Good afternoon. Welcome to the Phillips Edison & Company's First Quarter 2020 Earnings Presentation. My name is Chuck. I'll be your conference operator for today. Before we begin, I would like to remind our listeners that this conference call is being recorded and simultaneously webcast. A replay of today's call will be available later on today's company's website. The webcast and slide presentation can be accessed by visiting the Events and Presentations page in the Investors section of the Phillips Edison & Company website at www.phillipsedison.com or at www.phillipsedison.com/investors. If you are participating in the webcast, please note that the slides are user-controlled. I would now like to turn the conference over to Michael Koehler with Phillips Edison & Company. Sir, please proceed.
Thank you, operator. Good afternoon, everyone, and thank you for joining us. I am Michael Koehler, Vice President of Investor Relations with Phillips Edison & Company. Joining me on today's call are our Chairman and CEO, Jeff Edison, our President, Devin Murphy, and our CFO, John Caulfield. Please turn to slide two for the agenda. During today's presentation, Jeff will provide a portfolio overview and speak to our first quarter 2020 highlights. John will discuss our financial results for the quarter and our balance sheet. Finally, Jeff will provide a COVID-19 update, discuss our updated estimated value per share, and provide an outlook for the remainder of 2020. Upon the conclusion of our prepared remarks, Jeff, Devin, and John will address your questions.
Before we begin, I would like to remind our audience that statements made during today's call may be considered forward-looking and are subject to various risks and uncertainties. Please refer to slide three for additional disclosure and direction on where you can find information regarding potential risks. In addition, we will also refer to certain non-GAAP financial measures. Information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the appendix of this slide deck, which is available on our website. I will now turn the call over to Jeff Edison, our Chief Executive Officer. Jeff?
Thank you, Michael. Good afternoon, everyone, and thank you for joining us today. The health and safety of our neighbors, associates, investors, shoppers, and communities are of great concern during this unprecedented time. Our thoughts are with those impacted by this difficult situation. To all our stockholders, financial advisors, and other participants on this call, we hope you and your families are staying safe. Before we get into the COVID-19 update and estimated value per share discussion, I'd like to provide a portfolio overview and briefly discuss our first quarter 2020 highlights. Slide four provides an overview of our national portfolio of grocery-anchored shopping centers. As of March 31st, 2020, our portfolio consisted of 285 wholly owned properties, 97% of which were grocery anchored, located in 31 states, totaling 31.9 million square feet of gross leasable area.
This compares to 300 properties at March 31, 2019, located in 32 states, totaling 34.1 million sq ft. Our disposition activity over the past year has improved the quality of our portfolio. It has also allowed us to reduce our debt and to invest in new growth opportunities. At quarter end, our leased occupancy was 95.6%. This was a new record high for Phillips Edison & Company. Our in-line occupancy was over 90%. During the quarter, 76.8% of our annualized base rent came from grocers and national regional tenants, representing a strong creditworthy tenant base. Our top five markets in terms of property count are Atlanta, Chicago, Tampa-Saint Pete, Dallas, and Minneapolis-Saint Paul. All five markets fall within the top 20 MSAs in the U.S. Slide five provides an overview of our diverse group of tenants, whom we call our neighbors.
Kroger and its brands are collectively our largest tenant, accounting for 6.9% of our ABR across 66 centers. We are Kroger's largest landlord. Publix is our second largest tenant, accounting for 5.6% of our ABR across 56 centers. We are Publix's second largest landlord. Ahold Delhaize, which owns Giant, Stop & Shop, and Food Lion, Albertsons-Safeway, and Walmart round out our top five anchor neighbors. No grocer accounts for more than 6.9% of our total ABR. Subway, Anytime Fitness, T-Mobile, H&R Block, Great Clips make up our top five in-line tenants. No single in-line tenant accounts for more than 1.6% of our in-line ABR. The average remaining lease term for our portfolio was four point six years. Slide six outlines our occupancy metrics and in-place rents. As I mentioned, our lease portfolio occupancy for the quarter ended March 31st, 2020, was a record high.
Anchor occupancy increased to 98.3%, and in-line occupancy was down slightly to 90.1%. Our overall ABR was $12.68 per square foot, which increased 4.4% from a year ago. Our in-line ABR was $20.12 per square foot, which increased 4.7% year-over-year. Slide seven illustrates our highlights for the quarter. As we noted, our top strategic initiative is to deliver strong operating results and NOI growth. The first quarter of 2020 was no exception. Our best-in-class, fully integrated management platform delivered Same-Center NOI growth of 2.6% compared to the first quarter of 2019. FFO and Core FFO per diluted share increased 5.3% and 5.9%, respectively. That was compared to the first quarter of 2019. Our FFO and Core FFO both fully covered our gross distributions, totaling 122% and 107.9% of total distributions made, respectively.
Finally, we repaid a $30 million term loan early, which was due in 2021. As a result, we do not have any material loan maturities due until April of 2022. These first quarter results took place in a much different environment than the one we are in today. Our second quarter results will reveal the negative impact of COVID-19. We believe that our portfolio is resilient and will bounce back once the pandemic has subsided. Our focus on well-located, grocery-anchored neighborhood centers will allow us to successfully adapt to the new normal. With that, I will turn the call over to John Caulfield, our CFO. John?
Thank you, Jeff, and good afternoon, everyone. Slide eight reviews our first quarter Same-Center NOI. During the three months ended March 31st, 2020, Same-Center NOI increased 2.6% when compared to the first three months of 2019. Driving our NOI growth was a $2.9 million increase in rental income, which primarily resulted from a $0.23 or 1.9% increase in average base rent per square foot, in addition to a 1.7% increase in average Same-Center occupancy and higher recoveries when compared to the first quarter of 2019. These revenue increases were partially offset by higher real estate taxes. Slide nine outlines our net income, FFO, and Core FFO financial results for the three months ended March 31st, 2020. Our net income was $11.2 million, compared to a net loss of $5.8 million for the same period in 2019.
The improvement is attributable to the property NOI growth just discussed, lower G&A expenses, and fewer non-recurring charges than we experienced a year ago. The company generated Funds From Operations, or FFO, of $68.2 million for the three months ended March 31st, 2020. On a per share basis, FFO increased 5.3% to $0.20 per diluted share from $0.19 per diluted share for the comparable period. Further, during the first quarter, the company generated Core FFO of $60.2 million. On a per share basis, Core FFO increased 5.9% to $0.18 per diluted share from $0.17 per diluted share for the first quarter of 2019. Slide 10 outlines our debt profile as of March 31st, 2020. Our net debt to total enterprise value was 45% as of March 31st, 2020. Our debt had a Weighted Average Interest rate of 3.3% and a Weighted Average Maturity of four point seven years.
Approximately 81.9% of our debt was fixed rate. This compares to a debt to total enterprise value of 39.5% at December 31st, 2019, with a Weighted Average Interest rate of 3.4%, a Weighted Average Maturity of five years, and approximately 89.4% fixed rate debt. Our leverage increased because of the decrease in our estimated value per share. As a result, despite our net debt decreasing by $19.5 million during the quarter, our leverage ratio increased. We continue to maintain a strong cash and liquidity position, bolstered by a recent $200 million draw on our $500 million credit facility, which currently has an additional $255 million of borrowing capacity available. As of April 1st, we had $210 million of cash on our balance sheet. Our corporate revolving credit facility matures in October of 2021 and has options to extend its maturity to October 2022.
As such, we do not have any material debt maturities until 2022. We've worked hard to appropriately ladder our debt maturity profile and believe the steps we have taken to increase our liquidity will allow us to weather the current environment for a sustained period. I would now like to turn the call back to Jeff for an update on COVID-19 and a discussion on our new estimated value per share. Jeff?
Thank you, John. Turning to slide 11. During this unprecedented time, we are seeing tremendous uncertainty across the economy and specifically the retail real estate landscape. Because of the necessity-based nature of our neighbors, and especially our grocers, 100% of our centers have remained open and operational throughout the entire pandemic so far. As recently as April 20th, 42 states had issued statewide stay-at-home orders, and another three states had stay-at-home orders in certain regions. Altogether, approximately 316 million Americans have been covered by these mandates. Three weeks later, we are beginning to see some of those stay-at-home mandates lift. As of Monday, 26 states have partially reopened. Another four states are expected to partially reopen soon.
Across our portfolio, 59% of our properties are in states that have partially reopened, 9% are in states that are expected to reopen soon, and 1% are in states that have never had restrictions. That 1% represents our three shopping centers in Iowa. States with the most Phillips Edison & Company properties are Florida, Georgia, Ohio, California, and Texas. Only California is still under statewide stay-at-home orders. Ohio plans to reopen soon. Florida, Georgia, and Texas have partially reopened. The consistent dialogue and open lines of communication we have established with our neighbors since the pandemic ensued have been critical. Our team has been focused on informing our neighbors of government requirements so they can reopen safely and as quickly as possible. Slide 12 provides a more detailed look into our neighbor type. This pandemic has made us think about our portfolio differently than we have in the past.
Approximately 51% of our ABR comes from neighbors that we consider to be essential at this time. Grocery stores make up 36%. Dollar stores, pharmacies, medical facilities, pet supply stores, banks, hardware stores, auto supply stores, and other essential businesses make up the remaining 15%. Restaurants comprise approximately 15% of our portfolio's rent. 9% comes from quick-serve restaurants, 6% comes from full-service restaurants. Many of our restaurant neighbors still offer carryout and delivery. However, some have been temporarily closed as a result of government mandates. Other restaurants are seeing decreased sales due to the inability to serve patrons in their dining rooms. Approximately 34% of our total ABR comes from other retail and services. This includes 17% from personal and professional services like barbershops, hair salons, and nail spas. Another 13% comes from soft good retailers, 3% comes from fitness, and 1% from entertainment.
We are pleased with the resilience of our neighbors, but the impact of these government mandates to Phillips Edison & Company have been material for our business, as illustrated on slide 13. For the month of April, we collected approximately 77% of the rents and recoveries that were due from our neighbors. Through May 11th, we have collected approximately 74% of rent and recoveries due for the month of May. As of May 11th, approximately 1,640 or 30% of our neighbors were still temporarily closed. This represents 21% of our total ABR and 16% of our gross leasable area. We have received approximately 2,120 rent relief requests from our neighbors, which represents 38% of our approximately 5,550 total neighbors. On a positive note, approximately 460 of our neighbors have reopened, which represents 22% of the tenants that have been temporarily closed.
Slide 14 illustrates the conservative measures we have implemented to manage the negative financial and operational impact of COVID-19. Our board of directors recently approved a temporary 25% reduction of my base salary, a temporary 10% reduction to the remaining executive management team's base salaries, and a 10% reduction to the board members' compensation for the 2021 term. Monthly distributions have been temporarily suspended. We drew $200 million in April on our $500 million revolving line of credit. All capital projects are being delayed to the extent possible. Expense reductions are being implemented at the property and corporate levels, including a reduction in workforce. Repurchases for death, disability, and incompetence have been temporarily suspended, and the standard share repurchase program remains suspended. As we discussed last month during our update call, the decision to suspend distributions was one of the hardest decisions we've ever made as a company.
We believe this is a prudent decision and will allow us to protect the long-term value of Phillips Edison & Company. Based on discussions with our neighbors and our assessment and projections for our properties, we believe these measures are appropriate. It's important to understand that our neighbors have binding contractual obligations to pay rent. We're encouraging them to continue paying during this time. Our focus is to work with neighbors so they can reopen as quickly as possible. Once reopened, we can work with them on a longer-term basis and plan for any missed rent payments. We expect to reevaluate distributions and repurchases once the pandemic has stabilized and we begin to see normalized, predictable cash flow from our properties. At this point, it is still too early to tell when that will be. Now turning to slide 15.
Please know that during these unprecedented times, our management team and board of directors are always fully aligned with our stockholders. In addition to the salary reductions I just mentioned, Phillips Edison & Company's executive team, including myself, expect to see further decreases in compensation. As a result of the pandemic's impact on our business, our compensation will be further impacted because our compensation plans are highly incentive-based. Approximately 83% of my compensation and 65% of our executive officers' compensation is based on company performance. We are negatively impacted by the suspension of monthly distributions. Collectively, our executive officers are the company's largest shareholder, owning approximately 8% of Phillips Edison & Company. Slide 16 outlines the steps we are taking to support and work with our neighbors as they seek to reopen their stores in the current environment.
Our top priority at this time is to maintain open and consistent dialogue with our neighbors to help inform them of government requirements so they can reopen as safely and as quickly as possible. Our in-house leasing team has contacted each of our closed neighbors, discussing their business and financial situation and informing them of the resources available to them at this time. We have added a resource website dedicated to keeping our neighbors up to date on resources available. This information includes state and local regulations on how and when to reopen safely, social media and marketing tips, and creative ideas for reopening. We are also using our proprietary communications platform, DashComm, to push pertinent information to all of our neighbors. Despite our efforts, it remains to be seen how COVID-19 will ultimately affect the outlook for our neighbors and therefore our business. Slide 17.
There is no question COVID-19 will have a meaningful negative impact on the U.S. economy. Our focus over the last 29 years has been owning and operating grocery-anchored shopping centers. Through our experience, these types of assets have proven to be recession resilient and e-commerce resistant, but our business is not immune to this pandemic. COVID-19 and the stay-at-home measures taken to keep us safe have increased the concern about the future of retail. They have created new uncertainty about the health and resiliency of our neighbors. As they have done for the past five years, Duff & Phelps, an independent third-party valuation firm, performed an annual valuation following the same methodology and processes used in years past. The estimated value per share range provided by Duff & Phelps was $8.45 to $9.68.
Our board of directors established our updated estimated value per share at $8.75, representing a decrease of approximately 21% from our previous estimated value per share of $11.10, and 12.5% below our offering price of $10 per share. This decline in value was driven by several factors. One was the disruption from the COVID-19 pandemic negatively impacting the expected future cash flows and occupancy rates assumed for our properties as the economy recovers. Second, the uncertainty around the long-term impact of COVID-19 drove an increase to discount rates and terminal capitalization rates used in their analysis. This uncertainty can be observed by the significant decrease in changes in valuation in the public equity markets. Our 21% decrease in share value compares to decreases in the stock market of our publicly traded peers, ranging from 38%-61% over a similar timeframe.
Third, and lastly, the decline in interest rates, although helpful to our interest payments, negatively impacts our balance sheet. It created material interest rate swap liabilities as of March 31st, 2020, due to the mark-to-market nature of our debt instruments. It is unclear the lasting effect the current environment will have on retail real estate or the economy as a whole. Even though we are seeing businesses reopen, we do not know whether these businesses will regain traction. It is too early to know how difficult it will be to collect rent, drive rent increases, and sign favorable leases with new and existing neighbors. We believe it is prudent to take a conservative position at this time. We will consider reassessing the estimated value per share in advance of next May if conditions change materially.
Despite the decline in our estimated share value, we are proud of the distributions we have made to investors, as illustrated on slide 18 and 19. The first Phillips Edison & Company common share purchased in our initial offering has received monthly distributions totaling $6.26 per share, and the last Phillips Edison & Company common share purchased in our initial offering has received monthly distributions totaling $4.11 per share. Further, together with REIT II, we have made distributions of over $1.3 billion to our shareholders. Depending on the timing of your investment and treatment of your distributions, Phillips Edison & Company's common stock has returned between 29% and 64% of your original investment. This is inclusive of the adjustment to our estimated value per share that we talked about earlier. For our former REIT II shareholders, your investment has returned up to 10% on your original investment. Now turning to slide 20.
In closing, the execution of our strategic plan during 2019 and the recent implementation of measures to maximize our financial flexibility and preserve cash greatly improve our ability to handle the current economic uncertainty. As we look toward the remainder of 2020. Our top priority is to help our neighbors reopen and watch for potential opportunities that may arise as the economy recovers. We will maintain regular dialogue with our neighbors and work with them to ensure they open for business safely and quickly so they can return to profitability as soon as possible. Our second priority is to remain focused on execution by operating our portfolio at the highest level. Our best-in-class team will work diligently to maintain high occupancy rates at our centers. We will identify favorable re-leasing opportunities with existing neighbors and seek new leasing opportunities with high-quality businesses.
We will do this while preserving liquidity during a time of uncertainty. In fact, for the month of April, we executed 20 new leases, 31 renewals, and seven options for the managed portfolio. We continue to sign new leases in May. Our third priority is to identify new investment and growth opportunities on the other side of the pandemic with our investment management business. Executing on these objectives will help maintain our NOI and will ultimately help position us to achieve longer-term goals of executing a successful liquidity event. As you all have seen over the past two months, the financial markets are in turmoil, particularly for retailers and retail real estate owners. The share prices of our publicly traded peers have traded sharply downward during this volatile time. As of May 11th, these stocks have declined an average of 47% in the past year.
Their average discount to NAV has increased to 50%. Because of this, it is likely that listing is off the table for 2020. We will continue regular discussions with leading investment bankers, institutional investors, and Wall Street analysts to stay abreast of the public market conditions so that we are able to act quickly when the opportunity presents itself. We continue to consider all avenues for a successful liquidity event. In closing, be assured that we are working relentlessly to protect our business and the long-term value of our stockholders' investment. With that, I will turn the call over to Michael Koehler. Michael?
Thank you, Jeff. This concludes our prepared remarks. Our webcast listeners are able to submit a question via the webcast portal. Simply type a question into the chat box and click submit question, as illustrated on slide 21. We've had a number of questions about the NAV. Can you provide some more color on why the NAV came down so much and why the board went below the midpoint? Also, why would you reprice now in the middle of this pandemic when other non-traded REITs are delaying their repricing? Jeff?
Thanks, Michael. This was a decision that we made based upon basically following the normal protocol that we have since the REIT has started. Once a year we've done that. We didn't believe that we should get out of that cadence, just because of the virus. We think that we took a relatively conservative approach to it, to make sure that we took into account the dramatic things that are happening in the economy. We have one of the highest level of unemployment now that we've had really since the Great Depression. It doesn't seem to be getting a lot better. We're in a time when our retailers are in turmoil. There is going to be noise in these numbers. If there is a dramatic change in the environment, the economy, the pace at which our neighbors reopen, we will reevaluate this at that time.
We do think the prudent thing to do at this point is to move ahead with what we have done now since we started the REIT.
Great. Thank you, Jeff. Our next question comes from Mark Levy. He asks, ''What is the strategy and timing to increase the estimated value per share in the future?'' Jeff, you want to take that?
Well, I would say that anyone right now who knows where or talks to those who claim to know where the future is going, is not in the business. Things are changing daily. We are working on a variety of plans to address the issue. Our first and foremost issue is to get the over 2,000 tenants that have closed, primarily because they've been ordered by the government to close. We want to get those guys open. We want to get them open and get them to where they can start to become profitable as quickly as we can. We got to keep in mind that safety is what's going to drive the customer to our centers, and we don't want to get out ahead of that. We want them to be able to get open and as quickly as we can. That's the number one focus.
It's the number one, two, three, four, and five parts of our plan is to get them open. We move into phase II, which is how do we get them profitable? That will require some negotiating on lease terms. Our primary focus at this point with those who have reopened, is to take the rent that they have not been able to pay and to amortize that into the remaining part of their lease term. Hopefully, a number of them, we've been able to get that in this year, but that will vary by tenant. We're negotiating tenant by tenant on these spaces, and if you think about negotiating with 2,000 tenants, this is a massive workload that we are trying to work through. We believe it's the right strategy.
Each one of our neighbors has a different story and a different needs, and we're trying to adapt to that, and get that taken care of, and getting taken care of as quickly as we can. One thing that we do, or we've seen already and we're very confident of, is that people always underestimate the strength of the entrepreneur. The majority of these 2,000 tenants are entrepreneurs. We don't need to lead them. They will lead us to success. We're lucky to have them as our neighbors, and we want to do what we can to make them successful as they reopen, and to give our customers, the end customer, a safe and secure place to buy their necessity goods and to do the things that they want to do in their communities.
We are working really hard to get that done, and that is our strategy, and we are hopeful that it will be successful.
Great. Thanks, Jeff. We had a question just come in, saying the following. You said it's your goal now to help your tenants reopen as quickly as possible. What does that look like, and what are you going to do once they've reopened to help? Jeff?
Great question, one we're dealing with in real time. As I said earlier, each one of these neighbors has a different need, different needs, different requirements to get them back open and to get them to be successful. I would say the number one thing we're trying to do is to communicate with them and to try and keep a constant flow of communication wherever we can. Initially, our plan with them was to get them as much government money as was available and to help guide them and work with them to get government assistance. We believe that around 90% of our neighbors applied for government assistance, and we are seeing that quite a few of them were able to secure that, which I think will be helpful as they work towards the reopening. It's a battle.
It's the number one focus of our leasing, our asset management team, and our property management team. As I said earlier, we're confident in the power and the strength of the entrepreneur, and we think that when we come out of this, it will be that strength that will allow us to get 1,800 or even the 2,000 that did close, back reopened and operating.
Great. Thanks, Jeff. The next question is, what type of leasing activity are you seeing in the current environment? Jeff?
Thanks, Michael. If you'd have asked me that question a month ago, I would've thought we would've had no new leases, no renewals, and very few people extending their leases through the options that they have. During April, we signed 20 new leases, primarily with national tenants, and it was with a very strong group that included Starbucks, Carl's Jr., Burger King, Great Clips, and Five Below. We also had 30 of our in-line tenants renew, all of them with positive rent growth. I wouldn't have thought that 30 days ago. I'm very proud of the leasing team and the incredible effort they're making to keep us operating in a time where it's really hard to do that. I think that's really positive, and I think, knock on wood, May seems to be moving along a similar line.
I think we have over 70 leases out right now. Our goal for May is to have 20 new leases.
Thanks, Jeff. We've received a lot of questions around the distributions. Why was it completely suspended instead of partially suspended? Are the collections that you're receiving, are they enough to pay out a partial distribution? Jeff, can you provide some additional commentary on the reasons behind the suspension of the distributions?
Sure. As we discussed in the last call, this was a very difficult decision for the management team and for the Board. We were, as I think I said before, we're in this fog of war. We don't know what it's going to look like on the other side. We're very proud of the fact that we've paid 111 consecutive months of distributions. We've paid $1.3 billion to our REIT I and REIT II shareholders. We've consistently worked hard to try and protect that. Our ultimate focus here is to make sure that we protect the value of the company and don't move into any kind of a difficult situation where we can't do that. We felt that in looking at the environment, with the level of unemployment, the level of closings we had, that it was the prudent thing to do.
We have a variety of different types of shareholders with different objectives from this investment. Our ultimate goal here is, as it always has been first and foremost, is to preserve the principal of the investment. We think that this was the right thing to do at this time. As I said in our last call, we're very aligned to try and get the dividend back and up, being paid as quickly as we can. As soon as we see clarity in our cash flow, that will be a top priority for us to get the dividend back engaged.
Thanks, Jeff. What about government stimulus programs? Won't they help your tenants pay rent? John, you want to take that?
Thanks, Michael. They will. As Jeff mentioned, a large number of our neighbors have applied for the stimulus programs. We've worked with them. We've got a COVID-19 page that has resources referencing the government programs, as well as the states that are helping out. As Jeff said, it's communicate. We're just trying to let them know of all the funds available. We do know that some of them have been receiving those funds. I know with the PPP program that actually only 25% is eligible to be towards rent. We've actually in ways to get them open and things, one of the initiatives we're working on is kind of a rewards program. One of the rewards that they can receive a small rent credit is show us that you applied. Just trying to encourage them to make use of that.
We do think it will be helpful. It's undetermined right now exactly how much it will help, but between that and where our collections are, I think we're very hopeful that we're going to get those 1,800 back open and even more.
Great. Thanks, John. We've had a number of questions related to share repurchases and liquidity and a timeframe around either the next repurchase or a full-cycle liquidity event. Jeff, would you like to provide some commentary on that?
Sure. As we've talked about in a number of our quarterly update calls, one of our top priorities is to get liquidity for our shareholders. I would say that in the current environment, that has certainly been pushed out. When your public peers are trading at a 50% discount to NAV, it is just an indicator of how difficult it is to be a public company today. We believe we're very lucky to be in the non-traded space today because it allows us more flexibility to make sure that we are focused on delivering as much cash flow as we can to the company. My assumptions are that we are looking for liquidity, but we are doing it in a timeframe that meets all of our shareholders' needs.
As I think I said on the last quarterly call, we sort of look at we have three different types of shareholders. We have shareholders who want liquidity now. We have a number of shareholders who want liquidity at NAV, and we have a number of shareholders who want long-term value and income from this investment. Our goal is to come up with a strategy that meets as much of the requirements of those different groups as we can. There's no option that's not on the table, whether it's selling the company, whether it's selling the company in pieces, whether it's selling them asset by asset, or whether it's a listing in the public markets. Each of those comes with its difficulties and its possibilities.
We're talking on a regular basis with the investment banks and as well as with various brokers, and we think that this environment, a liquidity event's going to be extremely difficult and probably not on the table for at least some period of time. Until we get more clarity, that's really the best information that we can give you.
Thanks, Jeff. Our last question this afternoon is for John. It says, can you discuss the balance sheet and why your leverage ratios increased so much? John?
Sure, Michael. Okay. As Jeff mentioned, we were able to pay off a $30 million term loan, which knocked out our remaining two-term loan maturity in 2021. We have no maturities for term loans. We do have some secured mortgages that are due in 2021, about $80 million. Our liquidity position, that doesn't concern us using cash or our revolver to take care of that. Our leverage ratio increased this quarter because the calculation is based on our total enterprise value. When we multiply the share count by the reduction in our net asset value or the estimated value per share, that caused the increase to the 45%. I think we're very grateful that over the last few years, our plan has been to delever to prepare for a liquidity event, as Jeff just spoke to, or prepare for times like these.
That way, then we're not in a position where we need to make more limited moves. We have all opportunities available to us at this leverage. This is something that we will continue to monitor, and I will add that we are in compliance with our debt covenants and anticipate being in compliance, and we continue to have ongoing conversations with our lenders. I think we're in a very stable place. Again, the laddering of our maturities out into the future have given us the options that we need to ensure we're in a solid position at this time of uncertainty.
Great. Thank you, John. With that, this now concludes our question and answer session. I'd like to turn the call back over to Jeff for some closing comments. Jeff?
Yeah. Thanks, Michael. I just want to assure all of our shareholders that we are laser-focused on getting our neighbors reopened and paying rent. That's our top 10 priorities, are all focused on how do we do that the best way we can. That will give us the clarity to make the other decisions that we've got to make. Until we can get clarity there, it is going to be a bumpy road. Fortunately, this is not our first, and we will address it the way we have in the past, which is to focus as hard as we can and on getting our key priorities accomplished. With that, giving us a lot more options to address the other issues that are also going to be important, including the dividend and other liquidity options for the company.
That will take time, but I can promise you that we are as focused as we can be on that, and we're addressing it. I think if you look at our peers, we're addressing it better than any of them because of our laser focus on operations and the team that we have that is able to perform even in these really difficult situations and difficult environments. I want to thank all of you for being on. We will continue to give you updates as things are changing. Again, thanks for being on the call today, and have a great rest of your day. Thank you.
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