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Kimco Realty Q2 Nareit FFO per share down 33% YOY from SNL Real Estate Daily Kimco Realty Q2 Nareit FFO per share down 33% YOYByline: Maryam Merchant Kimco Realty Corp. disclosed second-quarter Nareit funds from operations of $103.5 million, or 24 cents per share, a 33.3% decrease on a per-share basis from $151.2 million, or 36 cents per share, in the 2019 second quarter. The Nareit FFO figure excludes the $715.5 million of gains from Kimco's investment in ACI and includes the $51.7 million pro rata charge to the allowance for doubtful accounts during the second quarter of 2020. The S&P Global Capital IQ consensus FFO-per-share estimate for the second quarter was 26 cents. Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies. The retail real estate investment trust's revenues fell to $238.9 million in the second quarter from about $284.8 million in the comparable 2019 period. Kimco had earlier withdrawn its guidance for 2020 and temporarily suspended dividends. The REIT collected approximately 70% and 82% of base rent for the second quarter and July, respectively. It made rent deferrals worth about 18% of base rent for the quarter. As of the end of July, all of Kimco's shopping centers are open with approximately 94% of tenants currently operating. |
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