- 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%.
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Conference call at 8:30 AM ET.
- Previously: Kimco Realty FFO misses by $0.02, misses on revenue (Aug. 7)