We have reached deferral modification agreements with the vast majority of our top 100 retailers who we deem nonessential and are forced to close in some capacity.
In Q2, we executed 52 new leases totaling 256,000 square feet at a positive 22.9% spread and renewed 180 leases, covering 959,000 square feet at a positive 10.7% spread.
Combined, our spreads were a strong plus 12%.
New leasing and tenant retention efforts helped occupancy finish at 95.6% for the quarter.
Anchor occupancy was even stronger at 98.2%, and small shop occupancy was 88%.
This program provides our small shop retailers with a free legal advisor to help navigate the numerous state and federal programs available for small businesses, which, by our account, has potentially resulted in over $20 million of PPP funding for our small shop tenant.
For the month of April, we collected cash-based rent totaling 68%.
In May 66%, June 76%, and July is currently at 82%.
During the second quarter, we granted rent deferrals totaling 18.5% of base rent.
We fielded rent deferral requests for July that amounted to only 8% of scheduled rent and have worked out deferral plans for four basis points of total rent.
This is a significant improvement from the start of the pandemic when in April, we fielded deferral request that amounted to 39% of ABR.
Currently, 94% of our tenants are open with only 3% of ABR subject to mandated closures.
Our goal is to entitle an additional 5,000 multifamily units in the next five years that will provide us with a total of 10,000 units by 2025.
At Dania Pointe, we recently completed construction and now 15 tenant fit-outs under way, including Urban Outfitters and Anthropologie.
We have our entire untapped $2 billion line of credit at our disposal, limited maturities on the horizon and received a further cash infusion from our Albertsons investment.
Multi-tenant strip center transactions were down by 80% to 90% from April through July.
This is coming off a vibrant and active January and February, which was up 30% and 16% year-over-year.
For the second quarter 2020, NAREIT FFO was $103.5 million or $0.24 per diluted share as compared to $151.2 million or $0.36 per diluted share for the second quarter last year.
The reduction was mainly due to an increase in credit loss reserves of $51.4 million as compared to the second quarter last year, resulting from the ongoing COVID-19 pandemic.
On a positive note, we delivered incremental NOI of $1.9 million from our recently completed development projects at Lincoln Square, Grand Parkway, Mill Station and Dania Pointe.
We also reduced our financing costs by $3.5 million, achieved with $8.2 million of savings from the previous redemptions of $575 million of preferred stock, offset by higher interest expense of $4.7 million due to increased debt levels.
It is worth noting, although not included in NAREIT FFO but included in net income, we recognized realized gains totaling over $190 million or $0.44 per diluted share from the partial monetization of our Albertsons investment and an unrealized gain of $524.7 million on our remaining ownership stake in Albertsons.
We received over $228 million in cash from these transactions and used the proceeds to reduce debt.
So those tenants now on a cash basis, we reserved 100% of their outstanding accounts receivable.
We recorded a $40.1 million credit loss reserve against accrued revenues during the quarter and an additional $11.6 million reserve against noncash straight-line rent receivables.
As of June 30, 2020, our total uncollectible reserves stand at $56.1 million or 32% of our pro rata share of accounts receivable.
Of the total credit loss reserve, $22.5 million is attributable to tenants on a cash basis.
At the end of 2Q 2020, approximately 6.4% of our annual base rents are from cash basis tenants.
In addition, we have a reserve of $21.6 million or 12.5% against straight-line rent receivables.
Our liquidity position remains strong with over $200 million of cash and $2 billion available on our recently closed revolving credit facility with a final maturity in 2025.
During the second quarter 2020, we obtained a fully funded $590 million term loan, further enhancing our liquidity position.
We subsequently repaid $265 million of this term loan with proceeds from the partial Albertsons monetization during the second quarter.
We finished the second quarter 2020 with consolidated net debt to EBITDA of 8.6 times and 9.4 times on a look-through basis, which includes our preferred stock outstanding and pro rata JV debt.
However, if we include the realized gains from the partial monetization of the Albertsons investment, the consolidated net debt to EBITDA would be 6.5 times and the look-through metric would be 7.3 times, the level similar to first quarter 2020 results.
Our weighted average debt maturity profile as of June 30, 2020, was 10.6 years, one of the longest in the REIT industry.
Subsequent to quarter end, we issued a 2.7%, $500 million green bond.
Pending investment in eligible green projects, the proceeds were used to repay in full the remaining $325 million outstanding on the April 2020 term loan and the early redemption of $200 million of the $484.9 million of bonds due in May of 2021.
We will incur an early redemption charge of approximately $3.3 million during Q3 2020.
Our consolidated debt maturities for 2021 of $425 million and our joint venture debt maturities of $195 million are quite manageable, given our liquidity position and availability on our $2 billion revolver and availability on the $150 million revolver in our KIR joint venture.
Regarding our common dividend, during 2020, we have so far paid dividends of $0.56 per common share.

Summary:
For the second quarter 2020, NAREIT FFO was $103.5 million or $0.24 per diluted share as compared to $151.2 million or $0.36 per diluted share for the second quarter last year.