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Kimco rent collections on the rise, defers rent on 18% of base rent

Aug. 07, 2020 7:35 AM ETKimco Realty Corporation (KIM) StockBy: Liz Kiesche, SA News Editor6 Comments
  • Kimco Realty (NYSE:KIM) collects 82% of rent for July, up from ~70% of rents for Q2, including 76% for the month of June.
  • Has granted rent deferrals for ~18% of pro-rata minimum base rent for Q2; continues to  negotiate with tenants the payment of rents not yet collected or deferred.
  • Q2 FFO per share of 24 cents vs. average analyst estimate of 26 cents; compares with 37 cents in Q1 and 36 cents in the year-ago quarter.
  • Same-property net operating income growth of -14% Y/Y.
  • Q2 total revenue of $238.9M compares with $248.4M consensus, $289.7M in Q1 and $284.9M in Q2 2019.
  • During the quarter, Kimco signed 52 new leases generating pro-rata cash rental rate leasing spreads of 22.9% and executed 180 lease renewals and options at an average rental rate increase of 10.7%.
  • Conference call at 8:30 AM ET.
  • Previously: Kimco Realty FFO misses by $0.02, misses on revenue (Aug. 7)

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