While Glenn will provide more detail, our portfolio has remained resilient during the pandemic, with occupancy currently at 94.6%.
Over the past five years, we have upgraded Kimco's portfolio from 64% to 77% grocery-anchored and have outlined the strategic plan to reach 85% to 90% grocery-anchored over the next five years, with over 10 new grocery opportunities currently in negotiation.
Our ability to monetize a portion of our investment in Albertsons, which currently sits as a marketable security worth over $550 million, is a clear differentiator and gives us tremendous optionality in the future.
We believe our five-year goal of securing 10,000 apartment units is certainly achievable and that these entitlements can provide future opportunities to unlock embedded value.
Open air centers in our well located areas of concentration continue to trade at a cap rate range of 5% to 6%, which is clearly at odds with our current valuation.
Multiple trades occurred in the third quarter throughout the country at sub minus 6% cap rates in Pennsylvania, Northern California and Florida, with another high-quality asset trading in Los Angeles at a sub-5% cap rate.
If the downside scenario occurs, we ensure that we have conservatively underwritten the properties so that we're very confident stepping in and owning or operating the asset at a comfortable basis of less than 85% current loan-to-value.
For the third quarter 2020, NAREIT FFO was $106.7 million or $0.25 per diluted share, meeting first call consensus, as compared to $146.9 million or $0.35 per diluted share for the third quarter 2019.
The change was mainly due to abatements and increased credit loss of $28.3 million as compared to the third quarter last year.
Credit loss recognized in the third quarter 2020 was a significant improvement from the second quarter 2020 credit loss of $51.7 million.
Our third quarter FFO also includes a onetime severance charge of $8.6 million or $0.02 per share, related to a voluntary early retirement program offered and the organizational efficiencies from merging our southern and mid-Atlantic regions.
We also incurred a charge of $7.5 million or $0.02 per share from the early redemption of $485 million of 3.2% unsecured bonds, which was scheduled to mature in 2021.
A year earlier, in the third quarter 2019, we had a preferred stock redemption charge of $11.4 million or $0.03 per share.
Although not included in NAREIT FFO, we did record a $77.1 million unrealized loss on the mark-to-market of our marketable securities, which was primarily driven by the change in our Albertson stock.
We also sold a significant portion of our preferred equity investments, which generated proceeds of over $70 million and net gains of $8.4 million, which were also not included in NAREIT FFO.
With regard to the operating portfolio, all our shopping centers remain open and over 98% of our tenants are open and operating.
We collected 89% of base rents for the third quarter, including 91% collected for the month of September.
This compares to second quarter collections, which improved to 74%.
In addition, we collected 90% for October so far.
Furloughs granted during the third quarter were 5%, down from 20% from the second quarter.
Thus far, we have collected 87% of the deferrals that were billed in October.
We recorded $25.9 million of credit loss against accrued revenues during the third quarter, which included $17.1 million related to tenants on a cash basis of accounting.
There was also an additional $4 million reserve against noncash straight-line rent receivables.
As of September 30, 2020, our total uncollectible reserves stood at $74.8 million or 39% of our total pro rata share of outstanding accounts receivable.
Total uncollectible reserve of $45.8 million is attributable to tenants on a cash basis.
At the end of third quarter 2020, 8.4% of our annual base rents were from cash basis tenants.
During the third quarter, 51% of rent due from cash basis tenants was collected.
In addition, we also have a reserve of $25.8 million or 15% against the straight-line rent receivables.
Our liquidity position is very strong, with over $300 million of cash and $2 billion available on our revolving credit facility, which has a final maturity in 2025.
We also own 39.8 million shares of Albertsons, which has a market value of over $550 million based on the closing price of $13.85 per share at the end of September.
Subsequent to quarter end, Albertsons declared a dividend of $0.10 per common share, and we expect to receive $4 million during the fourth quarter.
We finished the third quarter with consolidated net debt-to-EBITDA of 7.6 times.
And on a look-through basis, including pro rata share of JV debt and preferred stock outstanding, the level is 8.5 times.
This represents essentially a full turn improvement from the 8.6 times and 9.4 times levels reported last quarter, with the improvement attributable to lower credit loss.
We were active in the capital markets during the quarter as we issued a 2.7% $500 million 10-year unsecured green bond and a 1.9% $400 million 7.5 year unsecured bond.
Proceeds were used to repay the remaining $325 million on the term loan obtained in April 2020, fund the early redemption of the 3.2% $485 million bonds due in May of '21 and fund the repayment of two consolidated mortgages totaling over $70 million.
It is worth noting that our credit spreads have continued to tighten since the issuance of these bonds, with the 10-year bond trading more than 40 basis points tighter.
As of September 30, 2020, we had no consolidated debt maturing for the balance of the year and only $141 million of consolidated mortgage debt maturing in 2021.
Our consolidated weighted average maturity profile stood at 11.1 year, one of the longest in the REIT industry.
Regarding our common dividend during 2020, so far, we have paid $0.66 per common share, including a reinstated common dividend of $0.10 per common share during the third quarter 2020.

Summary:
Over the past five years, we have upgraded Kimco's portfolio from 64% to 77% grocery-anchored and have outlined the strategic plan to reach 85% to 90% grocery-anchored over the next five years, with over 10 new grocery opportunities currently in negotiation.
For the third quarter 2020, NAREIT FFO was $106.7 million or $0.25 per diluted share, meeting first call consensus, as compared to $146.9 million or $0.35 per diluted share for the third quarter 2019.
We collected 89% of base rents for the third quarter, including 91% collected for the month of September.
In addition, we collected 90% for October so far.
Subsequent to quarter end, Albertsons declared a dividend of $0.10 per common share, and we expect to receive $4 million during the fourth quarter.
Regarding our common dividend during 2020, so far, we have paid $0.66 per common share, including a reinstated common dividend of $0.10 per common share during the third quarter 2020.