10:13 a.m. Sept. 3, 2020
- By Ciara Linnane
Shopping center REIT Kimco Realty to pay quarterly cash dividend as August rent collections improve to 85%Kimco Realty Corp. said Tuesday its board has approved a quarterly cash dividend of 10 cents a share, reinstating the payment after suspending it at the peak of the pandemic. The dividend will be payable Sept. 24 to shareholders of record as of Sept. 10. The shopping center real estate investment trust said it continues to see improvement in foot traffic at malls as tenants re-open, boosting rent collections to 85% in August from 82% in July and 76% in June. The company has granted rent deferrals of about 2% of base rent for the month of August, it said in a statement. "We expect to establish a more normalized and well-covered dividend level based on our adjusted funds from operations and REIT taxable income in 2021," Chief Executive Conor Flynn said in a statement. Shares were down 0.9% premarket and have fallen 42% in the year to date, while the S&P 500 has gained 8%.