Kimco Realty Corp. disclosed first-quarter Nareit funds from operations of $160.5 million, or 37 cents per share, a decrease on a per-share basis from $158.4 million, or 38 cents per share, in the 2019 first quarter.
The S&P Global Market Intelligence consensus FFO per share estimate for the first quarter was 36 cents.
Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.
The company's board temporarily suspended the dividend on its common shares owing to future economic uncertainty due to the coronavirus pandemic. The board intends to reinstate the common dividend in 2020 of at least the amount required to stay in compliance with REIT taxable income distribution requirements.
The shopping center real estate investment trust withdrew its 2020 guidance earlier in April and did not provide updated 2020 guidance with the first-quarter results.
During the quarter, Kimco sold a property for $13.5 million and acquired a previously unowned parcel at North Valley Shopping Center in Peoria, Ariz., for $7.0 million.
As of the end of April, all of Kimco's shopping centers remained open and operational with roughly 56% of tenants based on annualized base rent. Approximately 43% of Kimco's tenants are deemed essential.
Kimco said it collected roughly 60% of the total pro rata base rents for April, including 78% from tenants that are open and 40% from tenants that are closed. It received rent deferral requests equal to approximately 35% of its pro rata minimum base rent for April and granted deferrals for 14% of the minimum base rent for the period.