but pause however, and leasing just to have a have There to tall Barclay which been the during a of XX% hope It by which on conversations a continue original quarter's call. year-end, pre-COVID-XX, saying, was We active incredibly a leasing goal of tours couple space next new our report to tenants, with on in goes we without has, to our order itself halt. taller. come lease got
priority. in be letter, immediate although Chairman's our As achievement, my said will remains likely now most XXXX I this a it
everything can doing to space. this lease are we We
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in for So is required the activity It will outpace near-term, deals. our expectation outlays means activity. capital otherwise than that leasing would be new that less renewal be also new will
from asset very remained On Pennsylvania during effectively allocation a bicoastal us an resilient million. early we in we In to market, exit the remaining the capital Washington D.C., entered agreement the completes for making world. front, The two March, Avenue, Washington XXXX $XXX last quarter. D.C. this first sale of in the REIT most of asset our sell into active in our markets
reported, to close this previously fourth we As in quarter. the expect transaction
repurchasing share of Beginning in aggressively we our $X.XX. began in late February, and and price average severe the began a opportunistically our price, weighted shares. the we we XXX March, end dislocation to stock of By at of our see million another repurchased
effectively take opportunity cash stated of the we sale this neutral in the execute As manner. our our price our existing program by of on this a by from XXXX chose in we buyback have past, In pre-funding from our balance to advantage in using goal instance, to share share leverage buyback sheet. the is
Broadway. our price, should perspective. market in size-wise and is announced per It we next the knowing our property transaction XXXX is XXXX and month. certainly billion all and $X.X give estate real a the severe or levels from portfolio, stock $XXX is our foot, value on valuation stock the the of comfort Additionally, at in of currently underlying great sale trading. versus our X, largest square both our to shareholders volatility asset close dislocation of the XX% which the values The at amidst expected April
the thing investors to transaction, received community Notwithstanding more. from the feedback why is great tax answer not and with from investor The is we reality all XX%, simple one also we the and this planning. respect heard
I the longest-owned and is the happens Paramount be portfolio, As in before, said our to largest also assets. asset XXXX
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and of even is today's The retaining maintaining liquidity environment. more essential in proceeds importance
improve cannot control obviously this at to parts the is from the can we focus Our and of manage on economic COVID-XX. our point since fallout business control, we
can assured shareholders Our has uncertainty this position. financial period of be that entered strong their in company a
the $XXX $XXX At cash deployed substantial navigate Our crisis. our XX% down share million revolving million sheet of drew efforts million, facility, after into bringing and was liquidity our that onset, this position $XXX buybacks. will roughly is to on we is and balance credit support the that to or
position and $XXX transactions additional costs. billion the enhanced liquidity facility; our quarter-end off-late. the only been will after credit was undrawn our in and severe million markets stock including $XXX XXXX subsiding will billion, $X.X The has capacity proceeds Our of closing upon volatility liquidity transaction on the additional excess XXXX of $X yield at in be which million
and in dislocation of Francisco the the New However, office is including focus suites, stock prices San City York CBD ours, not.
economic of being is which look the defensive is we in a it posture the we current why measured prudent. frustrating, to uncertainty outlook, also maintain While recognize more and
the a of better today be is whole. will as Our have our we maintain preservation foremost the and liquidity, capital priority until ample on to goal visibility economy
uncertainty of that on earlier, our those is business our can. areas stated this controlling period we during I of As focus
and Given high cycles A challenged resilient have future the history, thoughtfully XXV prospects through confident most in I'm for a the portfolio quality because markets two deliberately in [ph] of successfully of very our world. economic to and in proven build the Class ability our assets other navigate we of
weighted high is Our years. of of mix to leased terms average a tenants portfolio lease credit-quality diverse with seven over larger, XX%
is our which about for annualized office-centric, business accounts rent. XX% of Our
account limited to incidental annualized of very X% for have rent. other and which only together We exposure operations, our retail
which a sheet with at balance strong at have ample billion $X.X approximately liquidity, stood quarter-end. We
cash sheet. proceeds our position We expect $XXX million with strength realize sales, balance additional the further to asset our of liquidity from and enhancing approximately
and next we economy, actions will XXXX; and and and until taken ahead doubt confident is all the quarter no lie debt that secured around us, being the decisive debt the But in am of near-term thoughtful as have maturities I fourth challenges together, We the sectors, That adversity. maturity world, no the isn't our being non-recourse. of public private overcome debt of our said, and and whole. this the country light in for a
our I to of provide turn to the Peter additional will that, With insights leasing. call
