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Text: We'll jump right into it, while most of us in the Northeast still have power and Wi-Fi service.
The Kimco management team participating on the call today includes Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave 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 also be found on the Investor Relations area of our website.
Today, I'll give you an update on how we are confronting the challenges posed by COVID-19 and how we plan to move forward as parts of the country continue to struggle with the virus, while other parts really come back.
We'll also give an update on the transaction market, and Glenn will follow with a recap of the numbers for Q2 and our enhanced liquidity position.
The COVID virus is a challenge to our entire industry and one that we're addressing head on.
At Kimco, our great team, high-quality assets and strong balance sheet are helping us weather the pandemic and prepare for the future.
We have an effective strategy for dealing with COVID-19 and have made significant progress since our last call.
First, I would like to applaud the entire Kimco team for their tireless efforts in ensuring that our centers remain open and operating.
Our people are smart, passionate, dedicated and determined.
Simply put, they are the best at what they do.
And together, we continue to provide our shoppers, our tenants, our employees, our extended Kimco family and our local communities with a safe experience.
It is also worth noting that as a result of our national footprint, our best practices and lessons learned from the challenges faced early on in the Northeast are now being employed to help those areas in the Southeast and West in their time of need.
Our portfolio continues to withstand the pandemic's impact.
We have reached deferral modification agreements with the vast majority of our top 100 retailers who we deem nonessential and are forced to close in some capacity.
We believe our retailer partnerships are differentiators for Kimco.
And in these challenging times, tenant relations matter more than ever.
While working with our tenants to help them get to the other side, they have worked with us to remove certain lease restrictions that will enhance redevelopment opportunities and create long-term value for our shareholders.
Ironically, many of our tenant relationships have actually strengthened during the pandemic, which bodes well for our future success including the potential for opportunistic investments similar to the successful investment we made in Albertsons.
The operating metrics reported today for our repositioned portfolio reflect its quality and resiliency.
And in times of stress, quality is critical.
We continue to lease space even in these uncertain times.
In Q2, we executed 52 new leases totaling 256,000 square feet at a positive 22.9% spread and renewed 180 leases, covering 959,000 square feet at a positive 10.7% spread.
Combined, our spreads were a strong plus 12%.
New leasing and tenant retention efforts helped occupancy finish at 95.6% for the quarter.
Anchor occupancy was even stronger at 98.2%, and small shop occupancy was 88%.
Year-over-year, our anchor occupancy was flat, which, again, represents a strong result in the current environment and a further testament to our team and portfolio.
We continue to extend assistance to our small shop tenants who need help in these challenging times.
Our Tenant Assistance Program, or TAP, is a multi-pronged approach to provide valuable resources free of charge.
This program provides our small shop retailers with a free legal advisor to help navigate the numerous state and federal programs available for small businesses, which, by our account, has potentially resulted in over $20 million of PPP funding for our small shop tenant.
Our TAP program is also helping tenants activate outdoor areas to continue operations.
The national Kimco Curbside Pickup Initiative has been well received, and customers are utilizing the service more and more.
Retailers have told us that our curbside program stands as the best they've encountered and has had a positive impact on their operations.
We have also helped our restaurant tenants activate sidewalk cafes and green spaces to help with capacity constraints.
All of our efforts and initiatives to help our tenants are paying off.
For the month of April, we collected cash-based rent totaling 68%.
In May 66%, June 76%, and July is currently at 82%.
We are currently trending above our internal forecast for rent collection.
While this is encouraging, we remain mindful of the rollbacks occurring in certain hotspots and the simple reality is that the impact of the virus inhibits our industry's ability to forecast for the sense of confidence.
During the second quarter, we granted rent deferrals totaling 18.5% of base rent.
We fielded rent deferral requests for July that amounted to only 8% of scheduled rent and have worked out deferral plans for four basis points of total rent.
This is a significant improvement from the start of the pandemic when in April, we fielded deferral request that amounted to 39% of ABR.
At the end of July, our weighted average repayment period for deferrals is approximately nine months.
Currently, 94% of our tenants are open with only 3% of ABR subject to mandated closures.
Our development and redevelopment pipeline activity is currently focused on achieving multiple entitlement master plan approvals across the country.
Our goal is to entitle an additional 5,000 multifamily units in the next five years that will provide us with a total of 10,000 units by 2025.
While we are closely controlling our project expenses, our goal is to be ready to move forward with several projects when market conditions are right.
As for our Signature Series projects, we just received the temporary certificate of occupancy for the new Shoprite grocery anchor at The Boulevard Project on Staten Island.
We anticipate opening this fall, with the majority of other retailers opening in the spring of 2021.
At Dania Pointe, we recently completed construction and now 15 tenant fit-outs under way, including Urban Outfitters and Anthropologie.
The first multifamily building, the Avery Dania Pointe, which is on a ground lease, has begun moving in the first residence.
Our portfolio strategy is focused on having our grocery, home improvement and mixed-use anchored assets clustered in strong economic MSAs that serve the last mile.
These dense areas create significant barriers to entry and a favorable balance of supply and demand.
Our sophisticated retailers are utilizing these last mile stores as indispensable fulfillment and distribution centers.
This is a differentiator for Walmart, Costco, Target, Home Depot, Lowe's and all of our grocery anchors who continue to serve their customers in multiple ways: in-store shopping, buy online, pick up in store, curbside pickup and home delivery.
These services and conveniences are all part of what the consumer is now demanding.
And those with stores close to dense populations are outperforming pure e-commerce players on delivery times and cost efficiency.
We are witnessing a blurring of lines between the distribution, fulfillment and last mile stores.
We have also seen an uptick in demand from our essential retailers who are also looking for more last mile location.
Clearly, we are experiencing retail Darwinism play out in an expedited manner, and we believe we are well positioned to take advantage of the future of retail.
Finally, in addition to our team and portfolio, we continue to prioritize liquidity.
Glenn will give the details on how we bolstered our balance sheet by issuing our first green bond at an attractive rate, paid back our term loan and continue to push out our maturity profile.
We have our entire untapped $2 billion line of credit at our disposal, limited maturities on the horizon and received a further cash infusion from our Albertsons investment.
We believe our ongoing efforts to enhance our balance sheet and cash position will enable us to prosper and be opportunistic at a time of tremendous dislocation and well into the future.
While the current unpredictability of the virus and government action is making forecasting a challenge, we can continue to monitor the environment daily.
We meet regularly with our Board members to keep them up to date, review our cash projections and determine how and when to reinstate our dividend.
To be clear, it is our intention to pay an additional cash dividend in 2020, which, at a minimum, will cover our taxable income.
As I said at the outset, the companies that stand out in this environment are those with superior talent, superior asset quality and the superior balance sheet.
In these unsettled times, we believe we have the right combination to weather this storm and will be among the best positioned to preserve and succeed over the long term.
I would first like to echo Conor's sentiments on the Kimco team and the incredible efforts put forth during these challenging times.
It has been nothing short of inspirational.
On the business side, our strategy has been fairly straightforward, ensure the maximum amounts of liquidity and balance sheet strength to enable us to be opportunistic at the appropriate time.
We are confident that we have successfully accomplished the first part of the equation, and now we remain patient and ready for the latter.
Thus far, the transaction market has been fairly limited with most owners and lenders biding as much time as possible before deciding on a path forward with their assets.
Multi-tenant strip center transactions were down by 80% to 90% from April through July.
This is coming off a vibrant and active January and February, which was up 30% and 16% year-over-year.
The majority of the deals that did close from April to June were pre-COVID deals that were pushed over the finish line with both sides of the deal willing to compromise to get it done.
Post-COVID deals hitting the market have been sparse, with a few exceptions being smaller essential retailer anchored centers that have a very specific reason to consider a sale.
There has been very little capitulation between buyers and sellers in the bid-ask at this point.
We anticipate that come the fourth quarter and into the early parts of 2021, there may be some private owners and operators that ultimately make the decision to be market sellers.
That being said, we are starting to see investment opportunities loosening up in two distinct categories.
First, with our existing retailers.
Liquidity is more important than ever regardless of what category they operate within.
And all are looking to bolster cash and strengthen their balance sheets.
We have a proven history of unlocking value and working with retailers to weather a crisis and have started having multiple discussions around mutually beneficial ways to work with those companies that are real estate rich.
Between owned stores and distribution centers, there is substantial value in their holdings that can be used to enhance value for their business while providing a solid growing income stream for us.
The second category is with existing owners in need of offensive growth capital.
In many cases, the traditional sources of financing have dried up for retail property owners.
With the exception of down the fairway, neighborhood grocery-anchored or very strong credit junior lineups, lenders have become extremely cautious during this pandemic.
For those like Kimco with liquidity already raised, it presents the option to invest rescue capital to those in need.
And this is not specific to distressed or struggling properties.
This includes major market centers with growth opportunities that need capital to execute on the vision.
Whether coming in as a joint venture partner or a lender, there are excellent real estate locations that require investment capital, which we can assist with, and we're having those conversations regularly.
As for an update on our exploration of an investment vehicle, we have had productive conversations with multiple outside capital sources that are interested in partnering with Kimco on unique opportunities.
Because the set of opportunities are wide and varied, we continued to evaluate different structures that best reward Kimco shareholders.
We will have more updates as the PLUS business pipeline unfolds.
While we will be thoughtful and opportunistic with where we place that capital, we are starting to build a potential pipeline for these initiatives.
We believe it will take time and patience, but given our knowledge of the sector and broad relationships, we anticipate being able to unlock value for our shareholders in the coming years with this investment approach.
Now let me pass the call off to Glenn for the financial details of the quarter.
I'm going to focus my comments on second quarter results, including accounts receivable reserves, capital markets activities and our strong liquidity position.
For the second quarter 2020, NAREIT FFO was $103.5 million or $0.24 per diluted share as compared to $151.2 million or $0.36 per diluted share for the second quarter last year.
The reduction was mainly due to an increase in credit loss reserves of $51.4 million as compared to the second quarter last year, resulting from the ongoing COVID-19 pandemic.
On a positive note, we delivered incremental NOI of $1.9 million from our recently completed development projects at Lincoln Square, Grand Parkway, Mill Station and Dania Pointe.
We also reduced our financing costs by $3.5 million, achieved with $8.2 million of savings from the previous redemptions of $575 million of preferred stock, offset by higher interest expense of $4.7 million due to increased debt levels.
It is worth noting, although not included in NAREIT FFO but included in net income, we recognized realized gains totaling over $190 million or $0.44 per diluted share from the partial monetization of our Albertsons investment and an unrealized gain of $524.7 million on our remaining ownership stake in Albertsons.
We received over $228 million in cash from these transactions and used the proceeds to reduce debt.
As expected, our second quarter results were negatively impacted by the forced and voluntary closures of many of our tenants during the second quarter due to the ongoing COVID-19 pandemic.
Those most affected were tenants deemed nonessential and included many of our small shop tenants.
We have been working diligently to help as many tenants as possible with deferrals, but collectability for many is questionable and requires us to place those tenants on a cash basis.
So those tenants now on a cash basis, we reserved 100% of their outstanding accounts receivable.
We are continuing to monitor the situation closely.
Now let me provide some additional detail regarding the credit loss reserve for the second quarter of 2020.
We recorded a $40.1 million credit loss reserve against accrued revenues during the quarter and an additional $11.6 million reserve against noncash straight-line rent receivables.
As of June 30, 2020, our total uncollectible reserves stand at $56.1 million or 32% of our pro rata share of accounts receivable.
Of the total credit loss reserve, $22.5 million is attributable to tenants on a cash basis.
At the end of 2Q 2020, approximately 6.4% of our annual base rents are from cash basis tenants.
Any collections of the reserve amounts will be included in revenues in the period received.
In addition, we have a reserve of $21.6 million or 12.5% against straight-line rent receivables.
Turning to the balance sheet.
Our liquidity position remains strong with over $200 million of cash and $2 billion available on our recently closed revolving credit facility with a final maturity in 2025.
During the second quarter 2020, we obtained a fully funded $590 million term loan, further enhancing our liquidity position.
We subsequently repaid $265 million of this term loan with proceeds from the partial Albertsons monetization during the second quarter.
We finished the second quarter 2020 with consolidated net debt to EBITDA of 8.6 times and 9.4 times on a look-through basis, which includes our preferred stock outstanding and pro rata JV debt.
The increase is attributable to the credit loss reserve, which reduced EBITDA.
However, if we include the realized gains from the partial monetization of the Albertsons investment, the consolidated net debt to EBITDA would be 6.5 times and the look-through metric would be 7.3 times, the level similar to first quarter 2020 results.
Our weighted average debt maturity profile as of June 30, 2020, was 10.6 years, one of the longest in the REIT industry.
Subsequent to quarter end, we issued a 2.7%, $500 million green bond.
Pending investment in eligible green projects, the proceeds were used to repay in full the remaining $325 million outstanding on the April 2020 term loan and the early redemption of $200 million of the $484.9 million of bonds due in May of 2021.
We will incur an early redemption charge of approximately $3.3 million during Q3 2020.
Our consolidated debt maturities for 2021 of $425 million and our joint venture debt maturities of $195 million are quite manageable, given our liquidity position and availability on our $2 billion revolver and availability on the $150 million revolver in our KIR joint venture.
In addition, we continually monitor the bond market for opportunistic entry points.
As a result of the ongoing impact from the COVID-19 pandemic, we are not comfortable providing FFO or same-site NOI guidance at this point.
Regarding our common dividend, during 2020, we have so far paid dividends of $0.56 per common share.
It remains our intention during 2020 to take cash dividends at least equal to our taxable income.
We continued to evaluate the business in economic landscape and have monthly dialogue with our Board regarding the timing and the level of the common dividend.
Although these are challenging times with our abundant liquidity position, highly experienced and motivated team, along with our well-positioned portfolio, we are built to withstand the impact of the pandemic and thrive when we get to the other side of this unprecedented situation.

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q2 ffo per share $0.24.
qtrly nareit funds from operations (ffo) $0.24 per diluted share,.

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