Earnings for retail REITs were, for a lack of a better word, a mess. However, they certainly appeared to be less of a doomsday result than many might have expected. After all, commonly cited measures like same-store net operating income ("SSNOI") and funds from operations ("FFO") were not all that bad. Heck, investors saw some firms reporting just high-single digit declines on SSNOI in the midst of rampant store closures.
However, all of these metrics are a bit of smoke and mirrors. Many were left scratching their heads. Rent collection rates averaged just 60% while