Brendan, Thanks, everyone. and morning, good
are and has first and by workers, other an for for This rallied especially our challenging healthy. the incredibly have you I all and are saying, Americans, all start for me affected around responders, hope are been country care well pandemic. our weeks Let safe and your health families nurses, the those economy, the effort grateful who doctors our COVID-XX but we of first by six
property highest same grew impact office history, feet XX.X% rent Before of leased We results on and of $X.XX office financial X.X% foot like in-place NOI We of our pandemic's GAAP square the company's I and rent quarter. per cash square the rents X%. FFO first Average year-over-year. and of cash I for business, to turn our XXX,XXX would update economy the delivered of space everyone in on the growth to gen cash first share, per X%. our growth second with
Development continues Highwoods. to be a growth driver for
square XX% Our development million that $XXX XX% represents pipeline a investment foot pre-leased X.X and funded. million is
Nashville, in and has throughout later II on construction We schedule and work Midtown dates this One in the in remain and Tampa Virginia We the our to in in-process Nashville, Raleigh, varying completion budget continued Seven report projects, GlenLake are year pleased XXXX. Springs Asurion for four throughout pandemic. on on
NOI will be Our than which upon generate in pipeline million less of generated million more $XX than is projected of and to $X completion stabilization, XXXX.
the during the Tower. rate X.X using X.X% of XXXX the of Greensboro first excellent cap These blended told, cash compared to completed of reinvest of quarter. acquisition plan America the Charlotte quarter and for sales the deliver Memphis for $XX.X to will first exit BofA with and sold X.X% Memphis during XXX,XXX that the GAAP fourth high-growth roster and of Bank to strong we many Greensboro garnered During phase million of a with years square All capital for market and the into markets Memphis customers. the for we the flow Tower, square feet come rate million quarter, our in million its acquisition cap of feet NOI, in which $XXX.X XXXX creditworthy
As acquisition cash phase to and and exits, Tower our run-rate. of Greensboro is one flow with Memphis of projected, our our America FFO market Bank run-rate of coupled to savings, G&A accretive and neutral our
had slow a by Now, spread turning large our Even unprecedented efforts virus has economy. likely businesses long US nationwide financial pandemic. it too believe to recover remainder COVID-XX pandemic. the caused on dislocations severe XXXX the will is for shutdown and of our The how COVID-XX US to early the first economy. our still the the how adversely we It take significant by strong to to the quarter impact predict deep is of results it with of the effective be impacted will COVID-XX the from segments of obviously performance,
uncertain defaults lost its customer activity, on from of speculative potential non-cash impact too Given are project. fluidity straight-line and the to economic rents pandemic and write-offs the
As a result, losses. $X.XX per any $X.XX of potential excludes outlook to FFO updated our share
facilities increasing low gradually All throughout usage assets and fourth has our Obviously, available than June remained of and in of April significantly the normal been parking and expected to in in pandemic. and have open the before third our buildings May is lower remain quarters. customers to and our
in and utilities partially expenses, a revenues. janitorial, parking offset as corresponding decline Fortunately, such lower variable will
from few We items expect impact to flat the on net pennies. to a be down XXXX these FFO
be $X.XX offset we be activity. partially currently $X.XX on renewal than While impact slower still although spec share will believe anticipated, estimate to FFO the per net early, originally We by lower. higher leasing XXXX to
As a our entered exposure. to Brian strong XXXX rollover we last regard on in with call, position our mentioned
success, form market no and regard for industry have no no industry of will and the our geographic detail rollover our years. customer, federal diversification. more our the into our on long us impact accounts percentage accounts than in more customers emphasized and relief more rents customer XX%, revenues, Brian requested points: X% highlight base, than having revenue a as forward future managing pandemic's exposure for than to we to even other XX April. rent of with importance requests, will go a our cumulative for of expiring Currently, exposure of I XX%. the category more first we leaving about significant few the government for more only customer lowest the During of have With process for First, leasing have remainder with contractually-required than that our date, we those and but some XX% our X.X% XXXX quarter, de-risked accounts collected of rollover three-year during
we lease temporary payment have a our revenues. the rent flexible abate a of retailers, have of consideration annualized about where care agreed defer, some customers In a X% XX% for deferrals have some and not date, practices -- these Second, to relief who agreed represent abate, extension. represent revenues. currently so limited providers. we agreed but restaurants, rent to Many amenity we cases, we rent are that believe for period temporary health our have have to as of of cases, office merit, To time. of In term approximately other grant small
relief requests industry have requests. are have from the we made rent to in many received opportunistic as referring who what customers creditworthy Third,
indicate the Our is relief. this view losses not merit a customer-specific of currently point is quarter. Fourth, during aware obligations temporary at not material customers' these likelihood company rent do second circumstances the facts any of any contractual that or
sheet, leasing our this will hand, for expect we and with June including prudent, to our with originally no we have planned year, for restroom rest Turning be full on projects delayed leasing of million debt $XXX we certain slow, XXXX. To BI currently until Plus, balance upgrades. believe lobby that and expectation have lower spec credit CapEx some the under our cash liquidity. we availability maturities facility XXXX; ample
to all customers our the renewals sheet; environment. big expenses sacrificing focused feasible capturing economy in financial our open keeping design as liquidity development Highwoods; or with near-term, creatively extent time that uncertain go possible to everyone significant on on the long-term is greatest know, their fully where given budget; and projects operating re-lets mutually-beneficial Fifth, our for Sixth, working Third, and The opportunities; here? solutions impact First, as don't We on: and minimizing fortress balance and operational; buildings keeping from are on question tenancy Second, Fourth, the and we this does but leasing without performance maintain without many maintaining
are will any run, this the given are of begin believe opportunities the In our sheet we zero to economic the capitalize that there the by the long well-positioned and some demand disruption. cautiously six gone has for activity but available The continues space. stay-at-home not volume four past of be to during orders, during we interest to reopens. to to economy slowed Even back-filling as balance has optimistic obviously strength on weeks, created weeks we showings rebound
once we discussions For sense mantra number potential our rents, underwriting a capital of now, disciplined and we economy acquisitions, regarding a on for to be better of to we Rest we cost customer resume have down have potential being are although assured, reopens to the limited our and allocators. in pencils true deals, demand, of continue order but capital own opportunistic, stay valuations will build-to-suits.
about like I a Before few to teammates to here Brian, call say our I'd over Highwoods. words at the turn incredible
work encouraged of to who have that positive and Since mid-March, the fully pleased few for tested are report recovered. who employees COVID-XX actively dependents have We can and employees ours we such so. as with from tasks. teams and to handle Employees home cannot property-related maintenance essential and HVAC each home, to technicians, respective work other collaborated from our do local leadership have who supported
during closing Whether our this lines working filing on to the buildings co-workers open including collegiality, that the our continue for our our be keeping tenacity the the amazed home smoothly, dedication or pandemic. single-day well-maintained and exhibiting We books, this front XX-Q have preparing our running call. business from been by and keeping every and
thank their the have excellence Highwoods of continued for co-workers they to Our we sincerely with them personify do standard and everything efforts.
Brian?
