Kite Realty meets expectations with third quarter results

  • 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 met expectations of analysts on a key measure of financial performance in the third quarter.

The Indianapolis-based real estate investment trust on Wednesday reported funds from operations of $40.1 million, or 48 cents per share, in the period, matching expectations of seven analysts surveyed by Zacks Investment Research. Funds from operations, or FFO, is a closely watched measure in the REIT industry. It takes profit and adds back items such as depreciation and amortization.

The company had revenue of $85.7 million in the period, down from $87.1 million in the year-ago quarter. The result fell short of the estimate of $86.7 million by five analysts surveyed by Zacks.

Kite turned in a profit of $3.9 million, or 5 cents per share, down from a loss of $622,000, or 1 cent per share, a year ago.

Kite reaffirmed its guidance of full-year FFO in the range of $1.98 to $2.01 per share.

The company executed 93 leases and opened spaces for 39 new tenants in the quarter, about 70 percent of which were restaurant, grocery, and service offerings.

The annualized base rent for Kite's operating retail portfolio rose to $16.77 per square foot, up 5 percent from the same period in 2017.

Kite shares closed at $15.84 Wednesday, down about 19 percent since the beginning of the year.

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