Kite reports quarterly loss on acquisition costs

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Kite Realty Group Trust reported a loss of $16.4 million in the third quarter due to costs from its $1.2 billion acquisition of Inland Diversified Real Estate Trust in July.

The Indianapolis-based real estate ompany said Monday morning that the loss translated to 20 cents per share, compared with a loss of $857,813, or 4 cents per share, in the year-ago period. The quarterly loss included $19.1 million in merger and acquisition costs.

Revenue more than doubled, to $88.6 million, in the third quarter, largely due to the addition of the Inland Diversified properties. Analysts had expected revenue of $87.1 million.

Kite saw funds from operations, or FFO, increase to $24.7 million, or 29 cents per share, compared with $14 million, or 56 cents per share, in the third quarter of 2013. FFO is a common measure of performance for real estate investment trusts.

Excluding acquisition costs, FFO was $43.8 million, or 51 cents per share, beating analyst estimates by 5 cents.

Occupancy in its portfolio dipped slightly. Kite, which owned interest in 126 properties totaling 25.6 million square feet as of Sept. 30, said the properties were 94.9-percent leased as of Sept. 30, compared with 95.2 percent in the year-ago period.

The company executed 64 new and renewed leases totaling 424,516 square feet in the third quarter.

Kite shares opened trading Monday morning at $25.89 each.
 

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In