You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Both are now available on the Investors section of our website, americanassetstrust.com.
We recently released our 2019 annual report that we prepared during the first quarter of 2020 prior to the COVID-19 pandemic.
The theme of our annual report was being grateful.
During these unprecedented times, we are even more grateful, great for our colleagues, investors, banking relationships, research analysts and our families and our great portfolio.
We are grateful for the first responders and healthcare workers on the front lines and the research taking place to find a grateful find a vaccine.
We are grateful for all the little things in life that we have often taken for granted.
One thing is certain that together, we will get through this period of history.
This question is how we will be impacted and what we will look like on the other side, we are not immune from the pandemic.
We too feel the bumps and bruises along the way, which Bob will talk about in more detail.
But overall, our expectations and confidence is that our high-quality portfolio in Coastal West Coast markets, combined with a low leverage balance sheet, will pull us through this period in history and come out better on the other side.
Reducing the dividend is heart breaking for me.
It's not the track record that we wanted.
And we've done it with regret and humility.
But in the absence of caution during these periods of times, the Board thought it was the thing to do.
We will ask the Board of Directors to reconsider making up the shortfall in subsequent quarters as soon as we can see the retail sector starting to rebound.
Following Bob Barton, our EVP and Chief Financial Officer, and will end with a quick update on the office leasing success that Steve Center, our Vice President of Office Properties is seeing.
From an operations perspective, in early March, we quickly mobilized to implement our business continuity and crisis management plans to help protect the health and safety of our employees, tenants and vendors and to maintain consistent open communications, both internally and to our stakeholders.
Our entire employee base continues to either work remotely or on-site at one or more of our properties.
Employees are generally only on site, if necessary, to either maintain critical building systems, ensure any essential businesses that are properties are properly accommodated and to provide resident services at our multifamily properties with skeleton rotating crews when feasible.
Each of our properties remain open and operating, while following all local, state and federal directives and mandates.
Across the board, we have increased security and implemented additional health and safety protocols at our properties.
However, we have scaled back other property management services to be more in balance with the current needs of those essential tenants that are opening, which we expect will help reduce property operating expenses.
Additionally, we have determined to delay most nonessential building improvement in common area projects, except for work already under contract.
As expected, we have received a myriad of rent relief request.
The vast majority from our retail tenants, many of which we believe to be opportunistic in nature.
The majority of such requests are from restaurants, salons, fitness centers, gyms and apparel stores.
Not all tenant requests will ultimately result in rent modification agreements nor are we foregoing our contractual rights under our lease agreements.
However, for those tenants that we agree to modifications or concessions, we may support them during the short term, in ways that we believe will benefit us over the longer term.
We are also asking for some cash or other consideration from our tenants as part of the modifications or concessions.
Finally, we have begun preparing our return to office plans in each of our office markets so that we can quickly disseminate such information to our employees and tenants once regulatory authorities begin to lift or relax, stay at home orders and implement market-specific restrictions.
Last night, we reported first quarter 2020 FFO of $0 56 per share and net income attributable to common stockholders of $0.20 per share for the first quarter.
As previously disclosed, we withdrew our 2020 guidance on April three due to the uncertainty that the pandemic would have on our existing guidance.
At the time we withdrew our 2020 guidance, we believe that we are on track, approximately a $7.6 million reduction in our dividend distribution from Q1.
The Board decided to do this out of an abundance of caution due to the uncertainty during this pandemic, even though we believe our balance sheet and current liquidity remains strong.
There is actually some science or math that supports the reduction that was made in the dividend.
What we did was to multiply each sector's cash net operating income by the percentage of cash collected on April rents billed through April 15.
Office is 49% of our cash NOI, and we had collected approximately 90% of April billings.
Retail is 31% of our cash NOI, and we had collected 43% of our April billings.
Multifamily is 12% of our cash NOI.
And and we had collected 92% of our April billings.
We have won 369 room hotel in our portfolio, which has been the number one performing Embassy Suites hotel in the world since we opened the doors in December 2006.
It is known as the Embassy Suites Waikiki that sits on a retail podium referred to as Waikiki Beach Walk.
The Embassy Suites Waikiki is 5% of our cash NOI, which is currently running on a skeleton crew with a minimal occupancy ranging from 5% to 15% based on Hawaii shelter in place order that has been issued through May 31.
Accordingly, we are not expecting any increased occupancy until this order has been lifted.
When you add these percentages up, it is approximately 68% of cash NOI and applied to a $0.30 dividend, it supports a revised dividend of approximately $0.20 per share.
We also believe that from a risk perspective, diversification is a plus and lessens the impact from uncertain times like this.
It is also worth noting that since our board determined our dividend in April, we have seen an uptick in April rent collections.
Such that we have now collected approximately 94% of office rents, 47% of retail rents, including the retail component of Waikiki Beach Walk and 94% of multifamily rents that were due in April 2020.
Other than our One Embassy Suites hotel that represents approximately 5% of our NOI, our retail sector, which represents approximately 31% of our NOI is obviously feeling the most impact with approximately 47% of April billings collected.
Approximately 24% of our retail tenants are considered to provide essential services and remain open during this period of time, and the balance of tenants are considered to provide nonessential services, which we are working with to create a positive outcome for both parties.
We expect the second quarter will be the most difficult, but we believe that we are well prepared with a strong balance sheet and strong.
As we look at our balance sheet and liquidity at the end of the first quarter, we had approximately $402 million in liquidity comprised of $52 million of cash and cash equivalents and $350 million of availability on our line of credit, and only one of our properties is encumbered by our mortgage.
Our leverage, which we measure in terms of net debt-to-EBITDA was 5.6 times at the end of Q1.
Our focus is to maintain our net debt-to-EBITDA at 5.5 times or below.
Our interest coverage and fixed charge coverage ratio ended the quarter at 4.3 times.
Additionally, in early April, we drew down $100 million out of the $350 million revolving line of credit, under our line of credit for working capital and general corporate purposes and to ensure future liquidity given the COVID-19 pandemic.
And finally, with respect to the $250 million of unsecured debt maturities that come due in 2021, we have options to extend the $100 million term loan up to 3 times with each such extension for one year period, subject to certain conditions.
And the remaining $150 million unsecured Series A notes do not mature until October 31, 2021.
We have continued to drive brands and further stabilize our office portfolio.
We ended the quarter at over 94% leased with only 9% of the office portfolio expiring through the end of 2021.
City Center Bellevue remains 99% leased, but we continue to expand and extend our existing customers at much higher rates.
We completed a full floor renewal with a major financial firm at a starting rate that is approximately 66% above the ending rate.
Portland has also remained very strong for us.
Our Lloyd District office buildings remain 100% leased.
We recently completed a full floor lease with an energy-related company with a start rate approximately 28% above the ending rate of the prior customer.
Similar to the 830 building at Oregon Square, we are currently redeveloping the 710 building, a 33,276 square-foot building that we hope to deliver in early 2021.
In addition, due to the increased demand from our existing customers, as well as other tenants in the market, we are in the early stages of design development of two new office buildings on the two remaining blocks at Oregon Square, which we will continue to evaluate pending market conditions.
At First & Main, we succeeded in Gate Bridge.
The fully renovated approximately 102,000 square-foot building will provide an 85,000 square foot contiguous opportunity to hopefully be delivered in mid-2021.
Finally, our San Diego portfolio stands at approximately 92% leased versus the overall Class A market at 89% leased.
two of the 14 buildings at Torrey reserve represents 65% of our San Diego vacancy.
Both have renovations and design development, and we are aggregating spaces into larger blocks, which are scarce in UTC and Del Mar Height.
Solana crossing now stands at over 95% leased.
And Torrey point is on track to be 97% leased with a recent expansion of one customer, a pending expansion of another and AAT's move later this year.
The two existing towers of La Jolla Commons stay 99% leased.
Additionally, we hope to have a building permit in the next few months for building three, and we will evaluate commencing construction as market conditions continue to evolve.
That said, we remain bullish long-term on the UTC market.
Direct vacancy in Class A buildings in UTC is just 3.3%, with only 0.5% of sublease space vacant, and we expect continued significant new demand driven by both life science and technology users.

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withdrew its full year 2020 guidance that was previously issued on october 29, 2019.

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