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Text: Both are now available on the Investors section of our website americanassetstrust.com.
First and foremost, I would like to wish all of our stakeholders and their loved ones continued health and safety during these truly unprecedented times.
We remain optimistic that a vaccine will be forthcoming over the next six to nine months and trust me, I'm going to be one of the first in line.
But nevertheless, we are prepared to endure a prolonged pandemic with our solid balance sheet world-class properties and tenants, and incredibly dedicated and competent employees.
Fortunately now, the second and third quarters are behind us and I can tell you that our operations and financial results were nowhere near as catastrophic as my worst case projections that we modeled in April 2020.
As most of you know, for many years -- for many years many outsiders believed our asset diversification was perceived negatively relative to any of our best-in-class peers.
However, we now know that our ownership of a combination of irreplaceable office, multifamily, retail and mixed-use properties as opposed to a single asset class provided us with much needed stability and protection from the risks associated with the changes in economic conditions of a particular market, industry or even economy, such as those changes created by COVID-19.
Would we have declared a larger dividend?
Yes, probably and I would have benefited more than anywhere, but as fiduciary store stockholders and its staunch defenders of our balance sheet, we felt it's most prudent to remain conservative on our dividend until there is more visibility into a vaccine and an economic recovery.
In any case, a year or so from now, once there is a vaccine, we expect to look back and hope that this will be nothing but a bad memory.
One of our primary focuses over the past quarter has been collections in our retail segment.
We are pleased to have made meaningful progress on that front where we began the pandemic initially collecting approximately 40% of retail rents in April to collecting approximately 80% retail rents in the third, quarter a number that we expect to get better.
No doubt this was in large part due to the tireless work of our in-house collection team comprised of our property managers, lease administrators, legal staff and direct engagement by our executives with retailers.
And though we remain sensitive and at times accommodating to the financial challenges of certain impact to tenants, we have certainly taken a more aggressive position with better capitalized tenants knowing the high quality of our underlying real estate and the clear rights we have embedded in our leases.
We expect those tenants to adhere to their contractual obligations and we continue to refuse to agree to deals that are not in the best interest of our company and our shareholders.
As such, we expect our third quarter collections to improve further as we continue our efforts, and in fact we know more significant checks and wires are currently in transit from tenants on account of third quarter collections.
Our most notable collection challenges in the retail segment remain with our movie theaters, gyms and apparel stores as well as many of our retailers at Waikiki Beach Walk which until mid-October, had no incoming tourism to sustain meaningful revenue for our tenants.
It is likely going to take several more months or quarters for us to have better visibility -- recovery by these more challenged tenants.
That said, our focus continues to prioritize long-term strategic growth over the short term.
So, we've entered into lease modifications that have provided certain tenants relief during the pandemic by way of deferrals or other monetary concessions where necessary, provided we obtain something in return whether by lease extensions, waiver, a certain tenant-friendly lease rights or incremental percentage rent.
Otherwise, we intend to pursue all means to enforce our rights under leases, including litigation as necessary, particularly for those unilaterally withholding rents when we believe they have the funds to pay.
Additionally, we are pleased to report that 100% of our properties continue to remain open and accessible by our tenants in each of our markets and anecdotally the majority of our employees are voluntarily working in person at our properties or at our corporate offices each week while taking absolutely all prudent safety precautions, despite having the flexibility to work from home.
We continue to firmly believe that post pandemic, being together in person will promote much better productivity, collaboration and innovation and we expect and I've heard similar sentiment from the majority of our office tenants.
Finally, on the election front, we are closely following two propositions on the California ballot that take direct aim at commercial real estate.
Of course, we are firmly against Prop 15 which would eliminate Prop 13 Taxpayer Protection.
If it passes, we would not expect it to create an immediate, meaningful impact to our company but rather would place a significant pass through financial burden on our tenants at a time when they are already struggling, not to mention the likely negative impact of those property taxes on future rent growth.
And also, we are against Prop 21 which we believe is a flawed measure that would implement a significant amendment to existing rent control laws on the multifamily side, limiting landlords' rights and likely making the housing crisis in California even worse.
We are contributing, our resources to impose those propositions.
While the challenges we face today are complex, whether relating to the pandemic, racial, [Indecipherable] technology or legislative matters to name a few, we do believe that we are well positioned to navigate through and manage these challenges with, as Ernest mentioned our best-in-class assets, our 200 talented and dedicated employees and the strength of our balance sheet.
Last night we reported third quarter 2020 FFO of $0.44 per share and net income attributable to common stockholders of $0.08 per share for the third quarter.
Let me begin with my perspective that I am optimistic with the overall performance of this portfolio, even in light of the pandemic we are all going through.
We too are feeling the bumps along the road like everyone else in our sectors.
What makes me optimistic about our portfolio and its future are the following.
Number one, our collections of monthly recurring billings continue to improve in Q3 over Q2 with total collections of approximately 89% in Q3 versus 80% in Q2.
Number two, we believe we have ample liquidity to weather the storm that we are going through.
We prepared for the worst-case scenario by modeling a $50 million quarterly burn rate at the beginning of this pandemic, not knowing what we were going into and in Q2, our actual burn rate was approximately $6 million.
In Q3, we ended up with a cash surplus of approximately $9 million and this is after the operating capital expenditures and the dividend.
We started Q3 with approximately $146 million of cash on the balance sheet and ended Q3 with approximately $155 million of cash on the balance sheet, primarily as a result of increased cash NOI, quarter-over-quarter due to our successful collection efforts outlined earlier by Adam.
Number three, we have additional liquidity of $250 million available on our line of credit, combined with an entire portfolio of unencumbered properties with the exception of our only mortgage which is on City Center Bellevue.
Number four, we believe we have embedded growth in cash flow in our office portfolio with approximately $30 million plus of growth in the office cash NOI between now and the end of 2022 as Steve will discuss later.
And lastly, once we get a vaccine, we believe our high quality West Coast portfolio will rebound.
We believe our Embassy Suites which is currently at approximately a break-even cash NOI will rebound based on its location and tourism.
On October 15, Hawaii allowed tourists to come back to the island as they can demonstrate that they have had a negative COVID tests within the last 72 hours.
On the first day, there were approximately 10,000 tourists that landed in Hawaii, we expect that tourism inflow to continue to increase each week and to start benefiting our Hawaiian properties over the coming quarters.
Let's take a moment to look at the results of the third quarter for each property segment.
Our office property segment continues to perform well, as expected during these uncertain times.
Office properties excluding One Beach Street in San Francisco, which is under redevelopment were at 96% occupancy at the end of the third quarter, an increase of approximately 2% from the prior year.
More importantly, same-store cash NOI increased 13% in Q3 over the prior year, primarily from increases in base rent at La Jolla Commons, Torrey Reserve campus, City Center Bellevue and the Lloyd District portfolio.
Our retail properties continue to be significantly impacted by the pandemic, although the occupancy at our retail properties remain stable for the third quarter at 95% occupancy which was a decrease of approximately 3% from the prior year our retail collections have been challenging during the pandemic, as reflected in our negative same store cash NOI.
Our multifamily properties experienced a challenging quarter, as same-store cash NOI decreased approximately 5.4% due primarily from the increase in average occupancy -- or I'm sorry, due primarily from the decrease in average occupancy at Hassalo in Portland, offset by favorable master lease signed with a private university in San Diego area at the beginning of the quarter.
On a segment basis, occupancy was at 87.5% at the end of the third quarter, a decrease of approximately 3% from the prior year.
We expect our occupancy to return to normal, stabilized levels at Hassalo as we have recently adjusted pricing and concessions.
With these adjustments, in the last 10 days we have already seen leasing traffic increase from a weekly average of four to six tour's per week, to 10 to 12 tours per week.
We have captured a total of 11 new leases in just the last week.
Our mixed use property consisting of the Embassy Suites Hotel and the Waikiki Beach Walk Retail is located on the Island of Oahu.
The State of Hawaii remained in a self-quarantine throughout most of the third quarter, significantly impacted the operating results for the third quarter of 2020.
The Embassy Suites' average occupancy for the third quarter of 2020 was 66% compared with the average occupancy in the second quarter of 2020 of 17%.
The average daily rate for the third quarter of 2020 was $209, which is approximately 40% of the prior year's ADR. Waikiki Beach Walk Retail suffered considerably with virtually no tourists on the island until recently.
We are working daily with our tenants at Waikiki Beach Walk to formalize a recovery plan that benefits both our tenants and the company utilizing all resources necessary, including state and city grant programs and lobbying efforts.
We had COVID-19 adjustments amounting to 2% of what was billed in Q3 to our tenants and the balance of approximately 9% is the amount outstanding of what was billed in Q3.
This is compared to the second quarter collections of 81%, COVID-19 adjustments of 5% and Q2 amounts that were billed and still outstanding of 14%.
This is compared to a bad debt expense accounts receivable of approximately 14% of the outstanding uncollected amounts at the end of Q2 and bad debt expense of straight-line rent receivables of approximately 7% at the end of Q2.
It's easy to get confused on all these percentages.
However, from a big picture perspective, at the end of the third quarter, our total allowance for doubtful accounts, which reflects the cumulative bad debt expense charges recorded totals approximately 39% of our gross accounts receivable and approximately 3% of our straight-line rent receivables.
Let's talk about liquidity; as we look at our balance sheet and liquidity at the end of the third quarter, we had approximately $405 million in liquidity, comprised of $155 million of cash and cash equivalents and $250 million of availability on our line of credit, and only one of our properties is encumbered by mortgage.
Our leverage, which we measure in terms of net debt to EBITDA was 6.7 times on a quarterly, annualized basis.
On a trailing 12 month basis, our EBITDA would be approximately 6.0 times.
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 3.6 times on a quarterly annualized basis and 3.9 times on a trailing 12 month basis.
As it relates to guidance, as previously disclosed, we withdrew our 2020 guidance on April 3 due to the uncertainty that the pandemic would have on our existing guidance, particularly in our hotel and retail sectors.
Until we have a clear view of the economic impact of the pandemic or more certainty as to when a vaccine becomes available, we will refrain from issuing further guidance.
As Bob said earlier, at the end of the third quarter, net of One Beach, which is under redevelopment our office portfolio stood at over 96% leased with just under 6% expiring through the end of 2021.
Given the quality of our assets and the strength of the markets in which they are located with technology and life science as key market drivers, we continue to execute new and renewal leases at favorable rental rates delivering continued NOI growth in our office segment.
The weighted average base rent increase for our nine renewals completed during the quarter was 6.7% and it's also as Bob pointed out earlier, with leases already signed, we have locked in approximately $30 million of NOI growth in our office segment priced at approximately [Indecipherable] in 2020, $14 million in $2021 and $10 million in 2022.
We anticipate significant additional NOI growth in 2022 and 2023 through the redevelopment of leasing of 102,000 square feet at One Beach Street in San Francisco and 33,000 rentable square feet at 710 Oregon Square in the Lloyd submarket in Portland.
In addition, we have the ability to organically grow our office portfolio by up to an additional 768,000 square feet or 22% on sites we already own by building Tower 3 at La Jolla Commons, a 213,000 square foot tower that's currently into the city for permits and Blocks 90 and 103 at Oregon Square with two configuration options, one at 392,000 square feet and the other at 555,000 square feet, which we recently received the entitlements on from the Portland Design Review Commission.
We continue evaluating market conditions, prospective tenant interest and hopefully decreasing construction costs on these development opportunities.
In summary, we have a stable office portfolio, little near term rollover, significant build in NOI growth and additional upside through repositioning and redevelopment within our existing portfolio plus substantial new development on sites we already are on.

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q3 ffo per share $0.44.
qtrly earnings per share $0.08.
collected 89% to date of rents that were due during q3.

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