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Text: The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; David Jamieson, Kimco's Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call.
Reconciliations of these non-GAAP financial measures can be found in the Investor Relations area of our website.
Today, I will give updates on how, as one of America's largest owners and operators of open air, grocery-anchored shopping centers and mixed-use assets, our strategy is enabling us to successfully navigate and actively manage our portfolio to offset the impact of COVID-19, how we see the evolving retail landscape, and how we are keeping focus on our longer-term objectives for creating sustainable growth and shareholder value.
Ross will cover the transaction market and Glenn will discuss our performance metrics.
Both our short- and long-term strategies shared two overlapping principles within the evolving retail landscape.
First and foremost, Kimco's product type, open air, grocery-anchored shopping centers and mixed-use assets in well-located markets are where retailers want to be and consumers want to go.
We see it in our traffic data, our leasing pipeline, and highlighted as the product of choice by retailers on their respective earnings calls.
This reality has become even more pronounced during the pandemic, where, as I will discuss shortly, the open-air format is so conducive to both online and physical delivery.
Second, but no less important, is that the last mile store is more critical than ever to the retailer supply chain, acting as a hub for profitable distribution and fulfillment as the demands and needs of the consumer continue to evolve.
With these core principles in mind, our short-term strategy is simple, block and tackle, collect and lease, assist our tenants, and tenaciously stay on top of our costs.
The good news is that we have been focused on this strategy for quite some time, well before the onset of the pandemic.
So our team has been ready, tireless and efficient in executing on it.
And our results reflect these efforts.
While Glenn will provide more detail, our portfolio has remained resilient during the pandemic, with occupancy currently at 94.6%.
We are seeing a pickup in leasing demand, and our leasing pipeline is starting to build to a level we experienced pre code.
We anticipate a faster recovery for anchor occupancy versus small shops and for essential retailers versus nonessential ones.
Of particular note, our strategy to focus on grocers has been spot on, as grocery anchor demand for space is surging.
Over the past five years, we have upgraded Kimco's portfolio from 64% to 77% grocery-anchored and have outlined the strategic plan to reach 85% to 90% grocery-anchored over the next five years, with over 10 new grocery opportunities currently in negotiation.
In addition to growth in grocery demand, e-commerce sales across our retailer Rolodex has exploded and created a powerful halo effect on our existing store locations.
Driven by changing consumer demand, the need to improve margins in data analytics, our tenants are transforming their store operations and expansion plans to include shipping and fulfillment.
Tenants like Target, Costco, Walmart, Best Buy, Home Depot, Lowe's, Dick's, and many others continue to expand omnichannel programs like buy online, pick up in store and curbside pickup.
These programs have proven the most cost efficient way to deliver goods to consumers while, satisfying the customers' desire for quick and safe access to products.
This is worth emphasizing.
We don't believe there is a one-size-fits-all solution to the last mile challenge, and we need to recognize how each retailer determines how best to serve their customer base.
For Kimco, helping our tenants to the last mile is one of our highest priorities, and that's why our portfolio and our team are well positioned to retain tenants by helping them optimize their stores to provide for shopping, shipping and pickup.
Our dedicated team is also focused on identifying new opportunities and location voids for certain retailers and redevelopment potential.
These experienced personnel employ a mix of old school networking and market research and new school data analytics to help tenants find opportunities for profitability and growth.
Our overriding philosophy is that retailers are our partners.
By listening to their concerns, engaging with them and helping them maximize the profitability of their space, Kimco continues to be their partner of choice.
Perhaps hit the hardest are small shop tenants who often simply do not have the resources to hang on.
That's where Kimco continues to step up.
Unwilling to wait to see who will stay or go, we are in daily dialogue with our retailers to listen to their needs and challenges, and to see how we can partner to help them navigate the situation.
Whether we help tenants pay for legal costs, provide health and financial information on our website, locate vendors to facilitate tenant acquisitions of outdoor heaters or expand our national curbside pickup program, we are letting our tenants know we are in this together as they fight to continue for success.
We can't save every tenant, but we can do our part to make sure we help those that want or need a fighting chance.
In times of crisis, we want to make sure our retailers know which landlord picked up their call and which landlord called them.
We are confident in our portfolio, our team, our improving rent collections, our liquidity position and our balance sheet.
At a time when many are looking for rescue capital to help carry them through this disruption or to bolster their balance sheet, Kimco's sector-leading liquidity puts us in a unique position.
Our ability to monetize a portion of our investment in Albertsons, which currently sits as a marketable security worth over $550 million, is a clear differentiator and gives us tremendous optionality in the future.
I continue to be humbled and impressed with how our team at Kimco has rallied around our strategy to navigate the COVID challenge and how they are also able to focus on the long-term as we position Kimco for the future.
As for the long term, we continue to add to our war chest of entitlements and believe downturns are often a great opportunity to expedite them as local governments are often more willing to accommodate these projects.
We believe our five-year goal of securing 10,000 apartment units is certainly achievable and that these entitlements can provide future opportunities to unlock embedded value.
Our development and redevelopment pipeline is now at a five year low.
Similarly, in the transaction market, we continue to witness a wide disconnect between the public and private valuations for well-located grocery and home improvement anchored open-air shopping centers.
Open air centers in our well located areas of concentration continue to trade at a cap rate range of 5% to 6%, which is clearly at odds with our current valuation.
While purchasing our core product does not make economic sense given our current cost of capital, we also outlined our capital allocation strategy for the next year and how we plan to invest accretively by taking advantage of the lack of liquidity in the commercial lending market.
In closing, our consumers are comfortable with the shopping center experience.
Together with our tenants, we make the shopping center a safe and easily accessible destination for goods and services.
We know we have the right assets, a diverse tenant geographic mix, a strong balance sheet and the entrepreneurial spirit to not only survive but thrive during this pandemic.
Following up on Conor's commentary, we continue to see aggressive pricing for high-quality, primarily grocery-anchored product, albeit at a much lower transaction volume.
Multiple trades occurred in the third quarter throughout the country at sub minus 6% cap rates in Pennsylvania, Northern California and Florida, with another high-quality asset trading in Los Angeles at a sub-5% cap rate.
For the right location and tenancy, there is still strong demand and an abundance of capital available.
The biggest impediment to deal volume is the continued pullback in the market from the traditional lending sources.
With cash flow uncertainty and general concerns stemming from the pandemic, it has never been more important to have strong sponsorship, quality tenancy and substantial liquidity.
And as Conor alluded to, we see that as a tremendous differentiator and opportunity for Kimco.
With our cost of capital elevated and institutional quality property cap rates remaining at all-time lows, there is a clear disconnect between public and private pricing, making it difficult for us to identify and acquire traditional retail centers accretively.
So for now, we will continue to remain disciplined.
However, we do expect the pricing dislocation to eventually change.
And when it does, we will be opportunistic where we can invest capital at a spread to our cost, while getting our foot in the door on prime locations that match our view of quality and downside protection.
While the traditional acquisition market remains stalled, we are seeing and evaluating opportunities to provide either preferred equity or mezzanine financing on infill core MSA locations with strong tenancy and existing sponsorship.
These owners need value-add capital to either redevelop the asset with signed replacement leases in place or bridge the gap on refinancing an asset that has a near-term debt maturity.
Historically, this would have quickly and easily been funded by traditional lenders or CMBS.
In this environment, finding that additional financing is not as easy, and we have sourced a few great assets where we can provide assistance.
As part of our investment approach in this area, we seek a right of first offer or right of first refusal in the event the owner looks to sell the property.
If the asset performs as expected, we collect a double-digit return and get paid off in a relatively short hold period.
If the downside scenario occurs, we ensure that we have conservatively underwritten the properties so that we're very confident stepping in and owning or operating the asset at a comfortable basis of less than 85% current loan-to-value.
Given current market conditions and the expectation that it will remain this way into 2021, we anticipate this deal structure will become a key component of our investment strategy next year.
While the instances of these deals are still infrequent as we sit here today, our expectation is that the opportunity set will substantially increase into next year, as lenders start to realistically assess their existing collateral and prepare to take necessary impairments on their balance sheets.
As always, we will be judicious with our capital and selective with how we deploy it.
That said, we do believe this program can unlock attractive yields and potentially add desirable properties to the future Kimco portfolio.
With that, I will pass it along to Glenn for the financial summary.
Our third quarter operating results have improved as compared to the second quarter, with higher rent collections and lower credit loss.
We are also opportunistic in the capital markets and have further extended our debt maturity profile.
For the third quarter 2020, NAREIT FFO was $106.7 million or $0.25 per diluted share, meeting first call consensus, as compared to $146.9 million or $0.35 per diluted share for the third quarter 2019.
The change was mainly due to abatements and increased credit loss of $28.3 million as compared to the third quarter last year.
Credit loss recognized in the third quarter 2020 was a significant improvement from the second quarter 2020 credit loss of $51.7 million.
Our third quarter FFO also includes a onetime severance charge of $8.6 million or $0.02 per share, related to a voluntary early retirement program offered and the organizational efficiencies from merging our southern and mid-Atlantic regions.
We also incurred a charge of $7.5 million or $0.02 per share from the early redemption of $485 million of 3.2% unsecured bonds, which was scheduled to mature in 2021.
A year earlier, in the third quarter 2019, we had a preferred stock redemption charge of $11.4 million or $0.03 per share.
Although not included in NAREIT FFO, we did record a $77.1 million unrealized loss on the mark-to-market of our marketable securities, which was primarily driven by the change in our Albertson stock.
We also sold a significant portion of our preferred equity investments, which generated proceeds of over $70 million and net gains of $8.4 million, which were also not included in NAREIT FFO.
With regard to the operating portfolio, all our shopping centers remain open and over 98% of our tenants are open and operating.
Collections have continued to improve from the second quarter 2020 levels.
We collected 89% of base rents for the third quarter, including 91% collected for the month of September.
This compares to second quarter collections, which improved to 74%.
In addition, we collected 90% for October so far.
Furloughs granted during the third quarter were 5%, down from 20% from the second quarter.
Our weighted average repayment term for deferrals is approximately eight months, and will begin to be repaid meaningfully during the fourth quarter 2020.
Thus far, we have collected 87% of the deferrals that were billed in October.
Now let me provide some additional detail regarding the credit loss for the third quarter 2020.
We recorded $25.9 million of credit loss against accrued revenues during the third quarter, which included $17.1 million related to tenants on a cash basis of accounting.
There was also an additional $4 million reserve against noncash straight-line rent receivables.
As of September 30, 2020, our total uncollectible reserves stood at $74.8 million or 39% of our total pro rata share of outstanding accounts receivable.
Total uncollectible reserve of $45.8 million is attributable to tenants on a cash basis.
At the end of third quarter 2020, 8.4% of our annual base rents were from cash basis tenants.
During the third quarter, 51% of rent due from cash basis tenants was collected.
In addition, we also have a reserve of $25.8 million or 15% against the straight-line rent receivables.
Turning to the balance sheet.
Our liquidity position is very strong, with over $300 million of cash and $2 billion available on our revolving credit facility, which has a final maturity in 2025.
We also own 39.8 million shares of Albertsons, which has a market value of over $550 million based on the closing price of $13.85 per share at the end of September.
Subsequent to quarter end, Albertsons declared a dividend of $0.10 per common share, and we expect to receive $4 million during the fourth quarter.
We finished the third quarter with consolidated net debt-to-EBITDA of 7.6 times.
And on a look-through basis, including pro rata share of JV debt and preferred stock outstanding, the level is 8.5 times.
This represents essentially a full turn improvement from the 8.6 times and 9.4 times levels reported last quarter, with the improvement attributable to lower credit loss.
We expect further improvement next quarter as well.
We were active in the capital markets during the quarter as we issued a 2.7% $500 million 10-year unsecured green bond and a 1.9% $400 million 7.5 year unsecured bond.
Proceeds were used to repay the remaining $325 million on the term loan obtained in April 2020, fund the early redemption of the 3.2% $485 million bonds due in May of '21 and fund the repayment of two consolidated mortgages totaling over $70 million.
It is worth noting that our credit spreads have continued to tighten since the issuance of these bonds, with the 10-year bond trading more than 40 basis points tighter.
As of September 30, 2020, we had no consolidated debt maturing for the balance of the year and only $141 million of consolidated mortgage debt maturing in 2021.
Our next unsecured bond does not mature until November of 2022.
Our consolidated weighted average maturity profile stood at 11.1 year, one of the longest in the REIT industry.
Regarding our common dividend during 2020, so far, we have paid $0.66 per common share, including a reinstated common dividend of $0.10 per common share during the third quarter 2020.
It remains our expectation to pay cash dividends at least equal to 2020 REIT taxable income.
As such, we expect our Board of Directors will most likely consider declaring and paying an additional common dividend during the fourth quarter.

user
compname says q3 ffo per share $0.25.
q3 ffo per share $0.25.
collected approximately 89% of base rents for q3 highlighted by a 91% collection rate for month of september.
collected 90% of october's rents.
qtrly net loss $0.10 per diluted share.

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