Investors Real Estate Trust (NYSE:IRET) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 10:00 am ET
Good day, and welcome to the Investors Real Estate Trust Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Mark Decker, Chief Executive Officer. Please go ahead.
Mark O. Decker
Thank you, Alyssa, and good morning, everyone. IRET filed its Form 10-Q for the second quarter yesterday after the market closed. Additionally, our earnings release and the supplemental disclosure package have been posted to our website at iretapartments.com and filed on Form 8-K.
It's important to note that today's remarks will include our business outlook and other forward-looking statements that are based on management's current views and assumptions on our results in 2020, including views and assumptions related to the potential impact of the COVID-19 pandemic. Our quarterly report and other SEC filings list certain factors, including those related to the pandemic, that could cause our actual results to be materially different than our current estimates. Please refer to our earnings release for reconciliations of any non-GAAP information, which may be discussed on today's call.
Joining me this morning is Anne Olson, our Chief Operating Officer; and John Kirchmann, our Chief Financial Officer. It's incredible how much change and disruption has occurred since we were together three months ago, talking about the first quarter. In preparing for this call, I was trying to come up with a good summary for our company and our team of the last three months, and the word that kept popping into my head was "unwavering." We certainly were prepared for the worst as we headed into the second quarter, and the resilience of our team, our customers and our portfolio of communities has really shown through on an absolute and relative basis.
To our entire team listening to this call, thank you so much for working to make every day better for our residents in this challenging time. Our focus remains on weathering the pandemic and the economic damage that comes with it. In operations, that means making our business as virtual as possible while maintaining and improving the customer experience, investing in simplifying our systems and solutions and staying energetic and safe in working with our residents who are living through all of this with us. We're also working to maintain expense discipline and hold the line on our "rise by 5" campaign. With headwinds from taxes and insurance in our noncontrollable expenses and stifled revenue growth due to the pandemic, "rise by 5" is helping now and positions us well in the future.
Zooming out to the company as a whole, we are driving improvement in our overall portfolio of assets through rigorous asset management, and on the right side of the balance sheet, we are striving for long-term improvement in our financial flexibility. To that end, in the second quarter, we issued approximately $45 million of equity through our ATM at an average net price of just under $72. This cash extends our margin of safety and gives us