As mentioned earlier, our business leader for our core multifamily business, Jeff Sherman is with us today and available to address any questions you may have.We have continued to operate and lease our student housing portfolio well.
John already gave some good detail on this, but I wanted to ask a little more about the issuance on the redemption of the preferred shares. To that point, we were able to maintain solid portfolio leased, excluding redevelopments of 94.6% as of the end of the second quarter.While there have been retail bankruptcy filings, many of them during COVID-19, our grocery anchored portfolio has very limited exposure to these filings. Returns as of 09/03/2020.
Thank you for taking the time. I would like to point out that our collections performance has provided us a much smaller bad debt and delinquency issue to deal with than many others in the market, specifically in our grocery anchored retail portfolio we have less than 5% in reserves this quarter. About Us As we discussed in our last quarter call in May, we continue to focus on PACs broader capital strategy.
So yeah, there is some more detail to that, that we'll be rolling out over time, particularly as we get -- right after the turn of the year. Preferred Apartment Communities Inc (APTS) Q2 2020 Earnings Call Transcript. And something that I certainly spent a good bit of time on. I think our portfolio will remain resilient as we continue through the recession and then, of course, into an expanding economy.Our next question will come from Michael Lewis with Truist.
These statements are not guarantees of future performance, and involve various risks and uncertainties, and the actual results may differ materially. Welcome to 4060 Preferred Place, a residential community featuring one and two bedroom apartment homes in Dallas, Texas. (MFTranscribers)
The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.Another key metric to note is the Price/Sales ratio.
However, what has not changed is our dedication to the mission of creating long-term stockholder value, the locations of our 107 owned assets in 13 states and our diversified strategy run by experienced and specialized teams. In April, we had $12.5 million in total redemptions, $24.9 million in May and $13.6 million in June. And our -- although not exactly, our issuance and our redemptions have basically netted out.
This approach compares a given stock’s price to its total sales, where a lower reading is generally considered better.
Please go ahead.Thanks. But I don't, today, see it as a big risk.
We offer spacious layouts and fabulous amenities to welcome you home every day. Our goal is to stabilize our existing tenant base and partner with each of our tenants to find an outcome that helps all parties prosper in the long term. How do we reduce operating expenses?
Thank you.Stock Advisor launched in February of 2002. Joel?Thank you, John, appreciate that. And we looked at them and said, you know what, these are just really consistent with our strategy. Personal Finance
Jeff, do you want to take that?We're in a -- we may be in a socially distanced mode here because we are socially distanced and in different rooms.I think I got it now. Preferred Apartment Communities is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. I liked it, of course. The combination of better than expected operational performance, ability to access low cost financing and the moderation of Series A redemptions combined with the steady inflow from our Series A sales has resulted in the company being in a better liquidity position than expected in the early days of the pandemic. This is a 100% pure play grocery anchored strategy and 41 of our 54 centers are anchored by Publix, Kroger, and Harris Teeter, top performers across our markets. Third, the real estate investment loan payoffs in the first quarter also had associated accrued interest and purchase option termination fees.
In addition to the internalization issue, there were several factors in the second quarter that materially affected our results. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. More detail on these collection results for April through July are included on Page 4 of the business update.
We hope each of you have had an opportunity to review our second quarter earnings report, which was released yesterday after the market closed.In a moment, I'll turn the call over to Joel Murphy, our Chief Executive Officer, to share some initial thoughts and then John Isakson, our Chief Financial Officer, will share some additional details about financial metrics and capital markets. Due to the performance of the portfolio and liquidity provided by the above mentioned refinancings, the company reduced its outstanding line of credit balance to less than $93 million at the end of the second quarter. Unless we otherwise indicate, all per share results that we discuss this morning are based on the basic weighted average shares of common stock and Class A partnership units outstanding for the period.I would now like to turn the call over to Joel Murphy. To start Preferred Apartment Communities, Silverstein conceived of a new capital source—selling preferred stock through broker-dealers and investment advisers, which he … I would like to turn first to our quarterly financial results. This gives APTS a Zacks VGM score — or its overarching fundamental grade — of C. (You can read more about the Zacks Style Scores Even with better estimate trends, the stock has a Zacks Rank #3 (Hold), which is why we are looking for in-line performance from the company in the near term.Preferred Apartment Communities is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front.
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