IBJNews

Kite Realty reports small loss as revenue rises

Back to TopCommentsE-mailPrintBookmark and Share

Kite Realty Group Trust Inc. reported a small first-quarter loss, but saw a healthy revenue increase due largely to more signed leases and gains on the sale of three land parcels. The financial performance exceeded analyst expectations.

The Indianapolis-based real estate investment trust said Thursday that lease signings in the quarter jumped 20.6 percent, for a total of 148,860 square feet. The sale of the land generated $6.8 million.

Revenue for the quarter increased 29 percent, to $32.1 million, from $24.8 million during the same period in 2012. On a same-property level, revenues rose 5.2 percent compared to last year’s first quarter.

Analysts had expected Kite to bring in revenue of $26.8 million.

Kite lost $82,000 in the quarter, compared with a loss of $31,000 during the same period a year earlier.

Kite saw quarterly funds from operations, or FFO, of $11.6 million, or 14 cents per share, excluding a $1.3 million litigation charge, compared with $7.9 million, or 11 cents per share during the same period last year. FFO is a common measure of REIT performance.

Analysts had predicted Kite would report FFO of 11 cents per share.

The company, which owns interests in 55 retail properties totaling 8.5 million square feet, said the properties were 94.5-percent leased as of March 31, compared with 93.4 percent in the year-ago period.

Kite reported its results after the market closed Thursday. Its shares finished the day up slightly, at $6.56.
 

ADVERTISEMENT

  • IBJ - Kite
    Why does the IBJ cover Kite's business on a daily basis or even twice a day???

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT