good morning, and Brendan, everyone. Thanks,
Let and hope safe you are me well I start all are families healthy. your by saying and
that safely of employees feel healthy everyone opportunity ensure office, report are while have our our to are a to schedule, that all to implemented productive and expirations substantially over giving ample our few pipeline fund with Plus, pipeline. future the sheet We development country balance remains maintain we economy. customer leasing pre-leased capitalize opportunities. the of large we on available years expenditures powder have rotation practice we the this and development to and to our are social growth COVID-XX time our on operationally us positioned ample We distancing. near-term this It difficult prioritize helps of in given to safe employees of realize pleased we for effects our safety comfortably in and objectives, the handle our the health achieve offices. predict has coworkers benefits believe which To of lack in well incredibly an downturn our This and next to capital company's to our together economic impact to been overall having challenging activity. the dry twin workplace. duration our unique while fortress continue pandemic are and and its Obviously, sharing the of culture severity the in a liquidity returned our
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second campus. and X,XXX These publicly Charlotte; pandemic. Raleigh, Bandwidth, a the XX Atlanta; announcements Centene, using jobs job have the headquarters X,XXX new in company, notable Microsoft jobs headquarters new announcing quarter long-term These traded Coast from of billion East illustrate results. in to X,XXX even company, Fortune first company of support sold second delivered Some include occurred a markets foster which equals reflected Further, and a midst attractiveness In our the office with and job of and per planned $XXX in in announcements first in lost creativity properties in-person our new quarter with quarter in a the software share, of collaborative $X value the we strengthen our million full culture. environment notion companies still the quarter, the quarter. a of FFO markets $X.XX NOI
Our the challenging economic financial were conditions. excellent, especially considering results
the up XX.X%, with sequentially; excluding the GAAP strong with cash growth points XXX,XXX XX.X% economy We is addition square of speculative. difficult NOI economic rent of year-over-year. rent growth shape rents same-property X-quarter metrics growth in-place of And it net to and we with cash like and occupancy CapEx, were the higher FFO, prior than rents leasing stated predicting was still impact temporary second-gen go In here, solid recovery last limited our We XX X.X% the X.X% would portfolio done effective up quarter, cash too average. to deferrals; where leased feet and feel of of drove this X.X%, basis which space X.X%. predict from was rent office our
are XX% occupancy each time Temporary as position given and working our leasing minimizing of us that performance environment. equate as including up rent modestly operating to renewals reported development with on the have believe fully uncertain buildings a we term: relets projects we start budget, keeping our and possible which We've deferrals maintaining our in our on balance maintain and figures quarter month, call. payments, opportunities of this and best near collection to keeping operational, revenues, expenses strong So without the annual X.X% since operating timely pandemic, or and rent since on focus first open the the capturing items sheet, sacrificing strong rent July. maintaining and month many at customers following liquidity every been our
new since mid-May. dropped significantly requests relief have rent Importantly, off
for federal this accounts uncertain market than more of long industry have category than customer than XX%. no No geographic significant accounts for in diversification well customer, and This revenues, importance the XX% macroeconomic our is serving X% accounts We environment. more emphasized across for diversification more than government no industry us portfolio. having of and other
updated our XXXX to Turning outlook. FFO
pandemic the of noncash are Given write-offs potential and too rents lost and to activity, from still its straight-line impact project. fluidity economic customer speculative on defaults the
share of end, result, FFO our is $X.XX, such share $X.XX to low potential a up updated any outlook per excludes the which As $X.XX losses. per at
significantly have Obviously, the All of facilities normal pandemic. parking our second than assets buildings throughout in quarter. lower and the to our of available open customers remained was usage our and
July, to but is reflected We usage fourth building now revenue low, in impacted, As operating expected, expenses. we with in parking remain lower which were our to expect third was and quarters this negatively a offset X early able in projected the were a In on outlook. Xs rate GAAP based and noncore occupied updated sold at properties million. Memphis These we were NOI. cap low XX% sold XXXX properties for $XX.X combined
scheduled a year. we We under million to later the contract that process continues the are for Development Highwoods. dispositions have stages various have sale outlook dispositions us driver be to growth this close in other bring our that of properties low our outlook. comprise million, high end These the of of $XX noncore and of end $XX another of to could
Construction million Asurion square in the Our XX% in-process Tampa remain throughout GlenLake schedule on X pipeline investment Midtown Nashville, in pre-leased has and One projects, work Raleigh, pandemic. II budget Virginia with in X.X in represents on XX% $XXX these million Nashville, funded. Seven that a our foot and continued Springs We development and is projects. on
of our million NOI and upon will which reminder, stabilization, $X in to a $XX generated completion As million pipeline is less more XXXX. than generate than projected of annual be
pandemic pre development additional anchor compared next be opportunities build-to-suit are during pre-leased but New quarters. prospects. still pre-lease activity hopeful secure to and from the conversations slowed several to and remain levels, we will have inquiries We highly there down able
seamlessly dedication appreciate disrupted our shown our over Before We I'd routines were the a lives I our also couldn't countless in we is like team, more many few for and by in Their thank teammates at financial of and be since second about adapting virtual our to sincerely but we leasing the to processes examples, call has operations, areas coworkers to to exhibited to so the building our adapting say or our in pandemic. them also. evident maintain incredible to hard outstanding proud file normal new work day Highwoods. working here turn words through Whether performance have daily and results the our Brian, Brian? every that greatly quarter, other tirelessly tours it XX-Q, efforts.
