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IRET reported its financial results for Q2 2020, showing a net loss of $(0.44) per diluted share compared to a profit of $0.11 in Q2 2019. For the six months ended June 30, 2020, net loss was $(1.13) per diluted share versus $(0.43) in 2019. Core FFO for Q2 2020 was $0.91, down from $1.00 in Q2 2019, while same-store revenues increased by 1.4% year-over-year. The company maintained a high collection rate of 99.1%. IRET has $239.7 million in liquidity, including $52.7 million in cash. The impact of COVID-19 continues to pose challenges, leading to the withdrawal of the 2020 financial outlook.
IRET (NYSE: IRET) announced it will release its Q2 2020 operating results on August 3, 2020, following a business update regarding COVID-19 impacts. In June, the company achieved 100% collections of total revenues and had a 94.0% occupancy rate, up from 93.8% in June 2019. IRET entered 16 rental deferral agreements totaling $23,000 in June and $212,000 for the three months ending in June, with $68,000 still outstanding. A conference call is scheduled for August 4, 2020, to further discuss results.
