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 Investor Section of our website, americanassetstrust.com.
That was well done as always.
These have been unprecedented times that I've never seen before in my lifetime.
When COVID-19 began, I honestly didn't know how that it would be.
We expect it to be catastrophic, but we just didn't know how bad it would be, now that the second quarter is behind us.
I can tell you that it is not as catastrophic as our worst case projections.
It's still has been no fun.
Office has performed extremely well, unless in the shining light in our portfolio, with high credit tenants in strong markets and that we would like to continue.
Multifamily has also performed well better than we expected.
Occupancy has been slightly lower, but collections have been strong in the mid '90s and we expect a meaningful uptick in occupancy in August 1, as a local private university takes possession of approximately 130 units and our San Diego multi-family portfolio, at good rents by a master lease that has recently been executed.
Retail as expected has been very tough.
Every deal, feels like a street fight in retail.
We try to balance what is best for the company and its shareholders with how to maintain the long-term [Technical Issues] of these retail tenants that are so important to our shopping centers.
We know that some are not going to make it.
Of course, we are hopeful that most will make it.
In that factor, we're hopeful that all will make it.
We have a committee comprised of myself, Chris Sullivan and Adam Wyll that review every tenant requests.
If a tenant ask for deferral, we ask for something from a tenant and return as well.
Each one is a negotiation and we try to make sure that we're getting something fair in return for anything less 100% on time collection of our contractual rents.
I truly believe that our management team is second to none and has done an excellent job strategically navigating through this pandemic.
American Trust is reflective of the quality people that we have working as appreciative of the quality people that we have working in our company that are focused on creating value for our shareholders each and every day.
Lastly, I want to mention that our Board of Directors has approved increasing the quarterly dividend 25% over the second quarter 2020 dividend of $0.20 to $0.25 for the third quarter based on higher rent collections in the second quarter than we had expected, combined with the significant embedded growth that we continue to expect in our office portfolio and the recent master lease signed in our multifamily portfolio.
A year from now, once there is a vaccine, we expect to look back and we hope this is nothing more than a bad memory.
I believe that we came -- we come out of this, we will be as good a company or even better when all this started.
From an operations perspective as coronavirus infection continue to increase in many of our markets.
We remain hyper-focused on the safety and well-being of our personnel tenants and vendors, as 100% of our properties remain open and accessible by our tenants.
We remain committed to ensuring full compliance with the ever-changing regulatory mandates from all levels of government, not to mention, staying in front of and working against proposed regulations that we think would do damage to our industry and economy.
Like SB 939 in California, which did not pass.
In the proposed repeal of Prop 13 for commercial properties in California, which we believe is essentially a targeted tax increase on business, which would ultimately be passed on to tenants and customers most of whom can absorb such increases and could lead to even more business failure.
As Ernest mentioned, we continue to work with our tenants on rent deferments and other lease modifications to assist those tenants as best we can, whose business have been significantly impacted by COVID-19.
We've also renegotiated or bid out most of our vendor contracts to meaningfully reduce operating expenses, many of such reductions on a long-term basis, all the while maintaining our best-in-class properties.
And we've leverage the high unemployment rates in our markets to hire top caliber associates to fill open positions at AAT.
Finally, we appreciate more than ever, the positive impact that ESG including fostering a culture of diversity and inclusion has on the strengthening of our business, our economy and our society.
Particularly in light of current events, our focus on human capital and physical and mental well being both within our company and in our communities, has never been stronger and represents the foundation that our culture was built on.
For more insight on our ESG efforts please take a look at our recently published 2019 sustainability report, which can be found on the sustainability page of our website.
Last night, we reported second quarter 2020 FFO of $0.48 per share and net income attributable to common shareholders of $0.13 per share for the second quarter.
Let's look at the results of the second quarter for each property segment.
Our office property segment continues to perform well during these uncertain times.
Office properties excluding our One Beach Street property located on the North Waterfront in San Francisco which is under redevelopment.
We're at 96% occupancy at the end of the second quarter, an increase of approximately 3% from the prior year.
More importantly, same-store cash NOI increased 16% in Q2 over the prior year, primarily from City Center Bellevue in Washington, Lloyd District Campus, Office Campus in Oregon and Torrey Reserve Campus here in San Diego.
Our retail properties have not fared as well during the pandemic.
Retail properties were at 95% occupancy at the end of the second quarter, a decrease of approximately 2% from the prior year.
However, retail collections have been difficult during the pandemic, as reflected in our negative same-store cash NOI.
Additionally, due to COVID-19, we have taken reserve for bad debts against the outstanding retail accounts receivable and straight-line rents receivable at the end of the second quarter of approximately 14% and 7% respectively.
From a dollar perspective, this translates into approximately $2 million and $1.4 million respectively, for a total of $3.4 million reserve related to our retail sector, which is approximately $0.045 of FFO.
We intend to continue evaluating and potentially revising these reserves each quarter as we monitor the ever-changing viability and solvency of each of our retail tenants.
Our multifamily properties we're at an 85% occupancy at the end of the second quarter, a decrease of approximately 8% from the prior year as also reflected in our negative same-store cash NOI.
But as Ernest mentioned, we expect this to increase back into the low to mid 90% occupancy once our master lease with a local private university commences on August 1.
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 remains in self quarantine through the end of August, which is significantly impacted the operating results in the second quarter of 2020.
The Embassy Suites average occupancy for the second quarter of 2020 was 17%, compared with the prior year's second quarter average occupancy of 92%.
A good rule of thumb in our view is that a hotel without any leverage on it needs to have approximately a 50% to 60% occupancy to breakeven.
Our team in Hawaii forecasted earlier this month of 46% to 50% occupancy by year-end 2020.
To our pleasant surprise, we ended June with a 29% occupancy, much higher than the average occupancy of 17% for the quarter.
Additionally, in the last 15 days, we have been seeing occupancy ranging from 45% to 55% with our team in Hawaii expecting to end the month of July at 62% occupancy.
Right now, it is our understanding there are only two hotels remained open in Waikiki.
One of which is our Embassy Suites hotel, which has been completely renovated and it's like a brand new hotel.
Let's talk about billings and collections.
On a companywide basis, we collected approximately 83% of the total second quarter billings, which primarily consists of base rent and cost reimbursements.
We have also collected approximately 83% of July's billings as of the end of last week.
We expect those percentages to increase as we continue to work hard on collection efforts.
In Q2, our office rent collections were approximately 98%.
Our retail rent collections excluding Waikiki Beach retail were approximately 62%.
And by the way -- so far in July is about 70%, and our multifamily collections were approximately 95%.
Waikiki Beach Walk Retail had an approximately 30% collection rate in Q2.
As Ernest noted earlier, the Board of Directors has decided to increase the quarterly dividend from $0.20 to $0.25 per share.
The Board took into consideration, the increase in collections over what was expected during Q2, combined with the embedded growth in cash flow from the office sector over the next several years, as well as the master lease in the multifamily sector.
Using the same 83% collection rate applied to our initial targeted dividend of $0.30 per quarter, it gets you to approximately $0.25 per share per quarter.
As we look at the liquidity on our balance sheet, at the end of the second quarter, we had approximately $396 million in liquidity, comprised of $146 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 a mortgage.
Our leverage which we measure in terms of net debt to EBITDA was 6.4 times on a quarterly annualized basis, resulting from the lower EBITDA from the added reserves that we took in the retail sector during Q2.
On a trailing 12 month basis, our EBITDA would be approximately 5.8 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 3.8 times on a quarterly annualized basis and at 4.1 times on a trailing 12 month basis.
And finally with respect to $250 million of unsecured debt maturities that come due in 2021, we expect to extend the $100 million term loan up to 3 times with each extension for a one-year period subject to certain conditions and the remaining $150 million Series A Notes does not mature until October 31, 2021, which we would expect to refinance at lower rates.
Regarding our guidance, as we 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 or retail sector.
Unfortunately, the economy continues to change day by day and the current outcome remains uncertain as to impact in duration, which is why we will continue to a draw our 2020 guidance.
At the end of the second quarter, net of One Beach, which is under redevelopments.
Our office portfolio stood at approximately 96% leased, with approximately 6% expiring through the end of 2021.
We were fortunate to renew the IRS and veterans benefits administration leases early in 2020, the First & Main in Portland in a total of 131,000 feet at start rates nearly 20% above the rates of exploration.
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 run rates delivering continued NOI growth.
With leases already signed, we have locked in approximately $29.6 million of NOI growth comprised of $6 million in 2020, $14 million in 2021 and $9.6 million in 2022 in our office segment.
We anticipate significant additional NOI growth in 2022 through the redevelopment and leasing of One Beach Street in San Francisco and 710 Oregon Square in the Lloyd submarket Portland, along with the repositioning of two buildings at Torrey Reserve in the Del Mar Heights submarket of San Diego.
In addition, we can grow our Office portfolio by up to 768,000 rentable square feet or 22% on sites we already owned by building Tower 3 at La Jolla Commons, which is 213,000 feet and Blocks 90 and 103 at Oregon Square totaling up to 555,000 square feet.
Tower 3 at La Jolla Commons is into the city of San Diego for permits and we continue evaluating market condition, prospective tenant interest and hopefully decrease in construction costs, leading to are upcoming commencing construction.
Next, schematic design has completed for Blocks 90 and 103 at Oregon Square with design development of 50% complete.
We are scheduled for our first hearing with the design review committee in Portland on August 20.
We currently have two active request for proposals from prospective tenants for Blocks 90 and 103 totaling 422,000 square feet, but again we will be evaluating market conditions, tenant interest and construction cost prior to commencing construction.
We have a stable office portfolio with little near term rollover, significant built in NOI growth and additional upside through repositioning redevelopment within our existing portfolio plus substantial new development on sites we already own.

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american assets trust q2 ffo per share $0.48.
q2 ffo per share $0.48.

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